SAN DIEGO, Nov. 16, 2007 (PRIME NEWSWIRE) -- MicroIslet, Inc. (OTC BB:MIIS.OB - News) is a biotechnology company engaged in the development and commercialization of encapsulated islet cells for transplantation therapy in people with insulin-dependent diabetes. The Company announced today that it has entered into an agreement for the sale of common stock to a private trust for gross proceeds of $1 million. Mr. Ronald Katz, the Chairman of MicroIslet, serves as co-trustee of such trust. The beneficiaries of the trust are not affiliated with Mr. Katz. The Company has agreed to sell an aggregate of approximately 2.35 million shares and to issue to the investor warrants to purchase an aggregate of approximately 1.3 million shares. The warrants have an exercise price of $0.60 per share and are exercisable for a period of 5 years commencing in one year. The Company expects to use the proceeds of the financing for working capital purposes.
