Jupiter, Fla., August 4, 2010/PR Newswire-First Call/ — Dyadic International, Inc. (Pink Sheets: DYAI) (“Dyadic”) announced today that the United States District Court for the Southern District of Florida has approved the final resolution of the consolidated stockholder class action lawsuit, Miller v. DyadicInternational, Inc. et al, and dismissed the lawsuit with prejudice.
The lawsuit initially filed in October 2007 asserted class action claims under federal securities laws based on allegations of misstatements and omissions by Dyadic and certain of its current and former officers and directors arising out of alleged improprieties at Dyadic’s Asian subsidiaries. As reported in Dyadic’s latest consolidated financial statements, Dyadic established a cash reserve in connection with the class action lawsuit which adequately covers the costs associated with resolving this matter.
Dyadic’s President and Chief Executive Officer, Mark Emalfarb, stated, “We are pleased to put this matter behind us so we can continue focusing on growing our business through the ongoing sale of enzymes and the monetization of our C1 platform technology through potential licensing arrangements and other collaborations.”
Dyadic is a global biotechnology company that uses its patented and proprietary technologies for the discovery, development, manufacture and sale of enzyme products and solutions to address the needs of the bioenergy, biopharmaceutical and industrial enzyme markets. Please visit Dyadic’s website at www.dyadic.com
CAUTIONARY STATEMENT FOR FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release are forward- looking statements. These forward-looking statements involve risks and uncertainties 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. Except as required by law, Dyadic expressly disclaims any intent or obligation to update any forward-looking statements.
Dyadic International, Inc.
Adam J. Morgan
Vice President General Counsel & Business Development