MELBOURNE, AUSTRALIA and AUCKLAND, NEW ZEALAND--(Marketwire - January 09, 2008) - Living Cell Technologies Limited (ASX: LCT) (PINKSHEETS: LVCLY) today announced that Palmert Members Limited (a British Virgin Island company) will purchase 24,150,408 ordinary shares of LCT at A$0.29 per share for an aggregate purchase price of US$6.0 million. Palmert will make this investment through exercising an option that was granted to NaviGroup Management Limited and assigned to Palmert by NaviGroup. The option, which expires on January 24, 2008 was exercised on December 20, 2007 and allows the holder to purchase up to US$6.0 million of LCT's ordinary shares at 80% of the 30-day average closing bid price per ordinary share of the Company. The issue of these shares will occur at an exchange rate of US$0.8567 per A$1.00 and is subject to certain shareholder approvals.
