NEW YORK, Oct. 23, 2006 (PRIMEZONE) -- National Stem Cell Holding, Inc. (Pink Sheets:NHGI), a biotech company, today announced that the shareholders of National Stem Cell, Inc., a wholly owned subsidiary of National Stem Cell Holding, Inc., approved the parent company's merger with Azurel, Ltd. at a special meeting held on October 18, 2006. The merger of Azurel, Ltd. and National Stem Cell Holding, Inc. had been finalized on October 3, 2006 and shares of National Stem Cell Holding, Inc. began trading on October 3, 2006 following a 37-1 reverse stock split.
Michael Cohen, CEO of National Stem Cell, commented: "We are pleased that the plan of merger with Azurel, Ltd. was ratified overwhelmingly by our shareholders. This final step in the merger process now allows us to move forward under the holding company structure."
This press release contains forward-looking statements regarding the Company's financial or business outlook. Such statements are based on management's current beliefs and expectations. There are a number of risks and uncertainties that could cause actual results or events to differ materially from management's current beliefs and expectations. National Stem Cell Holding, Inc. does not undertake any obligation to update forward-looking statements.
About National Stem Cell Holding, Inc.
National Stem Cell Holding, Inc. (Pink Sheets:NHGI) is a biotechnology company headquartered in New York City dedicated to the advancement of regenerative medicine. Incorporated in 2005, National Stem Cell Holding is the parent company of National Stem Cell, Inc. ("NSCI") which operates the Sperm Bank of New York as a wholly owned subsidiary. Through its sponsored research agreement with the Johns Hopkins University School of Medicine's Institute for Cell Engineering ("ICE"), NSCI is focused on the development of potential stem cell therapies for the treatment of diabetes and cardiac injury. The company also plans to develop a genetically diverse umbilical cord blood bank to meet the growing need for transplant grade umbilical cord blood stem cells. For more information, please visit www.nationalstemcell.com.