Stem Cell Assurance, Inc. Announces New Makeup of Its Board of Directors and Other Corporate Events
JUPITER, Fla., April 11, 2011 /PRNewswire/ -- Stem Cell Assurance, Inc. (SCLZ.PK) hasannounced the election of Joel San Antonio and Jeffrey Radov as members of its board of directors. Messrs. San Antonio and Radov were elected to such position following the concurrent resignations of Joseph J. Ross, M.D., Kurt Wagner, M.D., Richard M. Proodian and Mandy D. Clark as directors of the Company. Mr. Proodian is still the Chief Financial Officer and Vice President of Finance of the Company and Ms. Clark continues on as Vice President of Operations and the Company's Secretary.
Mr. San Antonio has been a business executive for more than the past 30 years. For over 20 years, he served as CEO of Warrantech Corporation, a leading provider of third party administration for insurance products. He presently serves as Chairman of Warrantech/AMT Warranty, the successor to that company. Mr. San Antonio was awarded Ernst & Young's 1998 "Entrepreneur of the Year" for Financial Services in North America subsequent to Warrantech being recognized in 1997 by Fortune Magazine as one of the "100 Fastest Growing Companies" as well as being ranked 26th by Inc. Magazine's "100 Fastest Growing Public Companies." Mr. San Antonio is currently Chairman of the Board of American Doctors Network, a technology company engaged the development of electronic medical records. He is a former board member of SearchHelp Inc., a company committed to online child protection and family safety, and MedStrong International Corporation, a company engaged in the storage of emergency medical information. Mr. San Antonio is engaged in a variety of philanthropic and charitable activities and is also a member of the Metropolitan Museum of Art.
Mr. Radov is an entrepreneur and businessman with 35 years of experience in media, communications and financial endeavors and is currently the Managing Partner of Walworth Group, which provides consulting and advisory services to a variety of businesses, including hedge funds, media, entertainment and Internet companies, financial services firms and early stage ventures. Mr. Radov was a founding executive of About, Inc. and was its EVP of Business Development and CFO from its inception until it became the 6th busiest Internet property and completed its initial public offering in 1999. Mr. Radov was a principal in the management of a series of public limited partnerships that invested over $800 million in the production and distribution of more than 130 major motion pictures. Mr. Radov previously held positions at Rainbow Programming, a joint venture among Cablevision Systems Corporation, Cox Broadcasting and Daniels & Associates. Mr. Radov also was a director at Winklevoss & Associates. Mr. Radov earned a Masters of Business Administration from The Wharton School of the University of Pennsylvania and holds a Bachelor of Arts degree from Cornell University.
"We are extremely pleased to have Mr. San Antonio and Mr. Radov join our Board," commented Mark Weinreb, CEO of Stem Cell Assurance. "Their experience and business acumen will strengthen our business and operations and add enormous value to our growing enterprise."
The Company also announced that Mark Weinreb, its Chief Executive Officer, has been elected to the office of Chairman of the Board of the Company.
Further, the Company announced that its board of directors and its shareholders have approved an increase in the number of shares of common stock of the Company authorized to be issued pursuant to the Company's 2010 Equity Participation Plan from 100,000,000 to 200,000,000.
Finally, in connection with the resignations of Drs. Ross and Wagner, the Company announced that the options granted to each of them for the purchase of 4,000,000 shares of common stock of the Company shall remain exercisable for a period of two years. In addition, concurrently with Dr. Ross' resignation, the Company and Dr. Ross entered into a consulting agreement with respect to certain business development matters. Subject to the satisfaction of the conditions set forth in the agreement, Dr. Ross would be entitled to receive options for the purchase of up to 5,000,000 shares of common stock of the Company.
About Stem Cell Assurance, Inc.
Stem Cell Assurance, Inc.'s goal is to become a medical center of excellence using cell and tissue regenerative therapy protocols, primarily involving a patient's own (autologous) adult stem cells (non-embryonic), allowing patients to undergo cellular-based treatments. As more and more cellular therapies become standard of care, the Company believes its strength will be its focus on the unity of medical and scientific explanations for its future clinical procedures and outcomes and its incorporation of adult stem cell collection and storage services for future personal medical applications. The Company also operates a wholly owned subsidiary, Stem Cellutrition, which plans to offers facial creams and other skin care products.
Tel: (561) 904-6070
Fax: (561) 429-5684
SOURCE Stem Cell Assurance, Inc.