SOURCE: Regal One Corporation

June 09, 2006 15:00 ET

Regal Provides Update on American Stem Cell Distribution

LOS ANGELES, CA -- (MARKET WIRE) -- June 9, 2006 -- Regal One Corporation (OTCBB: RONE), a business development corporation focused on incubating and bringing public high quality biomedical companies, said today that a previously announced dividend distribution of American Stem Cell, Inc. common shares has been delayed indefinitely.

American Stem Cell, Inc. (ASC) is a stem cell company that was basing its initial business plan upon the acquisition of Los Angeles-based Lifeline Cell Technology. On July 19, 2005, Regal announced that shareholders of record on August 1, 2005 would receive a dividend of common shares of ASC. On January 1, 2006, Regal announced that the distribution of this dividend had been delayed pending completion of the registration process with the Securities and Exchange Commission of ASC. On June 1, 2006, Regal was notified by ASC that certain events would indefinitely delay the registration of the dividend shares.

On June 6, 2006, Regal completed an investigation of such events and concurred. Accordingly, Regal has delayed indefinitely the dividend to Regal shareholders.

Regal management said it would respond promptly to update shareholders of further developments with American Stem Cell, Inc. as more information becomes available.

This press release contains forward-looking statements. Regal One wishes to caution the readers of this press release that actual results may differ from those discussed in the forward-looking statements. For further information, please review the company's 10-QSB and 10-KSB filings with the Securities and Exchange Commission.

Contact Information

  • Company Contact:
    Richard Hull, Ph. D.
    President/COO
    (310) 838 4645