Healthcare Industry News: Stem Cell Therapy International
News Release - April 23, 2008
Stem Cell Therapy International Amends Merger With HistostemTAMPA, FL and SEOUL, SOUTH KOREA--(Healthcare Sales & Marketing Network)--Apr 23, 2008 -- In a prior press release dated March 18, 2008, Stem Cell Therapy International, Inc. announced that it had entered into a Definitive Acquisition Agreement with Histostem, Co., Ltd., a substantial Korean stem cell and umbilical cord blood bank company. The definitive agreement called for closing of the acquisition by April 30, 2008. At this time the parties have decided to jointly announce that Stem Cell Therapy International and Histostem, Co., Ltd., will continue discussions with the various funding sources and extend the proposed closing date past April 30 until funding options can be evaluated and the best option selected. In their mutual agreement to extend the closing date both Stem Cell Therapy International and Histostem, Co., Ltd., reaffirmed their intention to close the merger as soon as a decision can be made on how to best fund the combined entities. The amendment also made other changes in the merger terms.
Histostem, Co., Ltd. started in Seoul, Korea in 2000. To date it has treated more than 500 patients with stem cells and currently has 56 full-time employees and 28 part-time employees. Histostem's intellectual property portfolio consists of five patents that have been granted and 6 patents pending. To its knowledge Histostem is one of the very few stem cell companies in the world currently earning several million dollars in income from its products and technology. A comprehensive list of Histostem's achievements can be found at the company website http://www.histostem.co.kr (click on English version when entering the site).
About Stem Cell Therapy Int'l, Inc.
Stem Cell Therapy International, Inc. ('SCII') is in the field of regenerative medicine. SCII is a company devoted to the treatment of patients with stem cell transplantation therapy as well as providing the supplies of biological solutions containing new lines of stem cell products. Further information about Stem Cell Therapy International, Inc. can be found at its website www.scticorp.com.
Forward-Looking Statements. This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct.
Source: Stem Cell Therapy International
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