SOURCE: New Life Scientific, Inc.

November 29, 2006 13:14 ET

New Life Scientific, Inc. Retains vFinance Investments as Investment Bank for Biorigen USA

PRINCETON, NJ -- (MARKET WIRE) -- November 29, 2006 -- New Life Scientific, Inc. (OTCBB: NWLS), a company which specializes in the development of new biotechnology products and pharmaceuticals, announced that it has retained vFinance Investments, Inc., a subsidiary of vFinance, Inc., to provide a broad range of investment banking, strategic and financial advisory services to Biorigen USA, a joint venture of New Life Scientific, Inc. and Biorigen Srl, an Italian biotechnology company.

Biorigen USA's major proprietary technologies include the use of biomaterials as a carrier for stem cells and growth factors, and other biomolecules to promote stem cell survival and biologic activity in tissue regeneration after implantation. The joint venture also has a patent for a serum free medium used for culturing stem cells. Specifically technologies include osteogenic and chondrocytic stem cell lineages for bone grafting and cartilage repair.

"The engagement of vFinance Investments represents an important step in the continued execution of our business initiatives going forward," said Henry Val, Chairman and CEO of New Life Scientific, Inc. "As our business continues to grow, we will need an investment bank with the expertise and experience to support our ongoing strategic and capital needs. We are pleased that vFinance Investments has joined us as a partner to assist us in achieving our goals."

"We are pleased to have been selected as Biorigen USA's investment bank and we look forward to assisting the joint venture in achieving its corporate objectives," commented Jonathan C. Rich, Executive Vice President and Director of Investment Banking for vFinance Investments, Inc. "We will work with Biorigen to capitalize its significant biotechnologies, and to enhance overall shareholder value."

About vFinance

vFinance, Inc. (www.vfinance.com), is a global financial services company with broker-dealer subsidiaries specializing in high-growth opportunities. The Company provides investment banking and advisory services to micro, small and mid-cap high-growth companies through vFinance Investments, Inc. Institutional and high net-worth investors seeking to outperform market indices are offered a full range of investment opportunities and financial advisory services in over 30 cities in the U.S. and other parts of the world. Special services for hedge funds and other institutional clients include direct market access (DMA), algorithmic trading and option execution through multiple electronic trading platforms. New programs include Direct2Desk which enables the traders to offer elite customer service on complex liquidation and accumulation strategies. The new soft dollar program lowers costs while providing unparalleled back office services. The Company's affiliates have fixed income, emerging market and equity trading desks, and makes markets in over 2600 micro and small cap stocks.

The Company possesses an exceptional understanding of small-cap and micro-cap market stocks gained from specialized market making and investment banking activities, and from the large number of plans posted, summarized, or described on its website which is ranked as a leading destination for companies seeking capital, with more than one half million unique visitors annually from over 150 countries.

About New Life Scientific, Inc. (OTCBB: NWLS): New Life Scientific, Inc. was formed with the intent to develop and commercialize novel biotech/pharmaceutical products including vaccines and stem cell based treatment modalities, and to expand through its own research, collaborations, acquisitions and in-licensing. The Company utilizes its strategic geographical positioning in Europe to identify undiscovered, emerging and under-valued biotechnologies in Eastern European countries, with the intent of commercializing those biotechnologies. The Company has two subsidiaries: One subsidiary, PharmaTrials International (PTI), provides clinical trial services, market research, and services to enable pharmaceutical, biotech and medical device companies worldwide to obtain regulatory approval of their products. The other subsidiary, Invamed Pharma, develops and commercializes pharmaceutical/biotech products coming from its own pipeline of in-licensed and new therapeutic classes, and reformulates existing products using proprietary technology to improve the therapeutic potential of those drugs.

Safe Harbor Statements under the Private Securities Litigation Reform Act of 1965: Those statements contained herein which are not historical are forward-looking statements, and as such, are subject to risks and uncertainties that could cause actual operating results to materially differ from those contained in the forward-looking statements. Such statements include, but are not limited to, certain delays that are beyond the company's control, with respect to market acceptance of new technologies, or product delays in the testing and evaluation of products, and other risks, as detailed in the company's periodic filings with the Securities and Exchange Commission.

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