JUPITER, Fla., Dec. 11, 2015 (GLOBE NEWSWIRE) -- Dyadic International, Inc. (OTCQX:DYAI) (“Dyadic”) announced that at the special meeting of Dyadic shareholders held today, Dyadic’s shareholders voted to approve the sale of substantially all of the enzyme and technology assets, including the C1 platform of Dyadic, Dyadic International (USA), Inc. (“Dyadic USA”) and Dyadic Nederland B.V. to Danisco US Inc., a wholly-owned subsidiary of E. I. du Pont de Nemours and Company, (“Danisco”) and its affiliate (the “Transaction”) pursuant to the asset purchase and sale agreement, dated as of November 9, 2015, by and among Danisco, Dyadic USA and Dyadic (the “Transaction Agreement”).
The affirmative vote of the holders of at least a majority of the shares of Dyadic common stock outstanding and entitled to vote thereon at the special meeting was required to approve the Transaction pursuant to the Transaction Agreement. According to the final tally of shares voted, approximately 77% of the outstanding shares of Dyadic’s common stock as of the close of business on the record date of November 13, 2015 were voted to approve the Transaction pursuant to the Transaction Agreement. A quorum of approximately 78% of Dyadic’s total outstanding shares of common stock as of the November 13, 2015 record date voted at the special meeting.
The proposed Transaction was announced on November 9, 2015 and is expected to close on December 31, 2015.
About Dyadic International, Inc.
Dyadic International, Inc. 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 enzymes and other proteins for the bioenergy, bio-based chemical, biopharmaceutical and industrial enzyme industries. Dyadic utilizes an integrated technology platform based on its patented and proprietary C1 microorganism, which enables the development and large scale manufacture of low cost enzymes and other proteins for diverse market opportunities. The C1 platform technology can also be used to screen for the discovery of novel genes. In addition to the sale of proprietary enzyme products, 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 and other proteins which these technologies help produce. Please visit Dyadic’s website at www.dyadic.com.
Dyadic trades on the OTCQX tier of the OTC marketplace. Investors can find real-time quotes, market information and financial reports for Dyadic, as well as additional information related to its professional liability lawsuit, in the company’s annual and quarterly reports which are filed with the OTC markets. Please visit the OTC markets website at www.otcmarkets.com/stock/DYAI/quote.
Safe Harbor Regarding Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements within the meaning of the federal securities laws. These forward-looking statements involve risks, uncertainties and other factors 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. Investors are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Any forward-looking statements speak only as of the date of this press release and, except as required by law, Dyadic expressly disclaims any intent or obligation to update or revise any forward-looking statements to reflect actual results, any changes in expectations or any change in events. Factors that could cause results to differ materially include, but are not limited to: (1) the likelihood that the transaction is consummated on a timely basis or at all, including whether the conditions required to complete the transaction will be met, (2) general economic conditions, including the recent conditions in the global markets; (3) Dyadic’s ability to retain and attract employees during the pendency of the transaction and following the closing of the transaction; (4) competitive pressures and reliance on key customers and collaborators; (5) Dyadic’s research and development efforts, (6) the outcome of the current litigation by Dyadic against its former counsel, (7) Dyadic’s ability to obtain additional debt or equity financing sources and (8) other factors discussed in Dyadic’s Proxy Statement and other publicly available filings, including information set forth under the caption “Risk Factors” in our December 31, 2014 Annual Report filed with OTC Markets on March 27, 2015. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us.
Contact: Dyadic International, Inc. Mark A. Emalfarb Chief Executive Officer Phone: 561-743-8333