FREEHOLD, N.J., May 9, 2005 (PRIMEZONE) -- New Life Scientific, Inc (OTCBB:NWLF) announced today that it has completed the acquisition of Novo Life Scientific of the Ukraine. Novo is a holder of certain licensing agreements with the Institute of Molecular Biology and Genetics of Ukrainian Academy of Sciences (IMBG) http://www.imbig.org.ua/index_e.htm
New Life's CEO, Henry Val stated, "We are looking forward to working closely with Novo Life and the Institute of Molecular Biology and Genetics on a number of projects. Their expertise and reputation in the field of Molecular Biology and Genetics is superb. It is our honor and privilege to be partnering up with a leader."
About Novo Life Scientific:
Novo's R&D in conjunction with Institute of Molecular Biology and Genetics of Ukrainian Academy of Sciences (IMBG) and using IMBG's extensive expertise in molecular cell biology and molecular genetics, intends to develop and market certain stem cell related properties as well as establishment of a stem cell bank. Additionally, Novo has been researching and is developing the business model for creating stem cell banks and stem cell treatment facilities based in Europe. Novo Life believes that the opportunities to capitalize on the extensive research already completed in Kiev and other parts of the Ukraine with stem cell applications and tissue regeneration needs to be analyzed and shared with other scientific groups in the field.
In conjunction with the acquisition of Novo Life, New Life is putting together a scientific advisory board for evaluation of products and processes which are already developed and which may be developed by the IMBG and is establishing a budget for the Novo Life project group.
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