Bio-Matrix Scientific Group Inc. Announces Completion Sale of Wholly Owned Subsidiary and Operating Entity to Tasco Holdings International, Inc.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 completed the sale of 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. 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 was closed on July 3, 2006. The terms of the Agreement were previously announced and agreed to by both Bio-Matrix Scientific Group, Inc. and Tasco Holdings International, Inc. As previously reported, the Chairman & 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. of BMXP, David Koos, and Director & COO of BMXP, Brian Pockett, have been named as Tasco's new Chairman and Director respectively. As a result of this transaction, BMXP received 10,000,000 shares of Tasco common stock in exchange for 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). This makes BMXP the largest shareholder of Tasco, owning approximately 78.25% of Tasco's common stock. As currently planned and subject to compliance with state and federal securities laws, BMXP intends to: a) register 100% of its Tasco Shares under the Securities Act of 1933 and b) upon the Registration Statement being declared effective by the Securities and Exchange Commission, distribute the Tasco shares to BMXP shareholders in a spin-off dividend. A record date for this distribution has yet to be determined by the Board of Directors of BMXP. Now that this transaction between BMXP and Tasco has closed as of July 3, 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. -- a Delaware corporation 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 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 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. |
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