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IGG International Acquires Portfolio of Agricultural Products from Leket-Bar Ltd.
October 22, 1997 11:43 AM EDT
New Acquisition Broadens IGGI's SafeScience(TM) Products With Additional Carbohydrate-Based Compounds
CAMBRIDGE, Mass., Oct. 22 /PRNewswire/ -- IGG International, Inc. (OTC Bulletin Board: IGGI) announced today that its subsidiary, Agricultural Glycosystems, Inc., has signed an exclusive, worldwide assignment agreement with Leket-Bar Ltd. for all of their agricultural products. Leket-Bar Ltd. is an Israeli biotechnology company that has developed and is marketing a series of patented products including several modified carbohydrate compounds for use as fertilizers and fungicides.
"These products have already proven to have broad agricultural applications in the market place," stated Bradley J. Carver, President of IGGI and Agricultural Glycosystems, Inc. "This acquisition will enable us to accelerate our entry into world markets with a portfolio of non-toxic products which includes several carbohydrate-based fertilizers that do not require EPA registration and have toxicity profiles similar to food grade products."
"IGGI is positioned to introduce our environmentally friendly and efficacious products to the world market because of their strong commitment to safe products for agriculture," stated Dr. Yoram Tsivion, the Chief Scientist of Leket-Bar Ltd.
The products acquired include non-toxic fertilizers and a degradable fungicide. In addition, IGGI has acquired a non-toxic fumigant that the Company believes provides a substitute for Methyl Bromide, which has been classified as an ozone-depleting chemical listed for global phaseout by the Montreal Protocol. The products acquired in this transaction have been approved and marketed for several years in Israel and six other countries.
"Leket-Bar's technologies and products fit our SafeScience(TM) approach to the development of agricultural products," said Richard Salter, Vice President for Corporate Development of IGGI. "Our goal is to introduce to the commercial grower as well as the consumer, for home and garden use, a broad range of agricultural products that are safer for humans and the environment under the single brand name GREENLEAF(TM)."
IGG International, Inc. is a leader in the development of complex carbohydrate compounds, derived from naturally occurring substances, for pharmaceutical and agricultural applications. IGGI has two wholly-owned operating subsidiaries: International Gene Group, Inc. and Agricultural Glycosystems, Inc. Further information is available on IGGI's web site: www.iggint.com.
Any statements contained in this release that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties, including, but not limited to, risks of product nonapproval or delays by the EPA or foreign regulatory authorities, product development and market acceptance risks, the impact of competitive products and pricing, the results of current and future licensing and other collaborative relationships, the results of financing efforts, developments regarding intellectual property rights and litigation, and other risks identified in the Company's Securities and Exchange Commission filings. Actual results, events or performance may differ materially. Readers are cautioned not to place undo reliance on these forward-looking statements, which speak only as the date hereof. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. SOURCE IGG International, Inc.
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