Dr. Richard J. Freer, COO of CBI said, "The sale of these business units satisfies a key condition precedent in CBI's acquisition of GL Biochem, announced on June 8. The divestment of the assets of CBI Services and FIL is in line with CBI's strategy to create the global leader in pre-clinical peptide synthesis and development."

Dr. Paul D'Sylva, Director said that, "CBI's balance sheet and profit/loss statement will be significantly strengthened through this transaction because it eliminates ongoing earnings losses, provides significant ongoing fees through a leaseback from a national pathology laboratory, provides up-front cash, and allows CBI to retain its high value land and building assets. The company is now ideally positioned to close its transformational deal with GL Biochem and accelerate its growth as the world leading peptide contract research organization."

CBI offers peptide research and development products and services to the global life sciences industry.

GL Biochem (Shanghai) is an international company engaged in the research, development, manufacture and marketing of diverse biochemical and fine chemicals, with a particular strength in peptides, peptide reagents and related products.

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CBI offers cutting-edge research and development products and services to the global life sciences industry. CBI now operates through: (1) CBI Services, a discovery phase contract research organization; (2) Fairfax Identity Laboratories, a DNA reference business; (3) Mimotopes Pty Ltd, Melbourne, Australia, a peptide and discovery chemistry business; and (4) Venturepharm (Asia), a contract research consortium specializing in drug discovery and development, process scale-up, formulation development, cGMP manufacturing and clinical trial management. For more information, visit CBI on the web at www.cbi-biotech.com.

Forward Looking Statements

No statement made in this press release should be interpreted as an offer to purchase any security. Such an offer can only be made in accordance with the Securities Act of 1933, as amended and applicable state securities laws. Any statements contained in this release that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties as identified in CBI's filings with the Securities and Exchange Commission. Actual results, events or performance may differ materially. Specifically, there can be no assurance (i) that CBI will meet all or any of the conditions outlined in the letter; (ii) that CBI will be able to regain and maintain compliance under the Rule; or (iii) that CBI will remain listed on the NASDAQ Capital Market.

SOURCE: Commonwealth Biotechnologies, Inc.

Commonwealth Biotechnologies, Inc. 
Dr. Richard J Freer, COO, 804-648-3820

CBI offers cutting-edge research and development products and services to the global life sciences industry. CBI now operates through: (1) CBI Services, a discovery phase contract research organization; (2) Fairfax Identity Laboratories, a DNA reference business; (3) Mimotopes Pty Ltd, Melbourne, Australia, a peptide and discovery chemistry business; and (4) Venturepharm (Asia), a contract research consortium specializing in drug discovery and development, process scale-up, formulation development, cGMP manufacturing and clinical trial management. For more information, visit CBI on the web at www.cbi-biotech.com.

SOURCE: Commonwealth Biotechnologies, Inc.

Commonwealth Biotechnologies, Inc. 
Richard J. Freer, Ph.D., COO, 804-648-3820