EXHIBIT 99.1

Commonwealth Biotechnologies, Inc.

911 East Leigh Street, Suite G-19, Richmond, VA 23219
1800-735-9224/804-648-3820 - fax:804-648-2641 -
www.cbi-biotech.com - email:cbi@i2020.net

Commonwealth Biotechnologies, Inc. (CBI), a biotechnology research and
development support facility located in Richmond, VA, announced that revenues
for 1997 were $ 1.761 million, nearly double its gross revenues for 1996.

However, the Company's earnings for 1997 showed a loss of $ 1.169
million. The net loss was attributable primarily to increases in overhead
expenses incurred since completion of the Company's initial public offering
(IPO) in October, 1997. One-time charges for interest and loan amortization
expenses ($231,108 and $124,108, respectively) associated with the Company's IPO
accounted for 30.4% of the net loss for 1997. Depreciation and amortization
costs increased 192% in 1997 to $158,552, as a result of acquisition of large
number of scientific instruments, as the Company implemented the initial phase
of its growth strategy. Payroll costs increased 1300% to $611,722, as the
Company completed its first round of hiring of scientific, administrative, and
business personnel necessary to expand its business operations.

The Company will re-locate to its new $4 million facility when it comes
on-line in late 1998. The new facility will allow the Company to more
effectively serve its existing client base and to expand its capabilities to
support the industry's growth areas. CBI management anticipates revenues to
increase again in 1998, and has already signed research contracts for work to be
done in 1998 totaling $ 230,000 in the first quarter, 1998.

Commonwealth Biotechnologies, Inc.

1997 1996
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Revenue: $ 1.761 MM $ 990 M
Net Income/(Loss): $(1.169)MM $ 110 M (actual)
$ 60 M (pro forma
for conversion
to C Corp status
in October)
Per share earnings: $ (0.72) $ 0.12 (pro forma)


Dated: January 10, 1998