SOURCE: New Life Scientific Inc

January 26, 2006 13:38 ET

New Life Scientific Enters Into Agreement to Acquire Pharma Trials - SMO

FREEHOLD, NJ -- (MARKET WIRE) -- January 26, 2006 -- New Life Scientific, Inc (OTC BB: NWLS), today announced that in its pursuit of becoming a global CRO (Clinical Research Organization) it will acquire PharmaTrials Inc. a New Jersey based Site Management Organization (SMO) in a deal valued at $2.5 Million, consisting of $1.5 Million in newly issued restricted common stock of New Life and a funding commitment of $1.000, 000 in working and expansion capital. This acquisition will provide New Life with further penetration of the global marketplace and its presence in the clinical research field. The Company's CRO and the new SMO will be managed from the Company's offices in Hillsborough, NJ.

NWLS expects the deal, which is subject to audit, customary closing conditions and regulatory approvals, if any, to close in the first quarter ending March 31, 2006. Jerry Piotrovski MD, PhD, president of PharmaTrials Inc., is also a shareholder of PharmaTrials International, New Life's first acquisition in the field of Clinical Research. New Life applied the same valuation principle equal to one time revenues, to determine the purchase price.

About Pharma Trials, Inc. (PT) was established in New Jersey, USA as a Site Management Organization (SMO) in 1998 to assist pharmaceutical, biotechnology, and medical device companies with management of their clinical research programs. Pharma Trials currently has offices in the US, Canada, and Poland. PT is currently in the process of expanding its operations and its five-year plan calls for office coverage throughout the US and Canada and additional offices in Eastern Europe, which would enable PT to increase its revenues up to 15 times. Jerry Piotrovski MD, PhD, president and founder of PT, will continue managing company's day to day operations and also will join NWLS' Board of Advisors.

About New Life Scientific, Inc. (NWLS): New Life Scientific, Inc. was formed with the intent to develop and commercialize novel biotech/pharmaceutical products including vaccines and stem cells based treatment modalities and to expand through our own research, collaborations, acquisitions and in-licensing. NWLS utilizes its strategic geographical positioning in Europe to seek undiscovered, emerging and under-valued biotechnologies in the countries of Eastern Europe, with the further intent of their commercialization.

NWLS recently acquired Novo Life Scientific (Ukraine), the holder of a cooperation agreement with the Institute of Molecular Biology and Genetics of the Ukrainian Academy of Sciences (IMBG). NWLS has also recently acquired PharmaTrials International (PTI), a provider of services in the areas of clinical trials, market research and the regulatory approval of products for pharmaceutical, biotech and medical device companies worldwide.

Safe Harbor Statements under the Private Securities Litigation Reform Act of 1965: Those statements contained herein which are not historical are forward-looking statements, and as such, are subject to risks and uncertainties that could cause actual operating results to materially differ from those contained in the forward-looking statements. Such statements include, but are not limited to, certain delays that are beyond the company's control, with respect to market acceptance of new technologies, or product delays in the testing and evaluation of products, and other risks, as detailed in the company's periodic filings with the Securities and Exchange Commission.

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