Submitted by: Metabolix, Inc.
Categories: Green Products & Services
Posted: Jul 30, 2007 – 04:01 PM EST
CAMBRIDGE, MA- July 30, 2007 - Metabolix Inc. (NASDAQ: MBLX), a bioscience company focused on developing clean, sustainable solutions for plastics, fuels, and chemicals, today announced that a new gift card by Target (NYSE: TGT) made using Mirel(TM) biobased plastic is now available in 129 Target stores nationwide.
Mirel is a new family of biobased plastics made from corn that provides an excellent alternative to traditional, petroleum-based plastics. Unlike conventional plastics, Mirel biodegrades in a variety of environments including soil, home compost, wetlands, rivers and oceans.
Metabolix and Archer Daniels Midland (NYSE: ADM) are producing and marketing Mirel through their joint venture, Telles. The company is currently working with more than 50 prospects on more than 70 applications, including consumer products, packaging, single-use disposables, and products used in agriculture and erosion control.
Founded in 1992, Metabolix, Inc. is an innovation driven bioscience company providing clean, sustainable solutions for the world's needs for plastics, fuels, and chemicals. The Company is taking a systems approach, from gene to end product, integrating sophisticated biotechnology with advanced industrial practice. Metabolix is now developing and commercializing Mirel(TM) biobased plastics as the sustainable and biodegradable alternative to petroleum-based plastics. Metabolix is also developing a proprietary platform technology for co-producing biobased plastics, biofuels and chemical products in biomass energy crops such as switchgrass. For more information, please visit www.metabolix.com. (MBLX-G)
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release which are not strictly historical statements, including, without limitation, statements regarding completion of construction on the Mirel commercial manufacturing facility, actual manufacturing capacity of that facility, manufacturing plans and performance including the timing of commencement of commercial production of Mirel, commercial viability of Mirel, and strategy, and plans and objectives for future Metabolix operations, product development, research and development, regulatory approval and intellectual property, constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including, without limitation, Metabolix’s dependence on ADM for construction of the Mirel commercial manufacturing facility, ADM's ability to complete construction of that facility on time and on budget, the ability of Metabolix and ADM to successfully manufacture Mirel at commercial scale and in a timely and economic manner, the market acceptance of Mirel, Metabolix's ability to compete with petrochemical-based plastics, fuels and chemicals, its ability to generate future revenues, its expectation of incurring continued losses, the success of its research and development programs, Metabolix's ability to develop and successfully commercialize Mirel, Metabolix's ability to obtain required regulatory approvals, to obtain, maintain and protect intellectual property rights for its products, its limited sales and manufacturing capabilities, its ability to hire and retain skilled personnel,, and other risks detailed in Metabolix's filings with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2006. Metabolix assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.