SOURCE: Human BioSystems

Human BioSystems

April 23, 2009 12:13 ET

Human BioSystems (HBSY) Signs Triangular Merger Agreement With San West, Inc.

PALO ALTO, CA--(Marketwire - April 23, 2009) - (OTCBB: HBSY) - Human Biosystems ("HBS"), a Silicon Valley based bio-tech company specializing in the development of unique organ, tissue and cellular preservation platforms company is a party to triangular merger agreement between HBS, HBS Acquisition Company and San West, Inc. which was signed on April 3, 2009. An 8-K disclosure statement was filed with the Securities and Exchange Commission (SEC), April 8, 2009, which set the closing date for April 17th . This closing date now has been extended to April 30, 2009 through an amendment filed with the SEC on April 21, 2009.

San West CEO, Frank Drechsler, stated, "We are enthusiastic about the merger with Human BioSystems, as well as, the business and networking capabilities that being a public company will afford us. This merger will also enable give us the ability to take action on certain segments of growth that we have long been considering."

HBS' CEO, Harry Masuda, added, "With the process of the merger coming to a close, we are putting all our resources to its successful completion. We are confident that San West will benefit from the corporate structure of Human BioSystems."

Under the terms of the Agreement, San West Inc. would acquire 80% of the outstanding common stock of Human BioSystems and a third party would acquire 5% as defined pursuant to the merger exchange agreement. Following the closing of the anticipated merger, San West would emerge as the surviving company with a name and symbol change to follow.

In addition, HBS shareholders would retain approximately 15% of the new company's outstanding shares under the terms set forth in the Agreement at the closing date.

About San West, Inc.

San West Inc. finds its niche in the off-road arena improving designs of buggy manufactures and, selling these products and services as well as repairing of these off-road buggies and additionally providing after market performance products and accessories for buggies. Our products are sold both at our Online store and through our growing dealer network, while our buggy repair services are sold and repaired at our store, Buggy World. Buggy World is the exclusive authorized sales; service and parts distributor for the San Diego County with a factory trained staff that can answer all product and service questions. Buggy World currently has two retail locations in San Diego County California as well as a growing Internet presence. For further information about Buggy World and its products please visit www.buggyworld.net and http://stores.ebay.com/BuggyWorld-8770.

For further information about San West, Inc. you may visit www.sanwestinc.com.

Forward-Looking Statements:

Certain statements contained herein are "forward-looking" statements (as defined -- Private Securities Litigation Reform Act of 1995). Human BioSystems, Inc. cautions that the statements made in this press release constitute forward-looking statements, and no guarantees of future performance and the actual results or developments may differ materially from the projections in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the time the statements are made.

Contact Information

  • CONTACT:
    Human BioSystems
    Harry Masuda
    (650) 323-0943

    HBS Investor Relations
    Yes Intl.
    Rich Kaiser
    (800) 631-8127

    San West Investor Relations
    Seacoast Advisors
    Keith Reinhardt
    (858) 509-9900 x 13