Applied DNA Sciences Awarded $229,957 New York State Grant for Rapid Growth & Expansion Project
STONY BROOK, NY -- (Marketwire) -- 12/20/12 -- Applied DNA Sciences, Inc. (OTCBB: APDN), (Twitter: @APDN), a provider of DNA-based anti-counterfeiting technology and product authentication solutions, announced today that it was named a recipient of an Empire State Development Corporation (ESDC) Consolidated Funding Application (CFA) Round II grant award. The Governor announced the awards on Wednesday in Albany (2012 Regional Economic Development Council Awards).
Applied DNA Sciences was awarded $229,957 for their "Rapid Growth and Expansion Project." This money will be used to purchase new laboratory equipment to complement the new hires necessary for the rapid growth project. This new equipment will enhance the company's DNA formulation menu especially in defense and law enforcement applications.
Dr. James A. Hayward, CEO and President of Applied DNA Sciences, stated: "I want to thank the Long Island Regional Economic Development Council, Governor Andrew Cuomo and Lieutenant Governor Robert Duffy for this award. This innovative grant program provides valuable funding at the perfect time to help APDN expand to meet growing DoD and industry needs."
APDN's rapid growth and expansion project is in response to growing demands from multiple industry sectors, including the recent Department of Defense (DoD) Defense Logistics Agency (DLA) announcement that named APDN as the provider of authentication services for microcircuits supplied by defense contractors. On August 3, 2012, DLA posted notice on its DLA Internet Bid Board System (DIBBS) that it will require the use of SigNature® DNA marking on microcircuits covered by FSC 5962.
About Applied DNA Sciences
APDN is a provider of botanical-DNA based security and authentication solutions that can help protect products, brands and intellectual property of companies, governments and consumers from theft, counterfeiting, fraud and diversion. SigNature® DNA and BioMaterial Genotyping, our principal anti-counterfeiting, and product authentication solutions that essentially cannot be copied, provide a forensic chain of evidence and can be used to prosecute perpetrators.
The statements made by APDN may be forward-looking in nature. Forward-looking statements describe APDN's future plans, projections, strategies and expectations, and are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the control of APDN. Actual results could differ materially from those projected due to our short operating history, limited financial resources, limited market acceptance, market competition and various other factors detailed from time to time in APDN's SEC reports and filings, including our Annual Report on Form 10-K, filed on December 8, 2011 and our subsequent quarterly reports on Form 10-Q. APDN undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof to reflect the occurrence of unanticipated events.