JUPITER, Fla., April 16, 2012 /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 12 holders of its outstanding promissory notes which total $8.4 million to extend their maturity dates until January 1, 2014. 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 maturity dates will provide Dyadic with enhanced financial flexibility and additional time in which to execute our strategic plan by continuing to leverage our technologies to grow our licensing, research and industrial enzyme businesses in multiple markets."
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.