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Certified Organics Raises Capital

June 29, 2004

Certified Organics Raises Capital

At today’s annual meeting in Auckland, Chairman of Certified Organics Limited, Dr Earl Stevens, told shareholders of plans to raise $2.5 million in additional capital between now and 2006 to fund the company’s rapid expansion.

The additional $2.5 million in capital will be raised through the private placement of 8.85 million shares with Auckland investment and broking company Ellis Capital at 10 cents a share, raising $885,000 with subsequent options and
a 1 for 7 rights issue at 7.5 cents a share, with an attached 1 for 2 options right at 7.5 cents, exercisable before September 30, 2006.

The share placement and rights issue will raise $1.5 million before expenses, and a further $1 million before expenses will be raised through the options.

The rights and options, which will be partially underwritten, will require shareholder and regulatory approvals.

Managing Director, David Warrick, told the meeting that sales for the six months ending June 2004 were anticipated to be over $400,000, 80% ahead of those for the same period last year.

He also announced that the company had appointed BioCoat Australia Pty Ltd as its Australian distributor.

He said that, subject to Australian regulatory approval providing the necessary market access, the company was confident of holding that level of increase above the previous period’s trading through to year end.

“We believe Certified Organics should be seen as more than just a start up biotech company with a breakthrough invention that has the potential to be a world beater.

“We have moved out of the ranks of those seeking commercial applications for their intellectual property.

“We already own the country’s best known organic weed killer brand, Organic Interceptor™. It is now into its second year of representation in the majority of high profile home and garden stores, and other formulations of our pine extract herbicide are being sold to local authorities and an increasing number of commercial crop growers.

“We have sold our specially-developed seed eradicator product to the State Government of South Australia, which is trialling it as an answer to the world’s most destructive weed, broomrape. The success of that trial will be known by year end and we have every expectation that it will result in a major long term supply contract.”

Dr Stevens announced that he would be standing down as Chairman within the next three months to better focus on other biological business interests. He will remain a director of the company.

Dr Wayne Cartwright, Professor of Strategic Management in the Department of International Business, Auckland University, is to be appointed a director and will become Chairman when Dr Stevens stands down.

ENDS


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