LITTLE FALLS, NJ--(Marketwire - June 09, 2011) - Regenicin, Inc (OTCBB: RGIN) announced today that an agreement was reach between the company and its former president Mr. Joseph Connell. The parties agreed to dismiss the company and the board of directors which were named in the lawsuit pending in the US District Court for the Southern District of New York. The company in turn has dismissed its action against Mr. Connell currently pending in the United States District Court for the District of Nevada.
There will be a continued action pending by and between Mr. Connell and Mr. McCoy, the current CEO. This dispute is anticipated to be settled. The parties recognize this was a partnership dispute and agreed that Regenicin, its board and shareholders should not be affected by this matter. Regencin is taking proactive measures to ensure the success of the company going forward.
Mr. McCoy commented, "Mr. Connell and I had a previous business partnership separate and away from Regenicin. This matter is and has always been between the individual parties so I'm very pleased to have the matter formally resolved for our company and the board."
About Regenicin, Inc.
Regenicin, Inc. is a biotechnology company with corporate headquarters in Little Falls, New Jersey. The Company specializes in the development of regenerative cell therapies to restore the health of damaged tissues and organs.
This press release contains certain 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, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, without limitation, the future press releases of Regenicin, Inc.