SOURCE: IntelliCell BioSciences, Inc.
NEW YORK, NY--(Marketwired - Aug 18, 2014) - IntelliCell BioSciences, Inc. ("IntelliCell" or the "Company") (OTCQB: SVFC), a regenerative medicine company utilizing adult autologous stromal vascular cells (SVCs) derived from the blood vessels found in adipose tissue, announced that it received a motion from the Supreme Court of the State of New York County of New York dated May 1, 2014 granting its Motion and denying Ironridge's Cross-Motion and directed Intellicell to settle the Order. The Judge "ORDERED, that Ironridge's first-priority security interest under the Security Agreement dated as of May 31, 2012 shall continue until the earlier of (i) payment by Intellicell to Ironridge in immediately available funds of $91,912,42 or (ii) the receipt by Ironridge of the correct Stock Certificate having the tradable value of $91,912.42 in accordance with Section 12.4 of the Committed Equity Agreement." Pursuant to Judge Oing's Order, entered on June 27, 2014 Intellicell delivered to Ironridge's counsel, Richard Haddad, Esq. 53,568,400 common shares of Intellicell having a value of $91,912.42. And pursuant to the Order, Ironridge's security interest in Intellicell's assets has now been extinguished.
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The issue with Ironridge was made public by Intellicell in its SEC filings and public relations announcements, IntelliCell's Chief Executive Officer, Dr. Steven Victor, remarked, "the Ironridge case was settled in July, 2014 and there was no Final Enforcement but it was an Order that was complied with in July 2014. I believe this is just another ploy by Ironridge to hurt IntelliCell. We are exploring our legal options."
About IntelliCell Biosciences
IntelliCell is a pioneering regenerative medicine company focused on the expanding regenerative medical markets using adult autologous stromal vascular fraction cells (SVFCs) derived from the blood vessels in the adult adipose tissue. IntelliCell BioSciences has developed its own patented technology and protocol to separate adult autologous vascular cells from adipose tissue without the use of enzymes. IntelliCell will also be seeking to develop technology-licensing agreements with technology developers, universities, and international business entities.
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