WEST BRIDGEWATER, Mass.--(BUSINESS WIRE)--May 19, 2006--Pressure BioSciences, Inc. (NASDAQ: PBIO - News) today announced that it will restate its income tax expense and liability in its 2005 financial statements, primarily to reduce gain from discontinued operations by approximately $220,000. The Company will also adjust its estimate of deferred tax assets and liabilities primarily related to the unrealized gain from its investment in Panacos Pharmaceuticals, Inc., and increase the income tax provision from continuing operations by approximately $23,000. The restatement will not affect the pre-tax results of continuing operations previously reported, and will be reflected in an amended Annual Report on Form 10-KSB for the fiscal year ended December 31, 2005 and an amended Quarterly Report on Form 10-QSB for the fiscal quarter ended September 30, 2005. The Company expects to file these amended reports as soon as possible.
