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Igene Signs $2 Million Sales Agreement
COLUMBIA, Md.--(BUSINESS WIRE)--June 12, 2001--Igene Biotechnology, Inc. of Columbia, Maryland (OTCBB:IGNE) announced today that it has signed an agreement to sell $2 million of its natural astaxanthin pigment, AstaXin(R)to Ewos Chile S.A., a leading producer of fish feed for salmon species, over the next year.
Igene's sales to other customers are approximately $791 thousand for the second quarter of 2001, through May 31st. This is an increase of 78% over first quarter 2001 sales of $445 thousand. Igene began significant commercial sales of AstaXin(R) in the first quarter of 2000, and sales have continued to increase steadily since then. Sales to customers other than Ewos are expected to continue to increase.
Igene and its marketing agent, ProBio Nutraceuticals A. S. of Norway, have marketed AstaXin(R) primarily in Chile. Currently, Igene's manufacturer, Fermic S.A. de C.V. of Mexico, is rapidly expanding its fermentation capacity to meet demand for AstaXin(R). The growth of Igene's sales in the near future will be dependent upon the speed and success of this expansion.
CONTACT:
Igene Biotechnology, Inc.
Stephen F. Hiu, 410/997-2599
KEYWORD: MARYLAND MEXICO CHILE INTERNATIONAL LATIN AMERICA
THE STANDOFF
