Bio-Matrix Scientific Group Clarifies Previous Announcement of Stock Distribution and Reverse Split.SAN DIEGO -- A spokesperson for Bio-Matrix Scientific Group Inc. (Pink Sheets:BMXG) noted the Company has received numerous questions about its May 20th announcement of a stock dividend in its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Frezer Inc. and a 1-for-10 reverse stock split. In an effort to address these questions, the following points were offered by the Company: --Bio-Matrix Scientific Group (BMXG) will conduct a 1-for-10 reverse stock split. --The record date for the reverse stock split is May 31, 2005. --The Company will also issue a stock dividend to BMXG shareholders of as of May 31, 2005 in Frezer Inc. common stock. --BMXG anticipates its shareholders will receive the distribution of Frezer's common stock shortly after the announced payable date of June 15, 2005. --Frezer Inc. is currently a wholly owned subsidiary of Bio-Matrix Scientific Group Inc. --After the intended distribution of Frezer Inc.'s common stock, BMXG will no longer be a shareholder in Frezer. --All issued shares of Frezer's stock will be distributed pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. to BMXG shareholders of record on May 31, 2005. --Frezer Inc. is currently a non-publicly traded stock which anticipates filing for fully reporting status with the Securities and Exchange Commission (SEC) in the near future. --Frezer Inc. also anticipates filing for public trading status with 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 , if and when it obtains clearance of an effective registration statement from the SEC. "CLEARANCE" DOES NOT CONSTITUTE THAT EITHER THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THESE SECURITIES OR DETERMINED IF THE INFORMATION TO BE PROVIDED IN THE INTENDED FREZER INFORMATION STATEMENT WILL BE TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. --After the anticipated 1-for-10 reverse stock split, BMXG shareholders, as of the record date May 31, 2005, will have an equal number of shares in both BMXG and Frezer Inc. Bio-Matrix' Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. Brian Pockett commented on Frezer's business model. Mr. Pockett's key points about Frezer include the following: --Frezer sees its initial focus on developing Regenerative Medicine and Adult Stem Cell Adult stem cells are undifferentiated cells found throughout the body that divide to replenish dying cells and regenerate damaged tissues. Also known as somatic (from Greek Σωματικóς, of the body Therapies, which differentiates it dramatically from BMXG's core business of 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. instruments, stem cell 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 non-invasive medical devices. --Frezer anticipates applying for grant funding for regenerative medicine though the California Institute for Regenerative Medicine The California Institute for Regenerative Medicine (CIRM) was created by California's Proposition 71 (2004), which authorized it to issue $3 billion in grants, funded by bonds, over ten years for embryonic stem cell and other biomedical research. later this year to pursue the development of stem cell therapies stem cell therapy Cell therapy Molecular medicine A technology in which a person's own cells–eg, neuronal stem cells are triggered to revert to their primitive embryonic form, then redifferentiate into mature cells of various organs . --Frezer sees alliance formations with other regenerative medicine biotechnology firms as a major strategy in its rollout. --Geoffrey O'Neill, Ph.D. will head Frezer Inc. as its President. Dr. O'Neill has extensive research experience in the area of stem cell therapies which the Company believes will foster strong research alliances in stem cell therapy development. --An information statement is currently being prepared for a mass mailing to BMXG shareholders regarding the Frezer stock distribution. It should address any further questions relating to this distribution. More information will be available shortly on the Company's website: www.BMXGonline.com. 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:BMXG) are StemCells Inc. (Nasdaq:STEM), Thermogenesis thermogenesis /ther·mo·gen·e·sis/ (-jen´e-sis) the production of heat, especially within the animal body.thermogenet´icthermogen´ic ther·mo·gen·e·sis n. Corporation (Nasdaq:KOOL KOOL Kentucky Offender Online Lookup KOOL K-Based Object Oriented Language ) and Regeneration Technologies Inc. (Nasdaq:RTIX). DISCLAIMER: This news release contains forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks. |
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion