EXHIBIT 99.1

Exhibit 99.1


For further Information contact:
Robert B Harris, Ph
President/CSO
Commonwealth Biotechnologies, Inc.
804-648-3820

Johan Segerdahl
President/CEO
Segerdahl & Co
414-291-7820

Commonwealth Biotechnologies, Inc. Explores Strategic Options

RICHMOND, VA (April 23, 2002) - Commonwealth Biotechnologies, Inc., (NASDAQ
Small Cap Exchange; CBTE) announced today that it has engaged the services of
Segerdahl & Co., a registered broker-dealer, for the express purpose of
exploring the strategic options of CBI, with a focus on raising additional
equity capital, facilitating a re-capitalization, or the completion of any other
transaction which furthers the goals of profitability of the company. The intent
of any such transaction would be to maximize shareholder value. In addition, any
such transaction would be subject to applicable securities rules, including the
possibility of shareholder approval. CBI will file an 8K report on its
engagement of Segerdahl & Co. with the Securities and Exchange Commission.

"Relative to last year, the first quarter of 2002 has been significantly better
in terms of CBI's bottom line performance" explained Robert B. Harris, President
and CSO of CBI. " We are focused on signing long-term contracts with our clients
which form the heart of our base budget. CBI recently announced a two-year
research agreement with Insmed, Inc., a Richmond, VA based biotechnology firm,
and CBI is pleased today to announce the receipt of the award of a new research
contract and the signing of a teaming


agreement in support of a vaccine development contract. We have been notified of
a near $300,000 plus-up to one of our existing biodefense contracts effective
May 1, 2002, and in June, 2002, CBI expects to begin work on a new subcontract
award of nearly $500,000 from a major national defense firm to perform vaccine
quality control analyses. The initial period of this subcontract is two years,
but the bulk of the revenues will be received in the first year. CBI is also
currently negotiating other long-term contracts, including two new potential
five-year contracts in bio-defense on which we are teamed with the contract
incumbents. The Board continues to believe that CBI is a viable company in and
of itself, but a strategic transaction of some kind cannot help but further our
objectives."

"CBI is expert in what it does best- providing sophisticated analysis platforms
for private sector and government clients," said Johan Segerdahl, President and
CEO, Segerdahl & Co. "Couple their new technology platforms, which include
real-time analysis of patient samples for the presence of DNA attributable to
the various herpes viruses, and their intellectual property portfolio, which
includes HepArrest(TM) and Accutrac(TM), and we see a unique company among
biotech companies."

Segerdahl & Co, based in Milwaukee, WI, provides a broad base of financial
products to the wealthy individual and corporate client, focusing on personal,
discrete, and highly sophisticated financial investments. The parent company of
Segerdahl is Iron Block Holdings, LLC.Segerdahl's core business is to provide
investment counseling and financial advice for wealthy families with
private/public companies as primary assets. Segerdahl & Co manages over $300
million in custodied accounts and has completed transactions exceeding $100
million in the past year. Iron Block Holdings manages over $270 million in
assets.

Founded in 1992, CBI is located in Gateway Centre, Chesterfield County at 601
Biotech Drive, 23235 (1-800-735-9224). CBI occupied this 32,000 square foot
facility in December 1998 and currently employs a staff of about 40. CBI
provides


comprehensive research and development services to more than 2,500 private,
government, and academic customers in the global biotechnology industry. For
more information, visit CBI on the web at www.cbi-biotech.com.
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No statement made in this press release should be interpreted as an offer to
purchase any security. Such an offer can only be made in accordance with the
Securities Act of 1933, as amended, and applicable state securities laws. Any
statements contained in this release that relate to future plans, events or
performance are forward-looking statements that involve risks and uncertainties
as identified in CBI's filings with the Securities and Exchange Commission.
Actual results, events or performance may differ materially. Readers are
cautioned not to place undo reliance on these forward-looking statements, which
speak only as the date hereof. Specifically, CBI cannot guarantee that Segerdahl
& Co. will be able to identify a specific strategic transaction that would
benefit CBI. In addition, even if identified, there can be no guarantee that
such strategic transaction would be consummated In addition, CBI cannot
guarantee that it will produce any revenues from the long-term contracts or
prospects referenced herein. These contracts can be terminated with little or no
notice by the party with whom CBI contracts. There can also be no guarantee that
CBI will enter into a contract with any of the long-term contract prospects
referenced herein. CBI undertakes no obligation to publicly release the results
of any revisions to these forward-looking statements that may be made to reflect
the events or circumstances after the date hereof or to reflect the occurrence
of unanticipated events.

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