ACGT DNA Technologies Corporation announced that it has entered into a joint development agreement with ITOCO Inc. Under the agreement, the parties have agreed to co-develop and market ACGT’s molecular diagnostic technology which includes a one-step DNA test kit and a patented diagnostic instrument (the “Joint Project”). The Joint Project is expected to span a time period of twenty-four months. ACGT will retain exclusive ownership of the technology and all improvements. ITOCO has agreed to advance by way of convertible notes funding for the Joint Project of which $25,000 has been received. Additional advances will be made during the term of the Joint Project. The convertible note is non-interest bearing and does not have a stated term. The convertible note and any additional notes entered into may be converted into common shares of ACGT at the lowest of: (1) the next funding price of ACGT’s common shares; or (2) at the lowest price any existing convertible debentures may convert into ACGT’s common shares. ITOCO has also agreed to fund an additional laboratory in Ontario for the purposes of further research into related technology. Related technology developed in this laboratory will be owned equally by ITOCO and ACGT. Under the agreement, ITOCO has the right to market ACGT's services and devices and its various applications into the territories of Germany, the State of New York, Canada and other territories as may be agreed upon for a two-year period. Profits from these territories will be split 50/50 with ACGT net of expenses. The expense of launching into these territories shall be bourne by ITOCO.