Stem Cell Assurance, Inc. Obtains $1.3 Million in Financing
BOCA RATON, Fla., February 17, 2011 /PRNewswire/ -- Stem Cell Assurance, Inc. (Pink Sheets: SCLZ)announced that, between November 2010 and February 2011, it obtained debt financing in the aggregate amount of $1,347,500. The debt is repayable three months from the date of issuance of the respective notes; however, the Company has the right to extend the maturity date for an additional three months. During the initial three month period of the notes, the rate of interest will be 10% per annum; during any extension period, the interest rate would be increased to 15% per annum. In connection with the debt financing, the Company issued to the lenders an aggregate of 26,950,000 restricted shares of its common stock. The offering of the shares was exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(2) thereof as a transaction not involving any public offering. The certificates representing the shares bear a restrictive legend stating that the shares have not been registered under the Securities Act and setting forth or referring to the restrictions on transferability and sale of the shares under the Securities Act.
Mark Weinreb, Chief Executive Officer of the Company, stated, "This cash infusion is very important to the growth of Stem Cell Assurance as it will permit the Company to begin the implementation of its strategic business plan."
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. Initially, the Company intends to offer processing and storage of adipose-derived adult stem cells for use in aesthetic treatments. The Company also operates a wholly-owned subsidiary, Stem Cellutrition, which offers and sells cosmetic skincare products.
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SOURCE Stem Cell Assurance, Inc.