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<br /> . y .
<br /> PA&t I
<br /> L'LM 1. 33usineaa
<br /> 800d TeC hnOlagy service, ITC., iaraerly VindiCALOr, I11C., :the °COmpany"),
<br /> W6B Organized 63 d S1CSida eorpordLlan On DfCembeT 11, 19x6. Tht COmppny ownB
<br /> and opera:e3 en ::^adiation Eacillty, Lhat uses games radiation produced by
<br /> CoDdlt 60, to treat or process various foods !or inseo: diainteatation, ahel!
<br /> life lxtenafon and control of certain disease caufins miCrooraanisma. in April
<br /> 1991, the Company COapletad its initial public oitering, snd the proceada
<br /> therefrom, apFraxiaately :12,000,000, were used primarily Lo pay for a portion of
<br /> the scat of Duildtng the Compan;r~9 irradiation faeili:y in Mulberry, Ftorida.
<br /> Con9Lruction of the laeility was completed in DeCepbar; 1991 and iL became
<br /> operational in January 1992.
<br /> the benefits of radiation in preventing food-borne illness ors well known.
<br /> Food irradiation is supported by the united Stataa Departaent oP Agriculture
<br /> :•U~A^:, the world Haelth OrgpnisatlOn, the United States Public He61th
<br /> SCr'9 ice, :be American Medical AaaaCiatl.On, th! Inatitu O! SOOd TtChnOlOgiata,
<br /> and reFutable SaSentiPic and medical organizations throtuholsL America. Ln
<br /> addition, mare than farts countri:s have approved the irradiation of food
<br /> precasts. She United Stata9 Food D Drug Administrption (^FDA^) hsa approved
<br /> irradiation as a Safe and eitectire neaps o! procaaaing a variety cf iooda. 'ro
<br /> daL~n, Lhe FDA Loa dpprcved the irradiation of (i) pork, t0 control trio+inosis;
<br /> ::i) peal ;ry, fur the corrLral Os disease-causing pathogens; tail) spitta, iar
<br /> sterili.,u~:ian; and (LV) all fresh fruits and ve8etablea, for insect
<br /> dasinfestution, and tc de:lay matuosLion, which extanda the shelf life o! many
<br /> Yresh fruits and v:getables.
<br /> the C~smpany exaects :hat its success will be dependant upon the processing
<br /> of Doultr;,, meat and Rhellffsh. idawever. the FDA has no: yeL approved She
<br /> irradiol.ian of }.'i3e, .1re11fiah, or meat, nor has it-approved a standard
<br /> polystyrene icon tray for the packaging of poultry. the delays at the Yaderal
<br /> level are ?recEM:ing the Ganpany from implementing the technology Por the
<br /> irradiation Of neat Bad ahellf ieh which h89 bean proven to Da effective in
<br /> Control 3.ing a. call, lis :..rie and other pathogens in meat, and in oiiminating
<br /> vibrio, includinr; cholera, found in raw ahelifieh. The petition to irradiate
<br /> neaLS wens 5ubritted tc the FDA in Ta ly 199x. A petition !er the aDProval of Lhe
<br /> irradiation cf fish end atselifis bas been pending sore than eight (8> years,
<br /> )'e; no l:inaL FDF, action hag been taken. The information neCeBaary to approve
<br /> the stanc4lyd Folystyrene foss, tray has been at the FDA !or nearly two years. Dut
<br /> _t has not yet acted Lo approvC the use of this material Sor packaging.
<br /> Management is working diliF;enLly with gone neat proaeaeors and with a major
<br /> retailer :a gain t:+e necaaa0ry approvals. ao that the :echnoloey which can
<br /> protest cansumeru fret dangerous pathogens will be implemented. The Company
<br /> presently irrpdiutes tea: !or as:ronauta. shish hoe bean approved Dy the FDa,
<br /> bu: it Cannot, as yet, o:ter fta Services to proceeaora to irradiate meat for
<br /> the American ptople. Y.any harvesters of shrimp end cya:era have been forced into
<br /> bankrDptvy, as u .result o! the warnings to the public aDOUt the dangers of
<br /> enjoyfnF raw shc;'.:ifish, while the technology of irradiation, which hna Daen
<br /> proven to De er. effective aethad ai making aheiifiah oaf! !or human consumption,
<br /> awaits FI)A approval. The Company is unable to predict when the Federal
<br /> approvals will be finalized, however, the Company antioipates that rho petition
<br /> for the irradiat-on of meat will 9e approved in 199?. The numerous problems that
<br /> Gave Deen encountered in gpining the 2'DA approvals have DeOn very discouraging
<br /> for the Company, and revenues to date have Deen nominal as a result hereof.
<br /> 7~
<br /> Revenues "_or 1FE0 were 5196.E47, •7f which approximately TOlE wag attributable to
<br /> the Arcce::aing aY Seeaonings and s,Pices. A nominal anwunt of poultry was also ,y
<br /> processed and shipped. II~~
<br /> n. ct P
<br /> ~ 7biPresented
<br /> MAY ~ 7 1997
<br /> 1Ref. llmte_
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