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Bothell, Washington
January 7, 2003
EDEN Bioscience Corporation (Nasdaq:EDEN), which develops,
manufactures and markets innovative, natural protein-based
products for improving crop production and protecting plants,
today announced that it has entered into a sublease agreement
with CEPTYR, Inc. for 34,302 square feet of excess laboratory
and office space at its headquarters in Bothell, Wash.
Sublease rent over the five-year term will average approximately
$833,000 annually beginning in January 2003. These rents will
not fully recover costs associated with the subleased space and,
as a result, a charge to operations totaling $4.3 million was
recorded in the quarter ended Dec. 31, 2002.
"We are pleased that CEPTYR will utilize a significant portion
of our excess laboratory and office space," said Brad Powell,
chief financial officer. "From a cash flow perspective, this
sublease will significantly reduce our on-going facility costs."
EDEN Bioscience is a plant technology company focused on
developing, manufacturing and marketing innovative, natural
protein-based products for agriculture. EDEN Bioscience believes
its technology and initial product, Messenger, provide growers
with a new tool to improve crop production and plant protection.
Messenger is based on naturally occurring proteins called
"harpins," which activate natural plant growth systems,
improving crop yield and quality, and simultaneously activate
plant defense systems to protect against disease and pests.
Messenger has been tested in over 1,000 field trials in many
countries and on more than 40 crops including: citrus, cucumber,
peppers, strawberries, tobacco, tomatoes, and grapes.
(c) 2002 EDEN Bioscience
Corporation. Always read and follow label instructions before
buying or using this product. Messenger(R), EDEN(R), and EDEN
Bioscience(R) are registered trademarks of EDEN Bioscience
Corporation. Messenger is not currently registered for sale or
use in Colorado. In California, Messenger is labeled for disease
management for use on strawberries, grapes, and fruiting
vegetables only.
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