Lifebank Corp.

Lifebank Corp.

November 02, 2006 12:30 ET

Lifebank Discontinues Research Collaboration with University of Alberta

BURNABY, BRITISH COLUMBIA--(CCNMatthews - Nov. 2, 2006) - Lifebank Corp. ("Lifebank", or the "Company") (TSX VENTURE:LBK) announced today that it is discontinuing any further research under its collaboration with the University of Alberta regarding a novel cryopreservation methodology for preserving umbilical cord blood stem cells without cryoprotective chemicals.

"The results of the collaboration to date do not justify our continued involvement in this project," said Ernest Stacey, President and Chief Executive Officer of Lifebank.

Consequently, Lifebank and the University of Alberta have agreed to terminate the license between them originally announced on May 18, 2005.

Lifebank is a biomedical service company that provides processing and cryogenic (ultra low temperature) storage of umbilical cord blood stem cells. It is an AABB accredited, Health Canada and FDA compliant, facility. Lifebank has successfully stored stem cell samples for clients in Canada, the United States, Asia, the Middle East and the Caribbean. Lifebank is dedicated to providing its clients with the finest cord blood stem cell processing, analysis and cryogenic storage services available in the world. Lifebank strives to work closely with public physicians and institutions in order to provide life saving cord blood services to any and all persons in need.

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