2. February 2010 00:46
Stem Cell Therapy International, Inc. (OTCBB: SCII) announced that it has completed its merger with Histostem Ltd. of
South Korea ("Histostem"), forming one of the first fully merged Pacific
Rim stem cell companies and cord blood repositories with a U.S. entity.
David Stark, President and CEO of SCII, commented, "This merger brings
together two well respected stem cell companies with complementary areas of
expertise and we are very pleased to partner with Dr. Hoon Han, a
preeminent scientist in the field of stem cell research and regenerative
medicine. Histostem, which will operate as a wholly owned subsidiary,
brings one of the world's largest, fully accredited cord blood banks, with
more than 80,000 cord blood units for use in research and treatments.
Additionally, Histostem has market ready products such as the stem cell
based facial cream, SteMixx, which has received full Korean FDA approval as
an effective treatment to combat the effects of aging skin, which is in the
beginning stages of our marketing plan."
With the close of the merger, SCII will have approximately 176 million
common shares outstanding, which includes the approximately 13 million
shares that will be issued five days after the announcement of this merger.
Andrew J. Norstrud, Chief Financial Officer, commented, "With the merger
completed and our initial financing mechanism in place, management is
excited about accelerating our strategic plan, which includes, but is not
limited to, product sales, medical treatments, additional acquisitions,
partnership opportunities and medical research."
SOURCE: Stem Cell Therapy International, Inc.
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