Company Overview
Applied DNA Sciences is positioned to lead the world in protection against counterfeiting. The core technologies
of APDN use the DNA of plants to mark and identify
objects in a unique manner that essentially cannot be
counterfeited. These objects can then be tested for the
presence of SigNature DNA using either instant field
detection or forensic authentication alternatives.With its
first few contracts under its belt, APDN is poised for
significant growth both in the US and Europe. Revenue
growth has averaged 35% quarter-over-quarter over the
last year with cashflow breakeven within reach by the end of 2009.
Investment Highlights
- Versatile platform technology applicable to nearly 10% of all global trade
- Technology offers 100% forensic authentication, ease of application, low cost entry
- Multiple industry verticals minimize concentration risk
- Commercialization underway with accelerating revenue growth from multiple global customers
- Strong evolving intellectual property portfolio
- Experienced management team has proven success executing corporate strategies
- Significant management ownership stake
Company Highlights
- Four consecutive quarters of increased
revenues
- Over 1,000 unique SigNature DNA markers
developed for customers in multiple global
markets
- Broadened product lines comprised of
SigNature DNA, BioMaterial Genotyping,
BioActive Ingredients build upon our strategy
of diversified revenue sources with managed
risk concentration and shortened sales cycles
- Improved detectability and authentication
processes for DNA providing better in field
recovery and controls
- Auditable processes and controls
implemented throughout the company to
support authentication and security to our
customers
- Expanded patent and trademark portfolios
which will form the basis for added value
through future licensing revenue
opportunities
- Growing convergence of public awareness
of APDN’s DNA Authentication technologies
as a credible means to protect genuine
products and consumer safety and well being
Platform Technologies
SigNature DNA
This is the technology upon which the company was
originally founded. After two years of selling experience,
it is clear this platform can impact world trade and
protect consumers. While the sales cycle varies with the
size and complexity of the customer, initial shipments
have begun. In 2008, APDN shipped multiple orders to
cash-in-transit, in addition to orders in other varied
industries. While the marketplace does not suffer from a
shortage of lighter-weight security technologies, APDN's
SigNature DNA markers are more unique, resistant to
copying, stable over time and more forensic since DNA is
well accepted by the courts globally.
BioMaterial Genotyping
The company has developed proprietary genetic based assays
and protocols to identify DNA markers that are
endogenous (internal) to a particular plant in order to
differentiate between biological strains. In a process the company
calls FiberTyping™, they were able to differentiate between
Pima cotton and upland cotton. In addition, we have developed proprietary
technologies that can differentiate between Pima cotton
grown in different regions of the world (PimaTyping™).
Cotton classification and the authentication of cotton
geographic origin are issues of global significance,important to brand owners and to governments that must
regulate international cotton trade. These technologies
are also being developed for use in other natural
products containing inherent DNA, including
biotherapetuics, nutraceuticals, natural textiles, wine and
other fermented beverages.
BioActive Ingredients
In 2007, APDN began manufacturing fermentation
ingredients. The same technology needed for the
manufacture of SigNature DNA is being utilized to
manufacture fermentation ingredients for the personal
care industry. One of the first products developed is the
DermalRx™ line of products and one of these products is
currently being test marketed for a large multinational
company in select US stores. Our ingredients are sold to
multiple customers and have shown over time to be
recession resistant.
Significant and Varied Market Opportunities
Signature DNA - It is estimated that counterfeiting,
diversion and piracy cost the US economy between
$200-$250 billion per year (US Chamber of
Commerce). The World Customs Organization and
Interpol estimate that annual global trade in illegitimate
goods was roughly $600 billion in 2004 and growing.
BioMaterial Genotyping
These markets include biotherapeutics, nutraceuticals, natural food, wines and
fermented alcohols and natural textiles. In combination,
these markets exceed $1 trillion annually.
BioActive Ingredients
The global market for specialty raw materials for cosmetics and toiletries, which includes
BioActive Ingredients, was reported to be $5.9 billion in
2006 with an estimated growth of 5% per year
(Freedonia).
Shareholder Letter - November 2008
In the world today, our DNA authentication
solutions are more relevant than ever. In 2008
global markets suffered from massive increases in
product tampering, IP infringements, adulterations
and outright counterfeits. The victims are
consumers, corporations and governments alike.
The impact is not virtual, but measured in lives lost,
stolen revenues, devalued brands, diminished
quality and heightened insecurity.We believe
Applied DNA Sciences offers the most viable
authentication solutions available to curb these
threats.The marketplace is beginning to hear us;
our product offerings are gaining traction each
month; our quality promise has been tested and
realized; our revenues are growing each quarter.
We have reported our fourth consecutive quarter
of revenues, with our last three quarters averaging
30% growth quarter-over-quarter. This year, we
have manufactured over 1000 unique SigNature™
DNA markers for a broad spectrum of customers;
many of those DNA sequences have the potential
to generate annuities for years to come. Applied
DNA (“APDN”) has begun to deliver commercial
solutions, and our investors and society should
benefit.
Applied DNA in the Global Marketplace
The AppliedDNAstory is largely intertwined with a
global marketplace, driven primarily, by the
enhanced need for safety and security. Each time a
product changes hands in its path to the market,
mistrust in the authenticity of the product
increases. The anti-counterfeiting market has been
largely shaped by the media, by reporting on
contaminated or adulterated goods, rather than the
ways to authenticate genuine products in the supply
chain in order to ensure consumer confidence.
Most of our competitors emphasize only the
deterrent value of their technology. Going beyond
deterrence, APDN’s strength is sustained from the
front end - marking the physical product, to the
back end -authentication of a forensic DNA
sequence that uniquely identifies a single
item. This year, APDN broadened its commercial scope
to best position us to ultimately capture the lion’s
share of the opportunities available to DNA-based
authentication. SigNature DNA, our central
platform that uses botanically derived genomic
DNA sequences as proof of originality was
deployed in a new industry vertical, cash-in-transit.
We have increased our penetration into the
markets for secure inks, labels, event ticketing, and
branding in general. One of our most dramatic
developments has been our entry into the world of
genotyping commercial products by analyzing the
DNAcontent that may be found in naturally derived products. The sales cycle for BioMaterial
Genotyping is shorter than for SigNature, and it is
less expensive for our customers but provides
attractive margins to APDN. While our point of
entry was focused on biologically derived textiles,
the range of applications represents a global market
with over $1 trillion in annual sales and includes
foods, wines, coffee, nutritional supplements,
natural products in personal care and biological
drugs. We believe the combination of
SigNature DNA and BioMaterial Genotyping
covers the total authentication market.Their
combination represents an important strategic
development since both platforms are applicable to
multiple industry verticals, provide diverse revenue
streams, lower risk concentration and shorten our
average sales cycle.
As we completed our initial supply contracts, we
have worked to shorten the sales cycle. Our initial
projects all represented customized solutions that
required complete knowledge of a customer’s
business process. With those experiences under
our belts, APDN has been able to develop more
market-ready product formats,enabling faster
SigNature price quotations and more concise
product cycles.
In a further effort to secure faster revenue, less
dependent on security issues, we have taken
advantage of the manufacturing tools we use to
generate DNA markers. Fermentation is the
method of choice for producingDNAat large scale.
Our management team has used fermentation in
prior positions to manufacture biological drugs and
active ingredients for skin care. The latter industry
offers a rapid path to market, 3-5 year sales
annuities once the ingredient has been used by a
marketed brand, and low commercial risk. More
importantly, this revenue stream for BioActive
Ingredients shortens our time to profitability and
lessens the company’s historic dependence on
fund-raising.
Recession Resistance
Segments of the personal care industry exhibit
better resistance to economic recession. We
anticipate that the BioActive Ingredients business
will grow in 2009, and provide us with revenues in
the near term.We also anticipate that the impact of
global counterfeiting on brands will grow during
times of economic stress as consumers strive to
save money and counterfeiters broaden their target
scope.We believe our ability to provide customers
with products and services in both brand security
and ingredient development is unique, and sets us
apart from other companies.
APDN is working to establish a sales network with
agents in New York, Chicago, California, and
recently, in Asia. Our efforts provided immediate
gratification, with our ingredients now used by
several leading global brands for whom we are
supplying repeat orders. In addition to purchasing
our Bioactive Ingredients, these customers have
demonstrated longer-term interest in using our
authentication platforms to protect or enhance
their brands. DNA markers can now be screened for in the
field and authenticated in the lab.
We have successfully developed proprietary
methodologies to covalently link our DNA markers
to optical reporters that will enable real-time
screening of products that can be read by
commercially available handheld devices. We have
developed proprietary, patent pending
technologies for enhancing the detectability of
DNA, in some cases, we believe as much as 1000
fold better than methods used by the FBI.We now
offer a full range of detection options from instant
rapid screening to more detailed forensic
authentication.
Smiths Detection and Sensor Cat
Our strategic partnerships with Smiths Detection
(SMIN:LSE) and the Sensor Cat at the University at
Stony Brook, to customize hand-held forensic
authentication devices further differentiates us
from all other competitors. Our agreement with
Smiths details the development of a mechanism for
in-field, fully-forensic DNA authentication with a
handheld, battery-powered PCR-based device that
will confirm authenticating sequences in roughly 10
minutes. With the SensorCAT, we have successfully
completed Phase 1 development of a proprietary
new instant detection device that is being partially
funded through a grant to APDN. This new
detector offers greater sensitivity while still being
able to reliably operate in harsh environments in the
field. This next generation of instant detectors is
designed to thwart anyone trying to counterfeit,
divert or pirate products marked with SigNature
DNA. Combined with our forensic authentication
tools, this new reader will complete the next
generation of our SigNatureDNA platform.
DNA in Government
We have seen how CEOs of Fortune 100
companies or Homeland Security officials respond
to DNA - not purely as an added cost or as a
forensic tool at a crime scene, but as strategic
approach to the way they protect their own
interests. This shift is significant and real, as
evidenced by:
1) The recent signing of the PRO-IP Act which
toughens prosecution and mandatory sentencing
for convicted counterfeiters, brings more
awareness to the security industry and our
company.
2) On October 2, 2008, BusinessWeek published
its lead article on “Dangerous Fakes” indicating
that even the United States military is facing a “growing threat of potentially fatal equipment
failure-and even foreign espionage - because of
counterfeit computer components used in
warplanes, ships and communication
networks…. Senior Pentagon officials publicly play down the danger, but government
documents, as well as interviews with insiders,
suggest possible connections between phony
parts and breakdowns.”
Long term, we are working towards developing
government contracts to incorporate SigNature
DNA into homeland security and government
applications. Our dialog with government and
dedicated security institutions in the US, UK,
Europe and Australia has intensified, signaling the
need for DNA-based forensic methodologies that
can protect national security interests. We have
begun making inroads, with recent project
proposals including using SigNature DNA for
credentials, driver’s licenses, border control,
national trade protection and even ransom money.
As we understand that attaining government
contracts is a timely endeavor, in the short term, we
are also focused on developing commercial
relationships to generate revenues and sustain the
company.
DNA for Secure Documents and Printing
For the last two years, APDN has worked with a
number of strategic partners to elevate the value
added by incorporating our DNA in inks, varnishes,
adhesives etc., that can now be used for secure
documents and printing.
PrintColor
Since June 2008, we have been collaborating with
PrintColor, our Swiss-based security ink
manufacturer, to enhance security inks with
SigNature DNA. Many potential customers
throughout Europe and the UK are testing our
SigNature DNA inks to protect government
documents, auto parts, luxury goods and consumer
products. The cash-in-transit industry requested
our help to improve the inks used to mark cash
stolen from ATMs or transport boxes. Together
with PrintColor, we have developed AzSure. We
are optimistic that AzSure can provide advantages
to governments and industry alike, and we plan an
aggressive launch in early 2009.
IIMAK
Our collaboration with IIMAK has produced a
portfolio of SigNature DNA-containing thermal
transfer ribbons (TTR). These products will allow
government agencies to verify the authenticity of
secure documents and credentials, and provide
industry verticals to protect products from pointof-
origin through point-of-sale by printing labels,
hang tags, and event tickets with customized
SigNature DNA TTR. We expect initial sales in
2009. Following our successful scale-up with
IIMAK, we have now extended our experience in
secure printing to include marking the cartridges of
laser printers with SigNature DNA, and we are
exploring the potential for partners now.
DNA in Commerce
After two years of selling experience, we believe it
is clear this platform can impact world trade and
protect consumers. It is also clear is that the sales
cycle varies with the size and complexity of the
customer. SigNature DNA is applicable to many
industry verticals and provides our company with
diverse revenue streams with little risk
concentration.
Authentication issues plague the global economy
and are no longer considered the exception, but
rather the rule. The common theme that has
emerged is that the “tried and true” technologies
that have been around for years like holograms and
bar codes all can be copied, and the counterfeiting
problem is now relevant to, by some estimates, as
much as 10% of global trade.
In today’s complex global marketplace, a brand that
can positively identify itself against all fakes is a
brand that can command the market, and at a
premium price. Authentication is the essential
competitive feature that a brand can add to
increase its value going forward. With authentication, which we believe can only truly be
offered with DNA, a brand can be more than a
trademark, it can be a trustmark.
Generating Revenues
SigNature DNA
This is the technology upon which the company was
originally founded. It involves the creation of a
unique botanical DNA “external” marker that is
encrypted, then added to an ink, varnish, adhesive,
thread or to the product itself and subsequently
authenticated. While the marketplace does not
suffer from a shortage of lower-technology security
solutions, our SigNature DNA has strengthened its
potential for market leadership: our markers are
more unique,resistant to copying, stable over
time and more “forensic” since DNA is well
accepted by the courts globally.
Thanks in large part to the funds raised, including
my personal investment totaling $1.35 million,
APDN scaled up its ability to manufacture DNA
markers to a capacity capable of producing tens of
millions of marks per batch. Simultaneously, we
have increased our standards for Quality Control to
the equivalent used in the manufacture of drugs
under cGMP, in compliance with forensic quality
control methods and secure database management
systems that will pass audit.
SigNature DNA, launched in 2005, is starting to
generate revenues for the company based on our
DNA markers embedded in a range of inks,
varnishes, and other substrates. Our DNA often
has to be rigorously validated within different
chemistries, temperatures, pH levels, and other
harsh conditions.We believe that our technology is
more resilient than many other competitive
technologies.
Unique SigNature DNA sequences have been
successfully commercialized and incorporated in a
number of product applications such as security
labels for Rhodia’s Jaguar line of ingredients, and
most recently, for cash-in-transit in the UK, AzSure
DNA ink, event tickets, as well as textiles and
apparel.
Cash-In-Transit
Through the workweconducted with security inks,
laser toners and thermal transfer ribbons, we were
able to easily incorporate our DNA markers in cash
degradation ink that is used in the Cash-In-Transit
industry. This solvent-based ink is used to mark cash
if the cash box is compromised and therefore must
have the ability to penetrate the cash rapidly and
permanently. We have conducted hundreds of CIT
DNA deployments to ensure that even with the
most strenuous attempts to wash out the ink, the
DNA still persists in the note itself, and can be
forensically and reliably extracted.
In February 2008, we announced our first shipment
of SigNature DNA markers to the cash-in-transit
industry in the UK, and we have since shipped
multiple additional orders to this customer. It is an
area that we will continue to expand our sales and
marketing efforts as we believe the use of our
SigNature DNA markers is proving to be much
more resilient and detectable than other competing
products. In September 2008, we introduced our
SigNature DNA system to the Metropolitan Police
in London. The police responded favorably to our
presentation and remain in contact with us as our
CIT business grows.
AzSure DNA Ink Authentication
A UK client requested that we help them improve
upon their existing ink system. We anticipate that
our newly-developed AzSure system will provide
the global CIT industry with a substantially
improved product. We believe the unique visible
and fluorescent blue signature of our highly
substantive dye/DNA system distinguishes AzSure
from all other dyes used within the CIT industry.We
believe the initial tests indicate that the penetration
and wash-out resistance is comparable or in some
cases significantly better than any existing system. In
addition to the British Pound, we have also
conducted testing of AzSure on US currency, and
Euros to ensure reliability on different paper
substrates.We will continue to execute on sales for
both our SigNature DNA markers and AzSure
DNAInk to service global markets.
Event Ticket Authentication
We are currently working to bring to closure a
number of event ticketing opportunities that we
have been developing over the past year. One such
project involves the inclusion of DNA as a forensic
ticket authentication solution for a global sports
event organization. In preparation for this event,
we have successfully piloted our SigNature DNA
markers and chemically-linked them to an invisible,
covert ink that is used by a global ticket
manufacturer. Based on the success of this
program, we are now working on piloting our
SigNatureDNAmarkers at selected events that will
be used to verify credentials and tickets prior to the
events as well as during and after the event. The
purpose of our multi-staged authentication
program is to conduct statistical sampling of the
event to verify if any systematic counterfeiting has
occurred. It is anticipated that after the completion
of the pilots we will ramp up our efforts to provide
DNAmarking and authentication services to a
much larger cross-section of events. We believe
the marketing and publicity surrounding these
events will also help to increase awareness about
our SigNature DNA platform as we continue to
execute and grow sales in this market.Textiles and Apparel Authentication
One of the verticals that we are very excited about
is the application of SigNatureDNAto mark textiles
(fiber, yarn, fabric), as well as apparel (woven and
non-woven labels, care labels, hang tags and
garments). Our work with Idaho National Labs to
validate the use ofDNAthread helped to spearhead
our efforts in the past year. Through our project
with Supima,we have demonstrated that DNA can
be applied to cotton fiber, yarn and now
finished fabrics. Based on the strength of the data
collected, we were able to initiate dialogue with the
Textile Centre of Excellence associated with Leeds
University, as a path to introduce our technology to
the larger European textile community. As part of
this program in Yorkshire, the European Union has
requested APDN to establish a pan-European
authentication center constructed in part with
public funds.
In collaboration with the Textile Centre of
Excellence and Yorkshire Forward (the economic
development agency for northern England), APDN
is DNA marking yarn, woven fabrics, threads, labels
and finished garments. We have formed
commercial liaisons with Yorkshire textiles yarn
manufacturers, weavers, finishers, woven and nonwoven
labelers and garment manufacturers. The
initial funding for this project is £50,000, with the
potential for more significant funding upon its
successful completion in December 2008. APDN
serves on the board of the project advisory group
that will advise on the second phase of this project
slated to begin in early 2009, which may include
APDN’s BioMaterial Genotyping program for
wool.
Supima Cotton Authentication
Our relationship with Supima resulted in a
groundbreaking feasibility contract that was
successfully completed within the year. We have
extended our genotyping of finished fabrics or
garments to the genetic analysis of single fibers. This
development permits the authentication of more
complex fabrics such as towels which may be
comprised of multiple sources of cotton. Supima is
now introducing APDN to many of its licensees,
ranging from multinational brand owners,
manufacturers to retailers. We are working with
Supima to require that all licensees (over 200)
utilize APDN’S BioMaterial Genotyping testing
each time the product changes hands at any point in
the manufacturing process: fiber to yarn, yarn to
fabric, fabric to garment, garment to retailer.We
have several authentication programs in pilot
testing.
We believe the Supima Cotton Authentication
program is unique to APDN. For the first time ever,
we were able to differentiate Pima cotton from Upland cotton in a
genetic test we trademarked as FiberTyping. We
also developed our own genetic assay which allows
for differentiation between varietals of Pima cotton
grown in different regions of the world. We
trademarked this as PimaTyping. Supima cotton is American Pima cotton and it is important to the
Supima organization to have a test that can
differentiate not only Pima from Upland cotton, but
also American Pima cotton from other Pima
cottons from around the world.
We believe the value of the Supima project is in
demonstrating for the first time an uthentication
tool that can be applied throughout the global
cotton industry from cotton growers, mills,
wholesalers, distributors, manufacturers and
retailers through trade groups such as Supima as
well as government agencies, like the FTC,
Department of Commerce and USDA.
USDA
We are working with the US Department of
Agriculture (USDA) which is looking for a way to
mark and identify US grown cotton as it moves from
the field through the manufacturing process to
retail outlets, crossing multiple borders in the
process. The ultimate goal of this collaboration is
the development of a protocol that will definitively
identify US grown cotton using either SigNature
DNA, BioMaterial Genotyping or a combination of
the two technologies. We believe this could have
significant potential applications for the enforcement of trade quotas in the US
and beyond, and for legislated quality improvement within the industry.
Wool Authentication
Based on the Supima Cotton program and our
connection to the Textile Centre of Excellence in
Yorkshire, we recognized that the next natural area
for us to authenticate is wool, slated to begin in
early 2009. Recently the European Union has
increased the funding for this portion of the
program, another government relationship that is
being developed.
Based on the unique properties of wool, we believe
that it is feasible to develop proprietary methods to
identify wool DNA in finished fabrics, as well as in
yarn and fiber. We conducted some initial tests to
demonstrate that the addition of SigNatureDNA to
fine baby cashmere fabric can be authenticated withno alteration to the quality of the fabric. This fabric
is been submitted for further independent testing
by a number of well-established, prestige design
houses in Italy.
We have also had initial dialogue with the Australian
Wool Innovation group andWools of New Zealand,
the two largest exporters of wool, including
Superior Merino wool which is known for extra fine
quality. To date, there has not been any genetic tests
developed to authenticate woolDNAfrom finished
fabrics and we believe this is a potentially important
area that could produce significant opportunity for
revenue.
Wine Authentication
In August 2008, we announced our plans to begin
applying our BioMaterial Genotyping expertise to
the genotyping of wine. This would allow us to
identify wine based on the varietal of grape and the
region it is grown in. Wine counterfeiting has
become more prevalent throughout the world, and
the need to verify the wine itself is becoming the
only way to differentiate a wine that is genuine or
not. As it happens, APDN’s headquarters are in
close proximity to a cluster of wineries located in
the north east end of Long Island. In addition, New
York State Senator Kenneth LaValle recently
announced a New York State Initiative to establish
an Agricultural Consumer Science Center on
Eastern Long Island in the burgeoning wine district.
APDN Sciences is collaborating with New York
State to make its technologies and authentication
services available to regional wineries through this
Center.
Management
Our management team is focused on building long
term stockholder value by building competitive
products and growing profitable sales as quickly as
we can. We are deeply experienced in the
construction of effective patent portfolios. With
each new technical achievement, our team carefully
evaluates the potential for patent protection. In
2008, we have added several new applications
which could eventually bring licensing revenue.
I am grateful to the commitment and efforts of all
our employees. Over the course of the year, we
have hired additional employees focused on the
delivery and execution of all of our revenue
generating, commercial programs in line with
quality standards that will pass audit.
We continue to strive to strengthen our Board, with
the goal of adding additional financial and business
acumen to further enhance the ability of APDN to
succeed. In the past year we promoted Kurt Jensen,
M.Sc (Cand Merc.) from the position of
Comptroller to Chief Financial Officer and
Corporate Officer of the company. Mr. Jensen has
played an instrumental role in bringing the company
into compliance with respect to SEC filings and
accounting issues and has resolved many of the
outstanding legal issues that the company had
inherited from previous management. Mr. Jensen
has also implemented fiscally conservative policies
to manage cash flows and lower operating costs.
Getting Noticed
We are currently planning multiple initiatives to
heighten investor and general public awareness of
APDN’s products and competitive positioning in
targeted vertical markets. Our exposure is
improving as evidenced by the increase in requests
for comments, quotes, interviews, presentations
and articles by APDN. In response to this, we have
produced high quality marketing, sales and investor
collateral supported by video demonstrations used
for sales and investor meetings.
In the past year we have been covered in numerous
media outlets including larger features in local and
national press.We have also been invited to present
at numerous conferences sponsored by
government, different industry verticals and
consortiums. We will continue to work to expand
the recognition of our company and technology
throughout our target industries as well as trade
groups, potential customers, partners and
investors.We are planning to update our website to
incorporate all the new aspects of our business and
we will continue to pursue all opportunities for
coverage of the company.
This year we worked with Cameron Associates and
SmallCapNetwork.com to enhance our Investor
Relations, in addition to maintaining relationships
with prior IR firms. We recognize the need to
improve our Investor Relations activities and will
continue to increase our efforts as our resources
permit. Recent efforts resulted in our invitation to
present at the annual Homeland Security Investor
conference in Washington, DC, sponsored by
Imperial Capital.
Looking Ahead
We believe in the strength of our DNA
Authentication platforms and our growing
BioActive Ingredients business and we are
confident in our strategy as we get closer to
profitability. Specifically, in the short term we are
focused on growing and executing on sales, without
expanding operating costs, so that we cross the
profitability barrier as quickly as possible. We
remain committed to tight fiscal governance and
anticipate continued quarterly revenue growth
over the next year as we build on the strengths of
our core businesses and partnerships.
We are confident that many of the positive
developments that we have made will come to
fruition in 2009. We have made significant progress
toward our goals and we believe our vision and
strategy will take us there, as demonstrated by our
achievements thus far.
Your ongoing support is instrumental to the longterm
health and success of our company. We wish
to thank you for your continued support and
commitment to AppliedDNASciences.
