Bio-Matrix Announces Sale of Wholly-Owned Subsidiary and Operating Entity to Tasco Holdings International, Inc.; Bio-Matrix CEO David Koos and COO Brian Pockett Named as Tasco's New Chairman and Director, Respectively.SAN DIEGO -- Bio-Matrix Scientific Group Inc. (Pink Sheets:BMXP BMXP Boston Metropolitan Exchange Point ), a biotechnology company focused on stem cell stem cell In living organisms, an undifferentiated cell that can produce other cells that eventually make up specialized tissues and organs. There are two major types of stem cells, embryonic and adult. cryogenics cryogenics: see low-temperature physics. cryogenics Study and use of low-temperature phenomena. The cryogenic temperature range is from −238°F (−150°C) to absolute zero. At low temperatures, matter has unusual properties. and disposable stem cell/tissue transfer instruments, announced today that it has entered into an agreement to sell its wholly-owned subsidiary and operating entity to Tasco Holdings International, Inc., a Delaware corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :THII THII Tasco Holdings International Inc. (San Diego, CA) ). The Agreement is to close on July 1, 2006. Under the terms of the Agreement, BMXP's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , David Koos, and COO, Brian Pockett, have been named as Tasco's new Chairman and Director, respectively. The appointment of both Mr. Koos and Mr. Pockett as Chairman and Director is the first step in the process to sell the Company's wholly-owned subsidiary and operating entity to Tasco Holdings International. BMXP's Chairman & CEO David Koos stated, "Being named as Tasco's newest Chairman will allow me to oversee the transition period from both sides of the field. The move to the OTCBB exchange will allow us to build a greater shareholder base and target new institutional investors. As Chairman of Tasco, my primary goal will be to facilitate the transition and ensure it occurs smoothly and efficiently." Brian Pockett, BMXP's Managing Director and COO, stated, "It gives me great honor to assume the role of Director at Tasco Holdings. This transition represents a milestone in the history of our plans and may allow us a better opportunity to grow and expand our business base." As a result of this transaction, BMXP will sell all of the outstanding common stock of its wholly-owned subsidiary, Bio-Matrix Scientific Group Inc. (a Nevada corporation having the same name as its parent), to Tasco in exchange for 78.25% of Tasco's common stock which represents 10,000,000 Tasco common shares. As currently planned and subject to compliance with state and federal securities laws, BMXP intends to register 100% of its Tasco Shares under the Securities Act of 1933 and, upon effectivity of the Registration Statement, distribute the Tasco shares to shareholders in a spin-off dividend to BMXP shareholders. A record date for this distribution has yet to be determined by the Board of Directors of BMXP. Upon close of the acquisition on July 1, 2006, Tasco intends to seek shareholder approval to change its name and become known as the Bio-Matrix Scientific Group Inc., and will continue to trade on the OTCBB. BMXP (the company currently known as Bio-Matrix Scientific Group Inc. and whose common shares trade on the Pink Sheets) also intends to change its name to avoid any confusion. This press release is available on the company's official online Investor Relations Investor relations The process by which the corporation communicates with its investors. HUB at http://www.agoracom.com/IR/Bio-Matrix for investor questions, answers and monitored commentary. Alternatively, investors are able to e-mail all questions and correspondence to BMXP@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time. About Bio-Matrix Scientific Group Inc. Bio-Matrix Scientific Group Inc. is a development stage company in the business of medical devices and monitoring systems research, development and commercialization. Bio-Matrix Scientific Group Inc. is aligning itself with partners that offer key technologies in biomedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. device development, tissue engineering, cell culturing, genome therapy and drug delivery systems. Other companies in the same industry as Bio-Matrix Scientific Group Inc. (Pink Sheets:BMXP) are Cord Blood cord blood n. Blood present in the umbilical vessels at the time of delivery. America (OTCBB:CBAI CBAI The Community Bankers Association of Illinois CBAI Contract Bridge Association of Ireland (UK) ), StemCells Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :STEM) and Regeneration Technologies (OTCBB:RTIX). More information will be available shortly on the Company's website: www.BMXGonline.com DISCLAIMER: This news release contains forward-looking statements. Forward-looking statements are statements expressing or describing the plans of Bio-Matrix Scientific Group Inc. and the plans it has for Tasco Holdings International, Inc. are subject to risks and uncertainties beyond the control of either of these companies. These risks and uncertainties relate to future business and competitive conditions, technology, regulations adopted by state and federal governmental agencies, and other variables. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion