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New Facility Doubles Sterol Production Capacity
Eugene Science, Inc. (OTCBB: EUSI), a leader in the nutraceutical marketplace with its cholesterol lowering CholZero (CZ™) plant sterols, today announced it has completed its move into a newly constructed corporate headquarters and production facility in Seoul, Korea.
The move to the larger facility will enable the Company to double its CZ™ plant sterol production capacity to a maximum of 100 tons monthly. The higher production capacity will increase the Company's gross revenue capability to approximately $5 million per month, at a relatively minimal capital expenditure. The Company expects its increased production capacity to immediately enhance its ability to secure additional mass market orders for CZ™.
The new facility is approximately twice the size of the Company's former property and was custom built to meet Eugene Science's requirements with the Kyonggi-Do State Government subsidizing the vast majority of the construction costs as well as payments on the initial 20-year lease under local economic development programs. The Company's new facility includes 22,000 square feet of specially designed office, R&D and production space on six acres of land offering future additional build-out potential.
"The move into the new facility with higher production capacity represents a significant milestone in our growth strategy," said Seung Kwon Noh, Eugene Science's Chairman and Chief Executive Officer. "With awareness and demand for our CholZero™ product line growing, the company is well positioned for strong growth in 2008 and beyond."
The property is located in Jang-An Industrial Complex, Haw Sung City, Kyonggi-Do, about 40 miles south of Seoul and ten miles from Pyungtaek Port, an important and emerging industrial harbor servicing the capital city of Seoul.
Eugene Science expects to sell its former corporate headquarters office in Seoul with the proceeds to be used to reduce debt.
To be added to Eugene Science's investor lists, please contact Zachary Bryant at or at 818-382-9718.
About Eugene Science, Inc.
Based in Seoul, Korea, Eugene Science is a global biotechnology company tackling ailments such as heart disease, obesity and diabetes through innovation in the nutraceutical field. Its first commercial heart disease product, CZ™, is a patented, nanoscience-based, water-dispersible functional food ingredient containing natural plant sterols that help maintain healthy cholesterol levels by inhibiting its absorption. CZ™ is available in capsule form, or as a food or beverage additive. These plant sterols are approved by the U.S. FDA for health claims related to cholesterol lowering efficacy. Please visit http://www.eugene21.com .
Forward-Looking Statements: This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, from time to time, Eugene Science, or its representatives, have made or may make forward-looking statements, orally or in writing. The words "estimate," "project," "potential," "intended," "expect," "anticipate," "believe" and similar expressions or words are intended to identify forward-looking statements. Such forward-looking statements may be included in, but are not limited to, various filings made by Eugene Science with the United States Securities and Exchange Commission (available at www.sec.gov), press releases or oral statements made with the approval of an authorized executive officer of Eugene Science. Actual results could differ materially from those projected or suggested in any forward-looking statements as a result of a wide variety of factors and conditions. Reference is hereby made to Eugene Science's Annual Report on Form 10-KSB for the fiscal year ended December 31, 2006 for information regarding those factors and conditions. Among the important factors that could cause actual results to differ materially from management's projections, estimates and expectations include, but are not limited to: changing economic influences in the nutraceutical industry; actions of third parties; the market for nutraceutical products containing Eugene Science's CZ™ ingredient, the willingness of Eugene Science's creditors to enter into restructuring and workout agreements with respect to its outstanding debt, and the availability of adequate working capital to continue Eugene Science's operations. Readers are cautioned not to place undue reliance upon these forward-looking statements that speak only as of the date of this press release. Eugene Science undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
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