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Hayward, CA, May 15, 2006 -- Sepragen Corporation (OTC BB: SPGNA.PK),
is a provider of patented technology and equipment for purification
needs in the biotech and nutraceutical industries. Based on internally
compiled and unaudited financial results, Sepragen announced today
profitability and a doubling of revenues for 2005 when compared
with fiscal year 2004. Sepragen CEO and founder, Vinit Saxena, of
this performance states, “The Company management has cut expenses,
brought focus to a few key products, such as our QuantaSep line
of chromatography systems, which are gaining traction and made key
deals such as the one with Pall Corporation in engineering this
turn-around. This belt-tightening has come at a cost, which is that
the Company has fallen behind in accounting and legal compliance
matters.”
The Company expects to raise approximately $500,000 to pursue development
of new technologies and move towards bringing the Company to a fully
reporting status.
Sepragen is a provider of innovative bio-purification products
that enable biotech companies to develop and manufacture biopharmaceuticals
quickly and cost-effectively. Sepragen products are used by leading
biotech companies world-wide to manufacture over a dozen FDA approved
drugs.
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The statements in this release that relate to future events
or performance, statements about growth, future regulatory clearances, levels of sales and
market size and future manufacturing capacity and efficiencies are forward-looking
statements that involve risks and uncertainties, including risks associated with
uncertainties related to the development of markets for and commercial acceptance of the
company's products and services, the availability of components, competitors' product
introductions and other risks identified in the company's SEC filings. Actual results may
differ from those described in these forward-looking statements. Readers are cautioned not
to place undue reliance on these forward-looking statements, which speak only as of the
date hereof.
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