Commonwealth Biotechnologies, Inc. Announces $2.1 Million in New Contracts for its CBI Services Division
2009-04-30 15:32:03 -
CBI Services, a business unit of Commonwealth Biotechnologies, Inc.
(NASDAQ Capital Market: CBTE), today announced that it has been notified of receipt of two new classified government contracts valued at approximately $1.4 million. These new contracts bring the collective value of new contracts signed by CBI Services since January to approximately $2.1 million.
CBI Services provides contract research solutions to customers in biotechnology and pharmaceutical companies, academic institutions, and government agencies. The new contract revenues are anticipated over the next year, and are the first of the three year work periods for these contracts. The new government contracts are for conduct of classified research and add to the bio-defense related programs already in progress at CBI Services. The remainder of the new contracts are with private sector pharmaceutical companies and are focused on physicochemical analysis of recombinant biologics.
“We are pleased that the excellence of our development services continues to be recognized by our government customers,” said Dr. Robert B. Harris, President of CBI. “In these highly competitive and difficult economic times, CBI Services has been lauded for its expertise and timely completion of programs of national importance.”
“CBI’s added value is innovation and solid solutions to hard questions.
This is at the heart of these contract awards. While we will book them as new contracts, they are really extensions of our previous work with these contractors and are the direct result the delivery of high quality science, on time, on budget,” said Dr. Richard J. Freer, COO of CBI.
About Commonwealth Biotechnologies, Inc.
CBI offers cutting-edge research and development products and services to the global life sciences industry. CBI operates through: (1) CBI Services, a discovery phase contract research organization; (2) Fairfax Identity Laboratories, a DNA reference business; and (3) Mimotopes Pty Ltd, Melbourne, Australia, a peptide and discovery chemistry business.
For more information, visit CBI on the web at www.cbi-biotech.com : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww .. .
Forward Looking Statements
Any statements contained in this release that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties as identified in the Company's filings with the Securities and Exchange Commission. Actual results, events or performance may differ materially. No statement herein should be considered an offer of any securities. Readers are cautioned not to place undo reliance on these forward-looking statements, which speak only as the date hereof. Specifically, there can be no guarantee that.
- CBI will recognize all revenues anticipated under the contracts referenced herein;
- CBI will recognize all revenues attributable to uncompleted projects; and
- CBI’s customers will not terminate their contracts prior to their completion.
A number of factors, including customer demand, industry trends, armed conflict, and terrorist activities could alter these trends referenced herein. CBI undertakes no obligation to publicly release the results of any revisions to these forward looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Commonwealth Biotechnologies, Inc.Dr. Robert B. Harris,
PresidentPhone: 800-735-9224Fax: 804-648-2641
