JUPITER, Fla., Oct. 18, 2013 /PRNewswire/ -- Dyadic International, Inc. ("Dyadic")(OTC Pink: DYAI), a global biotechnology company focused on the discovery, development, manufacture and sale of enzyme and protein products for the bioenergy, biochemical, biopharmaceutical and industrial enzyme industries, announced today that it has entered into agreements with all of its outstanding promissory note holders to extend their maturity dates to January 1, 2015. The convertible portion of the debt, representing $6.8 million of the total $8.2 million outstanding principal, may be prepaid by Dyadic at any time in whole or in part, without penalty, after March 31, 2014 with 30 days notice. In all other respects, the terms and conditions of these promissory notes remain unchanged and in full force and effect.
Dyadic's President and Chief Executive Officer, Mark Emalfarb, stated, "The extension of our debt provides Dyadic with greater flexibility by allowing us the option to call the convertible debt early."
Dyadic is a global biotechnology company that uses its patented and proprietary technologies to conduct research, development and commercial activities for the discovery, development, manufacture and sale of products and solutions for the bioenergy, biochemical, biopharmaceutical and industrial enzyme industries.
Dyadic utilizes an integrated technology platform based on its patented and proprietary C1 fungus which enables the development and large scale manufacture of low cost proteins and enzymes for diverse market opportunities. The C1 platform technology can also be used to screen for the discovery of novel genes and proteins. Dyadic actively pursues licensing arrangements and other commercial opportunities to leverage the value of these technologies by providing its partners and collaborators with the benefits of manufacturing and/or utilizing the enzymes which these technologies help produce. Please visit Dyadic's website at www.dyadic.com.
Cautionary Statement for Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause Dyadic's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Except as required by law, Dyadic expressly disclaims any intent or obligation to update any forward-looking statements.
SOURCE Dyadic International, Inc.