SOURCE: BioStem, Inc.

May 21, 2007 17:08 ET

BioStem (BTEM) Announces: Cryobanks Experiences Remarkable Growth of Over 300 Percent in Four Years; Completed Tax Filings Show First Year of Profitability

Company Celebrates Entrance to 14th Year of Business

ATLANTA, GA -- (MARKET WIRE) -- May 21, 2007 -- BioStem, Inc. (OTCBB: BTEM) announced today that Cryobanks International, Inc. (Cryobanks), which has agreed to be acquired by BioStem, Inc., has experienced remarkable growth as its organization announces an increase of over 300 percent in the past four years. Cryobanks additionally celebrates two monumental milestone as tax filings are completed which result in its first year of profitability, as well as an entrance into its 14th year of business.

The Cryobanks Company has seen its business grow all over the world in a short period of time, establishing licensees in Athens, Greece and Delhi, India. Eight additional facilities are under contract, including one in Bangkok, Thailand, which will open within the next 60 days.

"While we've had tremendous success, we also want the cord blood industry to continue to grow," says Dwight C. Brunoehler, Founder and President of CI. "Public education will be the key to ensure growth and an understanding of the overwhelming benefits of cord blood donation at delivery."

With one of the largest cord blood inventories in the country and a growing presence nationally and internationally, CI has become a leader in the industry. Accredited by the American Association of Blood Banks, the Company is one of 13 cord blood banks worldwide that form the National Marrow Donor Program's Center for Cord Blood, providing physicians and their patients access to the most diverse inventory of cord blood units in the world. Its inventory of more than 9,700 units of cord blood donations is part of international registries available to anyone who needs a transplant. That inventory has grown by more than 50 percent over the last four years.

About Cryobanks:

Cryobanks International is located in Altamonte Springs, FL. The Company is a leader in the collection, processing, and banking of stem cells derived from the umbilical cord immediately after birth. The units of cord blood (CB) are processed and stored by the company for use in unrelated transplants (where the donor is a histocompatible match, but is anonymous and unrelated to the recipient) and for personal storage and use. In recent years, cord blood transplants (CBTs) have become widely recognized as a safe, effective, and in many ways preferable, alternative to bone marrow transplant. There is tremendous potential need for CBTs in the United States and worldwide. Cryobanks International is well poised to help meet that need, equipped with an inventory of over 9,700 donated cord blood units placed on international registries including The National Marrow Donor Program. For more information about Cryobanks International call 1-800-869-8608 or visit the website at www.cryo-intl.com.

Safe Harbor Statement

This press release contains "forward-looking statements" by the Company. These statements relate to future events or financial performance and transactions, and involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements, to be materially different from those contemplated by the forward-looking statements. There can be no assurance that the acquisition described herein will successfully close. We undertake no ongoing obligation, other than that imposed by law, to update these statements. Factors that could affect results, levels of activity, performance or achievements and cause them to materially differ from those contained in the forward-looking statements include the failure to complete the merger of BioStem, Inc. (OTCBB: BTEM) and Cryobanks International, Inc., which cannot be assured and which remains subject to financing conditions contained in the previously announced Agreement and Plan of Merger, the failure of the financing announced on March 15, 2007 to close, which cannot be assured and remains subject to completion of due diligence by the investor, and other factors that can be found in BioStem's filings with the Securities and Exchange Commission.

Contact Information

  • Contact:
    Customer Relations
    BioStem, Inc.
    Phone: 770-650-1733
    Fax: 770-650-7215