ITEM 8.01 OTHER EVENTS. On or about May 23, 2007, BioStem, Inc.'s ("our," "we," and the "Company's") management became aware of certain unsolicited fax blast communications and a large advertisement in the USA Today, listing the Company's name and including certain information regarding Cryobanks International, Inc.'s ("Cryobank's") proposed Merger with the Company.
Neither we nor our management were aware of, paid for, approved, and/or had any connection or knowledge of the recent unsolicited fax blast and USA Today advertisement discussing the Company and Cryobanks, prior to the release of such information.
We strongly caution potential investors against relying on any disclosures made in any faxes and/or advertisements they receive regarding the Company, which are not officially disseminated by the Company and/or filed on a reputable financial website such as Yahoo.com/finance or prnewswire.com, or similar websites. Furthermore, we strongly caution potential investors to read the Company's latest SEC filings at www.sec.gov and to review the Company's disclosures regarding its financial position and results of operations and the conditions precedent which must occur before the closing of the proposed merger with Cryobanks, before making any investment in the Company.
Furthermore, we would like to make it clear that the proposed Merger with Cryobanks is subject to Cryobanks raising a substantial amount of money, which to the best of our knowledge, Cryobanks has not raised to date, and as such, we can provide no assurances that the proposed merger will close and/or that our operations will ever change from our current parking and related services to cord blood storage and cell stem research.
BioStem (BTEM) Announces: Cryobanks International Prepares to Launch Cord Blood Bank in Thailand; Over 4,000 Units Estimated During Initial 12 Month Operations BioStem, Inc. (OTCBB: BTEM) announced today that Cryobanks International, Inc. (Cryobanks), which has agreed to be acquired by BioStem, Inc., is preparing to launch a new umbilical cord blood bank in Bangkok, Thailand through its licensee, Cryobanks International, FCZ.
Equipment for the Bangkok facility will be arriving soon and doors are expected to open within the next 60 days.
"With the growing use of umbilical cord blood as a source of stem cells to treat a number of diseases, and with regenerative medicine becoming a possibility, we're beginning to see an increased interest in cord blood banking all over the world," said Dwight C. Brunoehler, President and C.E.O. of Cryobanks International. "We're pleased to offer our expertise and resources in helping to make cord blood banking available worldwide."
The new laboratory, processing, and storage center will be the third CI licensee to open in overseas markets. Currently, two other facilities operate in Athens, Greece and Delhi, India with eight more banks scheduled to open in other international locations.
CI provides advanced training for the licensees' lab personnel that will be handling cord blood units and operating the equipment to process and store cord blood. Training will be conducted at CI's unique training facility in Altamonte Springs, Florida, U.S.A. where personnel will spend six weeks learning from an extensive curriculum. This training is critical to obtaining international accreditations.
Typically, charges to privately store cord blood for individuals ranges from $1,600 USD to $2,500 USD initially with some facilities charging an annual renewal ranging from $100 USD to $150 USD. It is estimated that hundreds of thousands of parents have elected to pursue this option. Cryobanks International, FZC is projecting the storage of 4,000 cord blood units in this facility during its first 12 months of operation.
-------------------- #1 Rule: Protect your capital! #2 Rule: Never fall for the BS on the boards! Posts: 8890 | Registered: Jan 2006
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I think we got i great rebound play at .41 if you go back to the chart, you will notice that in march 9 went down to .53 and only one week later went up to 2.22 so i think we can have double, triple or cuadruple!!! we got a great opportunity here!!!
-------------------- "Making money feels good" Posts: 86 | From: Puerto Rico | Registered: May 2007
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quote:Originally posted by T e x: same bunch--ATN--was promo-ing HMIT
I have good reason to believe the merger will happen. So this is a great stock--even if ATN was promoing it...no?
Posts: 62 | From: Nappa Valley | Registered: Jan 2007
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im inching myself back in this at .39 and im on the bid if goes there , the risk reward here is favorable they get some type of funding and this will fly again imo
Posts: 657 | From: brooklyn | Registered: Jun 2006
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