LAS VEGAS, Jan. 18, 2005 (PRIMEZONE) -- US BioTec, Inc. (Pink Sheets:USBO), an emerging player in the rapidly growing bio-chemical sector of the multi-billion dollar agri-business industry, today announced that it has finalized a lease agreement to move its corporate offices to Gleason, Tennessee (Weakly County). The Company is awaiting the evacuation of facilities in nearby McKenzie, Tennessee (Carroll County), and is waiting to execute a written agreement after reaching a verbal lease agreement. US BioTec has actively sought the most advantageous locations for its new corporate headquarters complex, as well as a location to house its manufacturing, warehousing and trucking operations.
"US BioTec has been moving strategically toward the execution of its business plan since going public last year. Over the last few months, it has become obvious that if we grow as quickly as projections indicate, we will outgrow our present facilities in the very near future. This is why we began researching locations last year that offered US BioTec the amenities and highway access it will need to be successful. These include available office and functional manufacturing space with plenty of room for expansion, raw land that can accommodate our future growth, a plentiful, skilled workforce, easy access to major interstates, flexible lease terms, and a favorable tax plan. We researched the most appealing sites in a very wide area and have decided to locate the corporate offices for US BioTec and its trucking subsidiary, Tel Star Corp. in Gleason, TN. The manufacturing/ warehouse/ trucking shop will be located close by in McKenzie. The present facilities will afford us plenty of time to analyze the Company's needs and growth rate before securing more permanent facilities in early 2006," says Jimmy Joyner, Chief Executive Officer of US BioTec, Inc.
The executive team is already moving into its new offices in Gleason, and the 16,000 square foot McKenzie facility is scheduled to be available for the Company's renovation operations on February 1st. US BioTec's tentative schedule calls the manufacturing plant to be capable of production by March 15, 2005.
These sites were chosen in part because of their ease of access via 4-lane state highways to the interstate highway system. The surrounding counties also offer a large, skilled workforce and plenty of existing facilities, plus developable land at very competitive prices, meaning that as US BioTec grows, it can easily do so without leaving the area.
"With everything going on right now, it was important to thoroughly analyze the short-term and permanent sites for US BioTec's operations as soon as possible. Since early September, we have researched the possibilities and decided that Weakly and Carroll Counties afford us the opportunity to have everything we need to conduct business now, while still being able to meet our growing needs well into the future. Now with the facilities secured, we can concentrate on this year's launch of our initial line of biotechnology products designed for agriculture," adds Joyner.
To enhance its overall credibility and investor appeal, US BioTec has completed the initial audit of 6 quarters of the 8 quarters required to file for fully reporting OTCBB status. The Company has entered negotiations with an SEC certified CPA firm, and is financially prepared to complete the certification of its 2-year audited financials.
US BioTec consists of three separate biochemical divisions: Agriculture, Commercial and Retail. All of the products being launched in 2005 will come from the Company's Agriculture division. In 2006, US BioTec plans to launch the first lawn & garden products from its Retail division. The next year, the Company will begin offering products from its Commercial division that will be targeted for the commercial landscaping, turf farm and golf course markets.
All of the products produced by US BioTec are non-toxic, non-carcinogenic and bio-degradable alternatives to the toxic and sometimes carcinogenic agrichemicals that have been widely used by farmers for decades. The agrichemical market, which is measured in the tens of billions of dollars annually is controlled primarily by a handful of large multi-national corporations such as DuPont (NYSE:DD), Bayer (NYSE:BAY), BASF (NYSE:BF), Dow Chemical (NYSE:DOW) and Monsanto (NYSE:MON).
US BioTec was established to profitably develop, manufacture, market and distribute bio-degradable, non-toxic and non-carcinogenic products to agriculture, the commercial turf industry, forestry, golf courses, professional landscapers, nurseries and mass market retail lawn and garden markets. USBO is striving to be the U.S. market leader in the expanding bio-chemical sector of the annual multi-billion dollar agricultural chemical marketplace. The Company's products are designed to rehabilitate soils, repel insects and increase crop (plant) yields through environmentally friendly alternatives to toxic man-made pesticides and caustic synthetic fertilizers. To learn more about US BioTec and its products, please visit www.usbioteccorp.com.
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.