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Waipareira Trust Invests in ICP Biotechnology

Published: Fri 23 Nov 2007 05:14 PM
Waipareira Trust Invests in ICP Biotechnology
John Tamihere, CEO of the Waitakere based Waipareira Trust, announced today that the Trust has made an initial investment in ICP Biotechnology Limited (NZX:BIO) also based in Waitakere City – in Waipareira Avenue.
“We see this as a strategic investment for the Waipareira Trust as biotechnology is one of the keys to New Zealand’s future growth, as recognised by the Government’s Growth and Innovation Framework.
We are also keen on the employment opportunities it secures for our science graduates in Waitakere and the opportunity to introduce our young people to the excitement of biotechnology and science in general.
During our due diligence we have established a good understanding of the business and like the fact that this is one of the few listed biotechnology companies which makes and sells product for the global biotech and pharmaceutical companies.
We also like the fact that the company’s protein biologicals business adds significant value to the New Zealand agricultural industry.
ICP Biotechnology high-tech products are virtually 100% exported, which is also good for the country’s overseas earnings, and science and technology profile.
The company has over the last 18 months attracted nearly $1m in government grants in recognition of its product development and marketing efforts.
The Waipareira Trust is looking forward to working more closely with ICP Biotechnology over the next few years and contributing to each others success.”
ENDS

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