Lifebank Corp.
TSX VENTURE : LBK

Lifebank Corp.

February 25, 2010 09:00 ET

Lifebank Becomes the First and Only Canadian Cord Blood Bank To Achieve Industry-Leading FACT Accreditation

BURNABY, BRITISH COLUMBIA--(Marketwire - Feb. 25, 2010) - Lifebank Corp. ("Lifebank" or the "Company") (TSX VENTURE:LBK) announced today that it has become the first and only cord blood bank in Canada to earn the industry's highest accreditation from the Foundation of Accreditation of Cellular Therapy ("FACT").

FACT accreditation is considered the gold standard of quality, performance and integrity by a defined group of leading experts in the field of cord blood banking. Lifebank is now fully FACT accredited by demonstrating compliance with the NETCORD-FACT International Standards for Cord Blood Collection, Processing, Testing, Banking, Selection and Release.

"FACT accreditation has evolved into an all-but-necessary qualification for a cord blood bank in North America to be accepted as a leader in the field of cellular therapy," says Ernest Stacey, Lifebank President & CEO. We believe FACT accreditation, together with our existing AABB accreditation, Health Canada and FDA registration, reflects our commitment to achieve the highest standards and quality of service for our clients."

Dr. Anil Mangal, Lifebank Medical Director, a Fellow of the Royal College of Physicians of Canada in Hematology and currently Clinical Assistant Professor in the Department of Pathology & Laboratory Medicine at the University of British Columbia Faculty of Medicine, said, "While every cord blood organization must comply with a regulatory agency, very few have achieved the status of FACT accreditation. Indeed, this achievement confirms the reputation Lifebank has earned as a leader in the cellular therapy community, by the most specialized medical professionals."

The qualification process required to achieve FACT accreditation is rigorous, from submission of detailed, documented evidence demonstrating thorough compliance with FACT's extremely discerning standards to a complete on-site inspection. For Lifebank, the FACT on-site inspection was conducted in September 2009 by three FACT inspectors over a two day period.

FACT Medical Director, Dr. Phyllis Warkentin, confirms Lifebank's compliance with FACT standards. "We are pleased that Lifebank has met the requirements of the Foundation and has been granted accreditation for Autologous and Allogeneic Directed services."

Having achieved FACT accreditation, Lifebank now sets an important standard to which all cord blood banks should comply.

ABOUT FACT

In December 1994, the International Society for Cellular Therapy (ISCT) and the American Society for Blood and Marrow Transplantation (ASBMT) merged their Standards into a single document covering all aspects of hematopoietic cell therapy (collection, processing, and transplantation). The two societies established FACT in order to develop a voluntary Inspection and Accreditation Program based on the joint Standards. FACT promotes quality medical and laboratory practice of cellular therapy through its peer-developed standards and voluntary inspection and accreditation program.

In 2000, recognizing the global impact of cord blood banking and transplantation, FACT partnered with NetCord to develop international standards for cord blood collection, processing, testing, banking, selection and release. The NetCord foundation is an international network of non-profit public cord blood banks created to promote the establishment of high quality cord blood banks and improve the quality of cord blood products through study and research.

The FACT Inspection and Accreditation Program was developed by Dr. Phyllis Warkentin, FACT Medical Director, the FACT Directors and Officers, as well as the ISCT and ASBMT Regulatory and Standards Committees. The first edition of the NetCord-FACT Standards was published in 2000.

ABOUT LIFEBANK

Started in 1996, Lifebank is a leading national company in the biomedical field. Based at the British Columbia Institute of Technology campus in Burnaby, Lifebank provides processing and cryogenic (ultra low temperature) storage of umbilical cord blood stem cells for families in Canada and world-wide. A full description of the advantages and benefits of storing the stem cells from an infant's umbilical cord can be found on the company's website at www.lifebank.com.

On January 21, 2004, Lifebank received official accreditation from the international organization AABB and was the first accredited cord blood stem cell bank in Canada. In February 2010, celebrating another milestone in Cellular Therapy and Transplant Medicine, Lifebank has achieved the globally recognized FACT accreditation. Lifebank is a publicly traded company on the TSX Venture Exchange, under the symbol 'LBK'.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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