VANCOUVER, British Columbia, Nov. 20, 2003 (PRIMEZONE) -- HepaLife Technologies, Inc. (OTCBB:HPLF) is pleased to announce the appointment of Mr. Jasvir S. Kheleh as a Director, a position previously held by Mr. Jeet S. Sidhu since January 15, 2001.
"As part of HepaLife's continuing evolution, I'm pleased to see the addition of Mr. Kheleh and welcome him to our Board," stated Mr. Arian Soheili, President and CEO of HepaLife. "Mr. Kheleh's financial management expertise further enables HepaLife to effectively execute our vision of developing a meaningful solution for the 25 million Americans who are or have been afflicted with liver disease, through the development of an artificial liver device."
Mr. Kheleh received his Diploma in Financial Management majoring in Finance from the British Columbia Institute of Technology (BCIT).
In September, 1995 Mr. Kheleh joined Canada Trust, a subsidiary of the Toronto-Dominion Bank's, TD Bank Financial Group. Initially chartered in 1855, TD is headquartered in Toronto, Canada with more than 51,000 employees and over $300 billion (cdn) in assets. In 1996, Toronto-Dominion's discount brokerage division, TD Waterhouse, was ranked as the world's second largest discount brokerage firm.
Mr. Kheleh subsequently joined the nation's largest credit union institution, Vancity (Vancouver City Savings Credit Union) and was quickly promoted to management. Today, Vancity has grown to over $8.2 billion (cdn) in assets and owns the Citizens Bank of Canada.
In addition to his corporate responsibilities, Mr. Kheleh has continued to further his professional education. With studies completed in finance, investment management, money and banking, securities analysis, organizational behavior and marketing, he has further obtained an Associate Certificate in Financial Planning. Currently, Mr. Kheleh is actively studying project management and business analysis with emphasis on application integration, process design and management.
About HepaLife Technologies, Inc.
HepaLife Technologies, Inc. (OTCBB:HPLF), is a development stage biotechnology company focused on the research, development and eventual commercialization of technologies and products to treat various forms of liver dysfunction and disease.
Presently, HepaLife Technologies is working towards optimizing the hepatic functionality of a patented cell line, whose hepatic characteristics have been demonstrated to have potential application in the production of an artificial liver device for use by human patients with liver failure.
The need for an artificial liver device able to remove toxins and improve immediate and long-term survival results for patients suffering from liver disease is more critical today than ever before.
Limited treatment options, a low number of donor organs, the high price of transplants and follow up costs, a growing base of hepatitis, alcohol abuse, drug overdoses and other factors that result in liver disease, all clearly indicate that a strong need exists for an artificial liver device, now and into the foreseeable future.
Ongoing research and development work is being conducted at two laboratories, the Growth Biology Laboratory and the Biotechnology and Germplasm Laboratory, both located in Beltsville, Maryland.
For additional information, please visit www.hepalife.com.
Legal Notice Regarding Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to adverse economic conditions, intense competition, lack of meaningful research results, entry of new competitors and products, adverse federal, state and local government regulation, inadequate capital, unexpected costs and operating deficits, increases in general and administrative costs, termination of contracts or agreements, technological obsolescence of the Company's products, technical problems with the Company's research and products, price increases for supplies and components, litigation and administrative proceedings involving the Company, the possible acquisition of new businesses or technologies that result in operating losses or that do not perform as anticipated, unanticipated losses, the possible fluctuation and volatility of the Company's operating results, financial condition and stock price, losses incurred in litigating and settling cases, dilution in the Company's ownership of its business, adverse publicity and news coverage, inability to carry out research, development and commercialization plans, loss or retirement of key executives and research scientists, changes in interest rates, inflationary factors, and other specific risks. In addition, other factors that could cause actual results to differ materially are discussed in the Company's most recent Form 10-QSB and Form 10-KSB filings with the Securities and Exchange Commission.