IRVINE, Calif., May 18 /PRNewswire-FirstCall/ -- CalbaTech, Inc. (BULLETIN BOARD: CLBE) , an emerging life sciences company ( http://www.calbatech.com/ ) concentrating on providing products and platforms to the research market for biotech and pharmaceutical companies and to academic institutions, today said the Company decreased total current liabilities from $2.1 million at December 31, 2003 to $1.1 million, a reduction of $979,523.
James DeOlden, CEO, stated, “We believe in the viability of the Company, its short and long term prospects, and in our ability to transition from a development stage company to an active growth and acquisition life sciences firm and therefore a portion of the reduction in liabilities is in part due to a decision by the Company’s officers to convert outstanding monies owed them as of December 31, 2003 to restricted shares of Common Stock.”
Mr. DeOlden reiterated the Company’s intention to buy back up to a million of its common shares currently in the public float over the next several months. “We are dedicated to the effort to increase CalbaTech’s market value,” said the Company’s CEO. Mr. DeOlden cited the reduction in the Company’s loss, from ($0.07) per share for the quarter ended March 31, 2003 to a loss of ($0.01) per share for the first quarter of 2004 as evidence of the progress the Company is making in strengthening itself for future success.
CalbaTech has three divisions: Molecular Applications, Research Reagents, and Cellular Therapeutics, and it reported progress in each area. The Molecular Applications Division, with an active program of molecular applications and research, is developing novel technologies and intellectual property in key areas including pathogen microarrays, electronic-based DNA detection systems, and novel approaches to DNA sample preparations. The Research Reagents Division, dedicated to meeting the needs of research scientists in the pharmaceutical, biotech, medical and academic research sectors, is providing cell and molecular biology reagents and associated consumables. Finally, the Cellular Therapeutics Division, covering a wide range of cell-based research projects dedicated to delivery of cell based clinical therapies, is an emerging market in which the Company is making progress in establishing new standards through novel stem cell research techniques and business models.
CalbaTech, Inc. is an emerging life sciences company concentrating on providing products and platforms to the research market, for biotech and pharmaceutical companies, and to academic institutions. CalbaTech is focused on acquiring, incubating and developing early stage life science companies that are developing next generation products and technologies, both in the United States and in the United Kingdom. In addition to growth through acquisition, CalbaTech is building an experienced and innovative scientific staff, including several notable members of its Scientific Advisory Board that will contribute breakthrough innovation in areas of biological discovery.
Contact: E&E Communications (949) 707-5365 pknopick@eandecommunications.com
Note: Certain statements in this news release may contain “forward looking” information within the meaning of rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Act of 1934 and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, may include forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will be accurate and actual results and future events could differ materially from those anticipated in such statements.
CalbaTech, Inc.
CONTACT: E&E Communications, +1-949-707-5365,pknopick@eandecommunications.com, for CalbaTech, Inc.
Web site: http://www.calbatech.com/