San Diego, California
November 30, 1999

Akkadix Corporation announced today that its newly formed subsidiary, Akkadix Genetics, Inc. is acquiring the assets of Maize Genetic Resources, Inc.(MGR), a corn foundation seed company. The assets acquired include breeding materials, inbred lines and MGR’s proprietary technology for inbred development. The acquired assets, combined with existing germplasm of Akkadix, will provide a unique and geographically diverse source of genetics to the seed corn industry. Akkadix Genetics will be headquartered in Columbia, Missouri.

MGR’s breeding technology (known as the PS Technology System™) allows for more effective selection from a diverse germplasm base.

Gary Duncan has been named as the President of Akkadix Genetics. Mr. Duncan was the former Managing Partner at Rio Grande Technologies, and a former President of NC+ Seeds. He has 34 years experience in the seed industry and is currently the Vice-President of the Southern Region of the American Seed Trade Association.

"The new agricultural technologies are only as good as the vehicles in which they are delivered" according to Gary Richardson, President and Chief Operating Officer of Akkadix Corporation. "The acquisition of MGR’s assets will allow us to add to our germplasm genetics base and help us continue to develop elite and unencumbered germplasm that will provide value on its own merit."

The acquisition of MGR is part of Akkadix Corporation’s strategy to improve the company’s access to germplasm, according to Jerry Caulder, CEO of Akkadix Corporation. "When we set out to build this company, we knew from the beginning that ownership and/or access to germplasm was an integral part of putting together a competitive and comprehensive agricultural biotechnology business." Caulder said. "These assets also ensure that the company will have access to commercial markets for its biotechnology discoveries."

Gary Duncan notes that the acquired assets already include a number of lines with excellent combining ability. "We intend to make our yield data available in the form of an on-line database currently under development." said Mr. Duncan. "This database will enable anyone to access direct comparisons of Akkadix Genetics lines against others based on a significant number of field trials that have been conducted throughout the Corn Belt."

Akkadix Genetics is a supplier of foundation genetics to the seed industry. The company currently offers proprietary genetics in corn and has plans for expansion into additonal crops. Akkadix Genetics is a wholly owned subsidiary of Akkadix Corporation.

Akkadix Corporation is a global agricultural biotechnology company that uses gene discovery, functional genomics, bioinformatics, structural biology, combinatorial chemistry and other technologies for the discovery of novel plant traits that improve health and safety, increase production, reduce costs, help preserve the environment and create new opportunities for crop production.

Company news release
N2279