LAGUNA HILLS, Calif., March 31 /PRNewswire-FirstCall/ -- CalbaTech, Inc. , the emerging life sciences company (http://www.CalbaTech.com ) concentrating on the collection and banking of adult stem cells for possible future therapeutic uses, today announced the Company decreased debt by $999,926 in 2007.
CalbaTech announced revenues of $1.149 million in 2007, down slightly from $1.250 million in 2006. Gross profit in 2007 totaled $662,849. Net income in 2007 was $27,940 compared to $13,801 in 2006.
“The significant decrease in debt is a major achievement for our financial stability and our future prospects,” said James DeOlden, CEO. “We are also pleased to announce that the very first harvesting of adult stem cells by LifeStem(TM) will occur at the Youthtopia Med Spa, near Atlanta, on May 10th.”
Mr. DeOlden also announced that “Keller Medical Institute, the well respected medical group headquartered in Monterey, California, which is marketing and selling the LifeStem(TM) service for the collection of healthy adult stem cells for future medical use, has added three physicians to its LifeStem training program.”
LifeStem(TM) is a wholly owned subsidiary of CalbaTech. The procedure it developed for the harvesting of adult stem cells uniquely involves the collection of both blood and adipose tissue. The process allows for the collection of adult stem cells in micro quantities to be cryopreserved for future transplantation into the same client, with possible future medical therapies ranging from heart disease to diabetes and other diseases that are currently difficult to treat.
About CalbaTech
CalbaTech, Inc. is the 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, as well as providing services in the collection, processing and storage of adult stem cells.
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. We use words such as “anticipate,” “believe,” “expect,” “future,” “intend,” “plan,” and similar expressions to identify forward-looking statements. These statements including those related to being in a large and growing market, exhibiting rapid growth characteristics, and having a growth strategy, are forward looking statements. These forward looking statements are only predictions and are subject to certain risks, uncertainties and assumptions. Some of the risks, uncertainties and assumptions that could cause actual results to differ materially from estimates or assumptions in this press release include the risk that we will not be able to grow our revenues and market share, the risk that our prices do not remain competitive and the risk that we will not achieve profitability. Additional risks are identified and described in the Company’s public filings with the Securities and Exchange Commission, including our most recent Report on Form 10-KSB, and Reports on Form 10-QSB and Form 8-K. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company’s past performance is not necessarily indicative of its future performance. The Company does not undertake, and the Company specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences, developments, events, or circumstances after the date of such statement.
pknopick@eandecommunications.com
CONTACT: Paul Knopick of E&E Communications, +1-949-707-5365,
knopick@eandecommunications.com, for CalbaTech, Inc.
Web site: http://www.CalbaTech.com/
