SOURCE: BioStem, Inc.

March 23, 2007 11:09 ET

BioStem, Inc. Reports Merger Process Progressing to Its Final Stages

Audited Financials to Be Released

ATLANTA, GA -- (MARKET WIRE) -- March 23, 2007 -- BioStem, Inc. (OTCBB: BTEM) announced today that their planned acquisition of Cryobanks International, Inc. (CII) is progressing to its final stages as anticipated. Audited financials are scheduled to be completed the week of March 26, 2007, and will be released immediately thereafter.

Verbal confirmations received by Cryobanks International, Inc. from the private investment fund group, indicate that the $9.0M capital infusion remains on course and will be executed within its initially forecasted time frame. If funding from the private investment group is completed, Cryobanks will satisfy the last item needed to complete its merger into BioStem, Inc.

The Merger, which is contingent upon Cryobanks raising at least $10,000,000 pursuant to a private placement, has been extended to March 31, 2007. If the financing successfully closes, this will put Cryobanks substantially over the $10,000,000 financing condition, and BioStem and Cryobanks will immediately proceed to close the merger.

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 (BMT). 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 9,000 cord blood units. For more information about Cryobanks International call 1-800-869-8608 or visit the website at

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. The acquisition of Cryobanks International by BioStem, Inc. (OTCBB: BTEM), and the financing previously announced by Cryobanks, cannot be assured until such transactions are successfully closed. We undertake no ongoing obligation, other than that imposed by law, to update these statements.

Contact Information

  • Contact:
    Marc Ebersole
    BioStem, Inc.