Stem Cell Therapy International Signs Memorandum of Intent to Merge With a Leading Umbilical Cord Stem Cell Company Histostem, Co., Ltd. of Korea
On February 27, 2008, Calvin Cao, CEO and President of Stem Cell Therapy International, Inc. and Dr. Han Hoon, CEO and President of Histostem, Co., Ltd., of Korea jointly announced the signing of a Memorandum of Understanding (MOU) for their companies to merge subject to further discussions with respect to operational details and the signing of the definitive agreement. Calvin Cao stated, "We are very pleased with the opportunity for us to be working with Histostem. They have made remarkable progress in the field of umbilical stem cell research and therapy." In announcing the signing of the MOU, Dr. Han commented, "Our new relationship with Stem Cell Therapy Int'l, Inc. allows us to have a U.S. presence since at this time we are best known in the Asian Market. In addition, immediately upon completion of the merger we intend to take the research data that the Korean FDA already approved and submit it to the U.S. FDA, with the objective of getting the U.S. FDA approval in advance of other companies now researching umbilical stem cell treatments for a variety of different diseases."
Dr. Han went on to state, "Histostem is recognized by experts in the field as a leading company in human umbilical cord blood stem cell research and therapy. Histostem is also one of the largest public cord blood banks as rated by the Jain Pharma Biotech report and currently has over 80,000 umbilical cord blood units. While maintaining our headquarters in Seoul, Korea, we are now ready to expand to the United States in conjunction with Stem Cell Therapy International where we feel the opportunities are greater for us to obtain the support of the U.S. financial markets to fund our continued research and the distribution of our technology and stem cell therapy on a worldwide basis."
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/english/english_1.htm
About Stem Cell Therapy Int'l, Inc.
Stem Cell Therapy International, Inc. ('SCTI') is in the field of regenerative medicine. SCTI 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. These new stem cell solutions are being used in the treatment of patients suffering from degenerative disorders of the human body. SCTI operates in conjunction with advanced medical facilities devoted to the treatment of human physical disorders with stem cell transplantation therapy. The company intends to continue to establish relationships with highly specialized, professional medical treatment centers outside of the United States that will treat patients with stem cell transplantation therapy. In addition, SCTI intends to provide biological solutions containing new stem cell products in the United States to universities, institutes and privately funded laboratory facilities for research purposes and clinical trials. Further information about Stem Cell Therapy Int'l, Inc. can be found at its website www.scticorp.com.
In the prospective merger of Histostem, Co., Ltd. and SCTI, Stem Cell Therapy International, Inc. was represented by the Law Offices of Gerald R. Newman, Beverly Hills, California www.mergerslawyer.com. Histostem Co., Ltd. was represented by PrimeBell Inc., of Korea www.PrimeBell.com and Princeton Health Care, Inc., Atlanta, Georgia.
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.