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 2010-07-15 CELLFOR ANNOUNCES THE COMPLETION OF A $35 MILLION EQUITY FINANCING
For Immediate Release July 15, 2010 Funds earmarked for the expansion of production capacity to meet growing sales volumes and to accelerate product development. Vancouver, British Columbia -- CellFor Inc., the leading provider of non-GMO elite tree varieties for reforestation, announced the closing of a new equity financing in excess of U.S.$35Million. "This is a tremendous acknowledgement of CellFor's progress to date and the significant opportunities available to us in the near term," commented Tom Urban, CellFor's President and Chief Executive Officer. "To date, CellFor has sold more than 40 million seedlings representing plantings on more than 80,000 acres. This is a clear indication that varietal forestry is gaining substantial momentum and is providing a very strong return potential for CellFor's customers and investors." This financing was led by a new Institutional Investor, Capricorn Investment Group, and included significant participation from CellFor's existing major investors. Ion Yadigaroglu, Managing Partner of Capricorn Investment Group, noted, "CellFor has spent significant resources developing more than 10 years of field performance data. The results are compelling. CellFor elite seedlings can improve the Net Present Value per acre by 50-100% when benchmarked against industry alternatives. Improved genetics is increasingly recognized as the best way to improve profitability per acre and we feel strongly that CellFor is now poised to enter a rapid growth phase". Today, CellFor is the world's leading commercial-scale supplier of high yielding, varietal seedlings for reforestation. The Company's proven and patented propagation technology, coupled with its state-of-the-art breeding and testing processes has enabled it to build on decades of traditional tree improvement to produce uniform, fast-growing varieties with highly desirable characteristics. CellFor's elite conifer seedlings are planted in the southeastern U.S., Canada, Chile, New Zealand, Australia, Brazil, Argentina and Uruguay. CellFor's principal institutional investors are Capricorn Investment Group, CSFB Equity Partners, LP, GrowthWorks Capital, and BDC Venture Capital. Headquartered in Vancouver, British Columbia, CellFor has U.S. offices in Georgia, South Carolina, Arkansas, Texas and Maine. Additional information on CellFor is available on the Company's website: http://www.cellfor.com/Forward Looking Statements and Information This news release contains certain forward-looking statements and information with regard to CellFor, including with respect to production levels, the return potential to customers and market demand for the Company's products. These forward-looking statements and information reflect management's current views and are based on certain assumptions, including assumptions as to future production levels and operating conditions, economic conditions and other factors management believes are appropriate. Such forward-looking statements and information are subject to risks and uncertainties that may cause actual results to differ materially from those contained in this news release. CellFor undertakes no obligation to revise or update any forward-looking statements or information as a result of future events or information after the date of this news release, except as may be required by law. The securities comprising this financing will not be and have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements For further information: Company Contact: W.J. (Bill) Adams, C.A., Chief Financial Officer at (604) 602-9229 ext. 227, Email: badams@cellfor.com Media Contact: Alison Ilg, Ilg Communications at (770) 565-5440, Email: alisonilg@bellsouth.net
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