Research Report

Industrial Biotechnology Corp.; Rated 'Speculative Buy,' Target Price $2.20 by Beacon Equity Research

In the report, the analyst writes, "… based on our understanding of IBOT's business model and our discussions with management, we believe the Company has a good chance of becoming a rising star in the U.S. biofuel market … IBOT has formed a strategic alliance with Cosan SA, to provide ethanol for the Company's Renewable Fuels of America Inc. and Renewable Chemicals Corp. subsidiaries … and plans to commence shipments of sugar cane ethanol into the U.S. market in late 2008 or early 2009."

The full report is available at http://www.beaconequity.com/adpages/IBOT.

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