CellFor Announces $24,500,000 Financing



    Funds earmarked for rapid expansion of production capacity and
    accelerated exploration of carbon sequestration and bio-fuels
    opportunities

    VANCOUVER, Nov. 12 /CNW/ - CellFor Inc., the leading producer of elite
varietal tree seedlings for reforestation, announced the close of a
USD$24.5 million round of financing. The round featured strong participation
from existing investors and the addition of a number of new private and
institutional investors.
    "The success of this financing is a testament to the tremendous progress
made by CellFor in developing its production technology and demonstrating the
value of its products to the market," commented Tom Urban, CellFor's President
and Chief Executive Officer. Urban further noted that "CellFor now has the
resources to expand its production and sales capabilities to make and sell
more than 100 million seedlings annually. As an example, we will immediately
bring on line a 40,000 square foot facility that will more than triple
existing capacity."
    CellFor Chairman, Jonathan Malkin, added, "With this increased production
base we will be able to meet demand for our elite planting material in North
America, South America and Australasia. In addition, we have begun to
aggressively investigate the value of our trees and tissue culture expertise
in the environmentally critical areas of carbon sequestration and bio-fuels."

    About CellFor
    -------------

    CellFor is the world's leading commercial-scale supplier of high
yielding, varietal seedlings for reforestation. The Company's proven and
patented propagation technology - in conjunction with somatic embryogenesis -
has enabled it to build on decades of traditional tree improvement to produce
uniform, fast-growing varieties with highly desirable characteristics.
    CellFor supplies naturally selected, varietal pine seedlings that deliver
exceptional yield, disease resistance and wood quality characteristics to its
customers. The Company's initial markets are pine plantations in the southern
United States and South America. CellFor's customers, include 16 of the 20
largest timberland owners in the U.S. as well as mid size companies,
consultants, and private landowners. All forest landowners can grow more and
better wood on less land by planting CellFor seedlings. With increased yields,
resistance to disease and uniformity brought by CellFor seedlings, landowners
can expect increases in per acre timber values of 50-100%.
    CellFor has produced and CellFor customers have planted over twenty
million elite conifer seedlings in the southeastern U.S., Canada, Chile, New
Zealand and Australia. In addition to varieties currently in production,
CellFor has more than 100 trial locations and thousands of conifer varieties
in multi-year field trials that will continue to yield improved results.
    CellFor's principal institutional investors are ATP Capital, CSFB Private
Equity, GrowthWorks Capital, and BDC Venture Capital. The Company has also
received strong support from Technology Partnerships Canada. Headquartered in
Vancouver, British Columbia, CellFor has U.S. offices in Georgia, Arkansas and
North Carolina.





For further information:

For further information: Alison Ilg, Ilg Communication for CellFor at
(770) 565-5440

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CELLFOR INC.

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