SAN DIEGO, CA--(Marketwire - February 22, 2011) - Entest BioMedical Inc. (OTCBB: ENTB) announced that it has signed a letter of intent (LOI) to acquire three veterinary hospitals located in Southern California. These three veterinary hospitals are sister businesses which Entest has been informed generated a combined historic revenue stream of $900,000 per year. The transaction contemplated by the LOI is subject to satisfactory completion of due diligence by Entest and the execution of one or more definitive agreements upon mutually acceptable terms and conditions.
David Koos, CEO of Entest, stated, "Based on historical performance, the successful acquisition of these three hospitals could result in a potential $900,000 per year increase in our overall revenue. This veterinary hospital group's three Orange County area facilities are located in extremely affluent communities whose strong economic base should support business expansion."
Mr. Koos also noted the potential revenue stream from the three hospitals combined with potential revenue from an unrelated previously disclosed pending acquisition "could put Entest on pace to produce $2 million per year in revenue once these transactions are closed."
A Company Spokesperson also noted that Entest has increased the number of veterinarians at Its McDonald Animal Hospital and has begun an aggressive marketing campaign in Santa Barbara to create public awareness of its involvement with stem cell therapy for animals and immuno-therapeutic cancer vaccines for dogs.
About Entest BioMedical Inc.:
Entest BioMedical Inc. (OTCBB: ENTB) is a developer of veterinary medicines that harness the animal's own reparative / immunological mechanisms. The company's products include an immuno-therapeutic cancer vaccine for canines (ImenVax™). The company's immuno-therapeutic cancer vaccine utilizes an encapsulation device as the vaccine delivery system and requires a simple implant procedure.
This news release may contain forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.