Planet Polymer Announces Sale of AQUAMIM Technology

Business Wire, Jan 10, 2002

Business Editors

SAN DIEGO--(BUSINESS WIRE)--Jan. 10, 2002

Planet Polymer Technologies Inc. (OTCBB:POLY) announced today that they have completed the sale of certain assets relating to the company's AQUAMIM(R) Metal Injection Molding, including the related intellectual property and manufacturing assets to Ryer Industries LLC of Temecula, Calif. for cash, certain deferred payments and long term royalties.

Commenting on this action, Planet CEO & President Rick Bernier stated, "In order for Planet to preserve the company's limited resources and stay focused on the key core technology of the company, which remains the agricultural and food technology areas that the company is developing with its strategic partner, Agway Inc., the company decided to sell-off or exit unrelated business areas that require substantially more funding, technical development and/or time to be commercially viable businesses. In particular, the sale of the AQUAMIM technology and business assets to Ryer Industries is an excellent long-term fit that will advance the prospects for this technology. Both companies are very hopeful that it will result in a potential future earn out to Planet through royalties associated with the business expansion efforts of Ryer Industries."

Bernier further remarked that "the company continues to believe that the long term success of Planet is aligned with the agricultural initiatives we have with Agway and it is in the best interests to focus as much of our energy, talent and funding into those areas to help accelerate their commercialization."

Bernier also announced that the company has filed an 8-K with the SEC related to the above business activities, as well as notifying the SEC that the company has engaged J.H. Cohn as the new independent auditors for Planet.

Planet Polymer Technologies Inc. is an advanced materials company that develops and licenses unique water-soluble polymer and biodegradable materials applications in the agriculture field.

Except for the historical information contained herein, this news release contains forward-looking statements which involve risks and uncertainties, including the risk that actual results could differ materially from the results that may be indicated by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the development and market acceptance of new products and technologies, and market conditions as well as other risks detailed from time to time in Planet Polymer's SEC reports, including the report on Form 10-KSB for the year ended Dec. 31, 2000.