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08 April 1999
Auckland's Genesis Research and Development Corporation today announced that it has signed a letter of intent to contract with a world-leading forestry biotechnology joint venture. The joint venture, to be established by Fletcher Challenge Forests, International Paper, Monsanto Company and Westvaco Corporation, will produce and market tree seedlings to improve forestry health and productivity for the forestry market worldwide. Genesis will provide the joint venture with intellectual property in the form of patents and its forestry genomics database, together with ongoing genomics research capabilities. In return, Genesis will receive payment for its intellectual property, ongoing royalties from the sale of seedlings incorporating any current or new Genesis technology, and payment for ongoing scientific services. Genesis and Fletcher Challenge Forests have been active partners since 1995. During this time Genesis used its biotechnology expertise to identify and understand many key biological functions of commercial forestry trees. Genesis research has resulted in one of the largest inventories of forestry genomic knowledge in the world. The combined knowledge of the joint venture companies will significantly reduce the time needed to develop improved tree varieties compared to traditional tree breeding programmes. It will allow trees to be planted that have higher growth rates, lower fibre production costs and which contribute to healthy forest ecosystems. These improvements will enable forest landowners to meet the growing demand for wood products while strengthening their ability to manage forests in a sustainable manner. "This is a major achievement for New Zealand science. It demonstrates how science can be utilised to deliver significant value to primary industries where New Zealand has inherent advantages," said James Watson PhD, Chief Executive of Genesis. "It illustrates how new knowledge-based companies like Genesis are creating value not only for their shareholders, but for the companies and industries that adopt this new technology." "Our understanding of genomics and Fletcher Challenge Forests' forestry expertise will make a significant contribution to forest health and productivity worldwide. This wider alliance extends our credentials as a genomic discovery company skilled in turning intellectual property into economic value." About Genesis Genesis is a biotechnology company based in Auckland, New Zealand. It has genomic programmes in both plant based primary industries and in human heath. Genesis works with corporate partners wanting to use gene technology to make significant changes to their industry. Genesis focuses on extending plant based technology into other primary industries, and is also actively developing vaccine candidates for various immune diseases, including psoriasis and asthma. About Fletcher Challenge Forests Part of the Fletcher Challenge group, Fletcher Challenge Forests is a New Zealand-based company focusing on developing solid wood products for the Australasian, North American and Asian markets. The Fletcher Challenge Group employs some 15,000 people world-wide in building, paper, energy and forestry businesses. More information from: Dr J.D. Watson, Chief Executive, Genesis Research & Development Corporation +64 9 373 5600, j.watson@genesis.co.nz Mark Harris, Fletcher Challenge Forests, + 64 571 9811, mark.harris@fcf.co.nz Jack Cox, International Paper, 1 914 397 1952, jack.cox@ipaper.com Lisa Drake, Monsanto, 1 314 694 3540, lisa.m.drake@monsanto.com K. L. Canonge, Westvaco, 1 843 851 4666, klcanon@westvaco.com |