SOURCE: Stem Cell Therapy International, Inc.

March 18, 2008 09:47 ET

Stem Cell Therapy International Signs Definitive Agreement With Histostem, Ltd. of Korea

TAMPA, FL and SEOUL, SOUTH KOREA--(Marketwire - March 18, 2008) - Stem Cell Therapy International, Inc. (OTCBB: SCII)

On March 18, 2008, Stem Cell Therapy International, Inc. announced that it has entered into a Definitive Acquisition Agreement with Histostem, Ltd., a substantial Korean stem cell and umbilical cord blood bank company. The definitive agreement calls for closing of the acquisition by April 30, 2008, or sooner if the investment bankers working on the financial aspects of the transaction are able to close the funding round earlier. The newly combined entities will be held approximately 60% by Histostem and 40% by the existing shareholders of Stem Cell Therapy International. Upon completion of the acquisition, Stem Cell Therapy International will be renamed "AmStem International Corp." and will seek a new symbol on the Over-The-Counter Bulletin Board. Until such time, Stem Cell will continue to trade under the symbol SCII.OB.

Histostem is audited by KPMG of Korea and it will be begin to report its revenues and earnings under the new, combined entity following the closing of the acquisition. Histostem is currently traded on a public stock market in Korea on KROTC where as of Tuesday, March 18, 2008 the Histostem shares are trading. Please see http://www.krotc.com/board/saleboard.cgi?cmd=list&db=companyinfo&skin=m210_find.select&field=code&keyword=140198. Following the closing, Histostem will continue to be listed and continue to trade as a public company in Korea. Stem Cell Therapy International will continue to trade on the OTC Bulletin Board, representing the combined entity of Stem Cell Therapy International and Histostem under the new company name of "AmStem International Corp." Based upon the combined financial statements of the newly reorganized company, and with the support of its investment bankers, the goal of AmStem International Corp. will be to raise up to $80 million for expansion of worldwide operations, to submit its clinical data for U.S. FDA review, and to apply for listing on a senior U.S. Exchange such as NASDAQ or AMEX, as soon as those eligibility requirements are met.

Calvin Cao stated, "I have been on many trips to stem cell companies in other countries, but I have never seen a company with such state-of-art equipment and technical know-how as Histostem, as well as a highly trained staff working with completed clinical studies. We are very pleased to be working with Histostem."

Dr. Hoon Han, CEO and President of Histostem, advised that, "Histostem is recognized by experts in the field as a leading company in human umbilical cord blood stem cell research and therapy. Histostem is also one of the largest public cord blood banks as rated by the Jain Pharma Biotech report and currently has over 80,000 umbilical cord blood units. While maintaining our headquarters in Seoul, Korea, we are now ready to expand to the United States in conjunction with Stem Cell Therapy International where we feel the opportunities are greater for us to obtain the support of the U.S. financial markets to fund our continued research and the distribution of our technology and stem cell therapy on a worldwide basis."

About Histostem

Histostem, Co., Ltd. started in Seoul, Korea in 2000. To date it has treated more than 500 patients with stem cells and currently has 56 full-time employees and 28 part-time employees. Histostem's intellectual property portfolio consists of five patents that have been granted and 6 patents pending. To its knowledge Histostem is one of the very few stem cell companies in the world currently earning several million dollars in income from its products and technology. A comprehensive list of Histostem's achievements can be found at the company website http://www.histostem.co.kr (click on English version when entering the site).

About Stem Cell Therapy Int'l, Inc.

Stem Cell Therapy International, Inc. ('SCII') is in the field of regenerative medicine. SCII is a company devoted to the treatment of patients with stem cell transplantation therapy as well as providing the supplies of biological solutions containing new lines of stem cell products. Further information about Stem Cell Therapy International, Inc. can be found at its website www.scticorp.com.

Forward-Looking Statements. This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct.

Contact Information

  • Contact:
    For more information, please contact Stem Cell Therapy International, Inc.

    Calvin Cao
    Chairman and CEO
    T: 813-600-4088
    E: calvin@SCTIcorp.com