Tanail
19 years ago
Press Release Source: Penn Biotech
Penn Biotech, Inc. Changes its Name to United Traffic System, Inc.
Thursday May 12, 9:00 am ET
VANCOUVER, British Columbia, May 12, 2005 (PRIMEZONE) -- The Board of Directors of Penn Biotech Inc. (The ``Company'') (OTC BB:PBOTF.OB - News) has approved its corporate name change to United Traffic System, Inc. (UTS). UTS aims the growth of the Intelligent Traffic Systems business, along with its continued development of Biotechnology business. UTS is vigorously pursuing business opportunities in the People's Republic of China. The Board of Directors also has ratified a 3 to 1 consolidation of its share capital as per the previous release of February 11, 2005. The Company will restructure as necessary to facilitate the continued development of its two different but distinct businesses.
Certain statements in this news release may contain 'forward-looking' information within the meaning of the Federal securities laws. All statements, other than statements of fact, included in this release may include forward-looking statements that may involve risks and uncertainties. There can be no assurance that such statements will be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances or to reflect unanticipated events or developments.
Tanail
19 years ago
Northern single-crop region (Region I)
In this region, a one-crop-per-year cropping systems predominates. Spring planting is in April or early May and fall harvesting is in September or early October . This region is best suited to middle- or late-season varieties, although suburban, forestry and mining area producers also plant early varieties to meet the vegetable needs of nearby markets. Tubers are commonly stored for six months or longer, mostly in underground cellars.
Central Plain double-crop region (Region II)
The main seasons for potato cultivation are spring and fall, thus the region’s double cropping designation. The growing season varies from 180 to 280 days. Because the summer is long and hot, it is not well suited for potato cultivation. Potatoes for consumption are sown between late February and early March and harvested between late May and mid-June. Force-sprouted tuber are replanted in August and harvested in November for use as seed stock for the spring crop. Because the region covers 15 degrees of latitude, and its complex topography, planting times differ greatly; potato is sown in the north on the Liaodong Peninsula as late as early April and as early as early February in the south, at the Hangzhou Strait.
For the varieties that were available in the past the main spring and fall growing seasons were only 90 days and it was imperative that producers use early maturing varieties with short dormancy periods. With the development of new cultivars that have the are better adapted to this zone, this is not longer true (Heilonggjiangshen Keshan Nongye Kexue Yanjiusuo, 1976).
Southern double-crop region (Region III)
The zone is characterized by short growing seasons in the cool season. Fall potato is sown in late October with harvests at the end of December or the beginning of January. Winter potato is sown in mid-January and harvested in early to mid April. Intercropping is convenient because potato has a short growing cycle. Also, because the region suffers little frost damage, the sowing period can be changed to meet the needs of intercropping.
Southwestern Mixed single and double crop region (Region IV)
Potato sown area in Region IV is more than 30% of the national total. Because of complex differences in elevation, topography, climate, and soils, cultivation systems vary widely. Production in the high mountains above 2,000 m tends to be low because of the prevalence of late blight, poor soils, and the limited use of inputs.
Tanail
19 years ago
Press Release for Penn Biotech Inc
Penn Biotech Inc. Signs Contract with Canadian Potato Breeder
10/26/2004 7:00:00 AM
VANCOUVER, British Columbia, Oct 26, 2004 (BUSINESS WIRE) -- The Board of Directors of Penn Biotech Inc. (PBI) ( PBOTF ) is pleased to announce that it has signed an agreement with a Canadian potato breeder who has contracted PBI to produce 10,000 microtubers in two yellow flesh German varieties, Rinegold (Ulla) and Selma, registered with Agriculture and Agri-Food Canada. PBI has recently received plantlets from the breeder at its lab in Olds, Alberta. The contract stipulates that PBI delivers its microtubers in time for the spring planting season in 2005.
It should be noted that without PBI's innovative technology it is impossible to have plantlets in the fall ready for planting in the following spring.
Until recently the Russet variety of potatoes has dominated the marketplace in the production of french fries in North America. PBI's customer believes the Rinegold variety is well suited for the french fries market and the Selma ideal for potato salad - both have strong resistance to late blight. They further intend to market them in both China and North America with PBI's cooperation.
The PBI technology has a significant competitive advantage to other technologies used in the propagation of seed potatoes. It is the only technology, which allows the mass production of high quality, pathogen-free seed potatoes. With the production of over 500,000 microtubers in PBI's laboratory in Alberta, PBI is now the largest producer of nuclear seed potato laboratory in Canada.
For more information please visit our web site at www.penn-bio.com.
Statements in this news release that are not historical facts, including statements about plans and expectations regarding products and opportunities, demand and acceptance of new or existing products, capital resources and future financial results are forward-looking. Forward-looking statements involve risks and uncertainties which may cause the Company's actual results in future periods to differ materially from those expressed. These uncertainties and risks include changing consumer preferences, lack of success of new products, loss of the Company's customers, competition and other factors discussed from time to time in the Company's filings with the Securities & Exchange Commission.
No securities regulatory authority has approved or disapproved of this news release.
Tanail
19 years ago
Press Release for Penn Biotech Inc
Penn Biotech Announces Traffic ITS Progress
10/18/2004 6:39:00 PM
VANCOUVER, British Columbia, Oct 18, 2004 (BUSINESS WIRE) -- The Board of Directors of Penn Biotech Inc ( PBOTF ) is pleased to advise that its renewed license agreement with Traffic ITS Co Ltd. has been signed and approved by both parties. Traffic reported total revenues in excess of US$30 million in calendar year 2003. PBI also announces that it has formed a new wholly-owned subsidiary, Western ITS Ltd., with the mandate for the Intelligent Transportation System ("ITS") business in China and North America.
Western ITS is vigorously pursuing business opportunities in the People's Republic of China. In order to be eligible to submit bids on ITS projects, companies must demonstrate bonding capability. To this end, the Company has commenced negotiations with a financial partner who will provide such bonding and project financing capability for all Chinese ITS projects over US$10 million. As has been stated previously, according to ITS of America, the US ITS trade Association, expenditure in the traffic infrastructure market in China is forecast to be in excess of US$30 billion per year for the next several years. Beijing alone is expected to spend approximately US$10.8 billion in the lead up to the 2008 Olympic games.
PBI Agriculture
PBI also wishes to clarify some information in its news release dated October 18 2004. As stated in that release, the company has signed a joint venture agreement with the Chinese Ministry of Agriculture to grow seed potatoes for the growing potato processing industry in China. The initial planting will be for a total of 2,000 acres, growing to 48,000 acres by 2010. Crop yields vary, but at the low end of the expected range of ten tons per acre, this would provide 20,000 tons initially, growing to 480,000 tons by 2010. PBI and the ministry will share costs and profits from the sale of the potatoes on a 50/50 basis, with a gross sale price forecast at US$130 per ton. Thus, total revenues associated with the project are expected to range from an initial US$2.6 million to US$62.4 million.
PBI's seed potato growing technology provides a significant advantage to other technologies used in the propagation of seed potatoes. It is the only technology which mass produces consistently high quality, pathogen free minitubers which meet all the quality requirements for potato processors.
Statements in this news release that are not historical facts, including statements about plans and expectations regarding products and opportunities, demand and acceptance of new or existing products, capital resources and future financial results are forward-looking. Forward-looking statements involve risks and uncertainties which may cause the Company's actual results in future periods to differ materially from those expressed. These uncertainties and risks include changing consumer preferences, lack of success of new products, loss of the Company's customers, competition and other factors discussed from time to time in the Company's filings with the Securities & Exchange Commission.
No securities regulatory authority has approved or disapproved of this news release.
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