VANCOUVER, British Columbia, Feb. 11, 2005 (PRIMEZONE) -- Penn Biotech (The "Company") (OTCBB:PBOTF) today announced that it has called an extraordinary meeting of its board of directors and advisory board to discuss the future direction of the Company, along with its continued development of the organization moving forward. On the agenda are the following issues:
1. Funding requirements for the continued operation of the
Company's tissue culture labs
2. Funding requirements for the continued operation of the traffic
division
3. Changes in the capital structure of the company for the purpose
of raising funds
4. Management additions required to aid in the growth of the
traffic division
5. To call a general meeting of the company in order to ratify any
corporate changes necessary to facilitate the continued
development of the company.
About Penn Biotech
Penn Biotech Inc. has made a breakthrough in agri-biotechnology that allows it to commercially mass-produce high quality seed potatoes. Premium quality microtubers are mass-produced from the company's tissue culture facility all year round. PBI is using this proprietary microtuber technology to impact on the U.S. $100 billion global potato production industry.
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.