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AZUREL LTD (U-AZUR) - News Release Azurel Ltd. Announced Today That the Merger With National Stem Cell, Inc. is Continuing to Move Forward
2006-07-12 09:00 ET - News Release
NEW YORK, July 12, 2006 (PRIMEZONE) -- As previously announced in March of 2006, Azurel Ltd.(Pink Sheets:AZUR) entered into a letter of intent to merge with National Stem Cell, Inc. (NSCI). Upon the completion of the merger, NSCI shareholders will own more than 90% of the outstanding shares of the surviving entity. Shareholders will be asked to vote on a name change of the company to National Stem Cell, Inc.
The letter of intent is a non-binding indication of the parties' intention to merge and is subject to further due diligence by both parties, which is now being completed. It is anticipated that the definitive merger agreement will be entered into by the end of July, 2006.
Azurel Ltd. will continue to update shareholders as to the progress of this transaction.
About National Stem Cell, Inc.
National Stem Cell, Inc. (NSCI) is a biotechnology company headquartered in Mountainside, New Jersey, dedicated to the advancement of regenerative medicine. Incorporated in 2005, NSCI operates the Sperm Bank of New York as a wholly owned subsidiary. Through its sponsored research agreement with the Johns Hopkins University School of Medicine's Institute for Cell Engineering (ICE), NSCI is focused on the development of potential stem cell therapies for the treatment of diabetes and cardiac injury. The company also plans to develop a genetically diverse umbilical cord blood bank to meet the growing need for transplant grade umbilical cord blood stem cells.
About Azurel: Azurel Ltd., headquartered in New York, is a cosmetic company with its own proprietary brands including Benendre and Extreme Girl.
CONTACT: Azurel Ltd. Steven Moskowitz (212) 594-4175, ext. 1
National Stem Cell, Inc. Deanna Decker (212) 752-8338
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The letter of intent is a non-binding indication of the parties' intention to merge and is subject to further due diligence by both parties, which is now being completed. It is anticipated that the definitive merger agreement will be entered into by the end of July, 2006.
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