TAMPA, FL--(Marketwire - February 01, 2010) - Stem Cell Therapy International, Inc. (OTCBB: SCII) announced that it has completed its merger with Histostem Ltd. of
South Korea ("Histostem"), forming one of the first fully merged Pacific
Rim stem cell companies and cord blood repositories with a U.S. entity.
David Stark, President and CEO of SCII, commented, "This merger brings
together two well respected stem cell companies with complementary areas of
expertise and we are very pleased to partner with Dr. Hoon Han, a
preeminent scientist in the field of stem cell research and regenerative
medicine. Histostem, which will operate as a wholly owned subsidiary,
brings one of the world's largest, fully accredited cord blood banks, with
more than 80,000 cord blood units for use in research and treatments.
Additionally, Histostem has market ready products such as the stem cell
based facial cream, SteMixx, which has received full Korean FDA approval as
an effective treatment to combat the effects of aging skin, which is in the
beginning stages of our marketing plan."
With the close of the merger, SCII will have approximately 176 million
common shares outstanding, which includes the approximately 13 million
shares that will be issued five days after the announcement of this merger.
Andrew J. Norstrud, Chief Financial Officer, commented, "With the merger
completed and our initial financing mechanism in place, management is
excited about accelerating our strategic plan, which includes, but is not
limited to, product sales, medical treatments, additional acquisitions,
partnership opportunities and medical research."
About Stem Cell Therapy International, Inc.
Stem Cell Therapy International, Inc. (OTCBB: SCII) is in the field of
regenerative medicine. SCII (soon to be renamed AmStem Corporation) 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.
About AmStem International Inc.
AmStem International Inc. ("AmStem") is a new biotechnology company based
in Northern California, in the watershed of stem cell innovation fueled by
President Obama's recent announcement to lift Federal funding limitations
for stem cell research. AmStem provides biotherapeutic and cosmetic stem
cell products, stem cell collection and storage know-how, and access to
nanotechnology vital to cutting edge stem cell research. Its web site is
under construction at www.amsteminc.com.
About Histostem Co. Ltd.
Histostem was founded in Seoul, Korea in 2000. To date it has treated more
than 500 patients with stem cells and currently has approximately 50
full-time employees and several part-time employees. Histostem's
intellectual property portfolio consists of 6 patents that have been
granted and 5 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's website
http://www.histostem.co.kr (click on English version when entering the
site).
Forward-Looking Statements
Some of the statements included in this press release, particularly those
anticipating future clinical and business prospects for Stem Cell Therapy
International, Inc. may be forward-looking statements that involve a number
of risks and uncertainties. For those statements, we claim the protection
of the safe harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995. Among the factors that could
cause our actual results to differ materially are the following: our
ability to obtain necessary capital, , successfully complete clinical
trials, our ability to meet anticipated development timelines, our ability
to establish global market for the cord blood cells, clinical trial
results, successfully consummate future acquisitions, manufacturing
capabilities or other factors; and other risk factors identified from time
to time in our reports filed with the Securities and Exchange Commission.
Any forward-looking statements set forth in this press release speak only
as of the date of this press release. We do not intend to update any of
these forward-looking statements to reflect events or circumstances that
occur after the date hereof.
