SAN DIEGO--(BUSINESS WIRE)--May 26, 2006--Bio-Matrix Scientific Group, Inc. (Pink Sheets:BMXP - News), a biotechnology company focused on stem cell cryogenics and disposable stem cell/tissue transfer instruments (http://www.bmxgonline.com), announced today the Company has entered into a letter of intent to sell its wholly owned subsidiary and operating entity (Bio-Matrix Scientific Group Inc. - a Nevada corporation) to Tasco Holdings International, Inc., a Delaware corporation (OTCBB:THII - News).
Bio-Matrix Chairman & CEO David Koos stated: “We have signed this letter of intent with Tasco to facilitate a transaction that we feel will be both beneficial to our shareholders and Tasco’s shareholders. We view the combination of the two companies as an accretive transaction, which we see providing better exposure for Bio-Matrix, its products and services, and greater opportunities that may allow institutional participation in the Company.”
Brian Pockett, Bio-Matrix’ Managing Director and COO, said, “The result of this transaction will result in Bio-Matrix acquiring approximately 80% of Tasco Holdings International, Inc., which may allow us to develop relationships with financial institutions that can better support our future growth.”
A company spokesperson for Bio-Matrix Scientific Group said the Company is receiving a controlling interest or a total of 10 million shares in Tasco Holdings in exchange for the transfer of the Company’s wholly owned operating subsidiary. Tasco’s most recent closing price of its common stock is $3.00 per share. The transaction with Tasco is subject to the approval of the Company’s shareholders and the execution and closing of definitive acquisition agreements.
This press release is available on the company’s official online Investor Relations HUB at http://www.agoracom.com/IR/Bio-Matrix for investor questions, answers and monitored commentary. Alternatively, investors are able to e-mail all questions and correspondence to BMXP@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.
About Bio-Matrix Scientific Group Inc.
Bio-Matrix Scientific Group Inc. is a development stage company in the business of medical devices and monitoring systems research, development and commercialization. Bio-Matrix Scientific Group Inc. is aligning itself with partners that offer key technologies in biomedical device development, tissue engineering, cell culturing, genome therapy and drug delivery systems. Other companies in the same industry as Bio-Matrix Scientific Group Inc. (Pink Sheets:BMXP - News) are Cord Blood America (OTCBB:CBAI - News), StemCells Inc. (NASDAQ:STEM - News) and Regeneration Technologies (OTCBB:RTIX - News).
More information will be available shortly on the Company’s website: www.BMXGonline.com
DISCLAIMER: This news release contains 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.
Contact: Bio-Matrix Scientific Group Inc., San Diego Investor Relations, 619-398-3517 Fax: 619-325-0702 Email: info@BMXGonline.com or AGORA Investor Relations BMXP@agoracom.com http://www.agoracom.com/IR/Bio-Matrix
Source: Bio-Matrix Scientific Group Inc.
