Last checked at 18 Dec 2008 07:00
18 December 2008
Plant Health Care plc
("Plant Health Care" or "the Company")
Termination of Myconate Collaboration Agreement with Bayer CropScience
Plant Health Care plc (AIM: PHC), announces that on 17 December, the Company met with Bayer CropScience to discuss the next stage of the collaboration agreement to develop Myconate. Following that meeting Plant Health Care received a notice of termination from Bayer CropScience of the collaboration agreement. Plant Health Care is in agreement with this decision and believes this action is best for all parties. As a result of the termination of this agreement, Plant Health Care will not receive further payments from Bayer CropScience in 2009 however the Board is confident revenues and profits for the full year will be in line with market expectations.
Ends
For further information, please contact:
| Plant Health Care plc | |
| John Brady, Chief Executive Officer | |
| Tel: +1-603-525-3702 Tel: +44-20-7920-3150 (18-19 December) | |
| jabrady@planthealthcare.com |
| Evolution Securities | Tavistock Communications |
| Tim Worlledge / Tim Redfern | Jeremy Carey/Matt Ridsdale |
| Tel: +44-20-7071-4300 | Tel: +44-20-7920-3150 |
| tim.worlledge@evosecuties.com/ tim.redfern@evosecuties.com | jcarey@tavistock.co.uk / mridsdale@tavistock.co.uk |
About Plant Health Care plc: Plant Health Care plc ("PHC") is a leading provider of natural products for plants and soil. Established in 1995 in Pittsburgh (Pennsylvania) in the United States, PHC currently has approximately 90 employees and has operations in the United States, Mexico, the United Kingdom, Spain, and the Netherlands. The Company listed on the AIM market of the London Stock Exchange in July 2004. Ticker symbol is PHC.
PHC's products are aimed at the landscape, agriculture and land reclamation industries and are environmentally beneficial. Through the commercialization of these products, PHC is capitalizing on current long-term trends toward natural systems and biological products for plant care and soil and water management. Further information is available at: www.planthealthcare.com