FREEHOLD, N.J., May 25, 2005 (PRIMEZONE) -- New Life Scientific, Inc. (NWLF) (OTCBB:NWLF) announced today that it will acquire Pharma Trials International (PTI) in a $1.5 Million deal that will provide entry and presence in the clinical research field. The transaction calls for NWLF to pay $1.5 Million in common stock. NWLF expects the deal, which is subject to audit, customary closing conditions and regulatory approvals, to close in the third quarter ending September 30, 2005.
PTI's CEO and Chairman, Dr. Wieslaw J. Bochenek, M.D., Ph.D., F.A.C.P. stated, "We are excited for the prospects of working closely with New Life and to the new opportunities that will open to us thru this association."
About New Life Scientific:
NWLF recently acquired Novo Life Scientific of Ukraine. Nova'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 the establishment of a stem cell bank. Additionally, PTI has been researching and is developing the business model for creating stem cell banks and stem cell treatment facilities based in Europe. PTI 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.
About Pharma Trials International:
Pharma Trials provides services in areas of clinical and market research as well as regulatory support to pharmaceutical clients and other Contract Research Organizations (CROs). PTI assists pharmaceutical, biotechnology, and medical device companies with management for their clinical research programs. A CRO is a company that is contracted to perform all or part of a sponsor's clinical trials-related tasks. This might include the design, monitoring and management of trials, the analysis of results, and other specialty duties that drug developers do not have the capacity to perform efficiently.
In conjunction with the acquisition of Novo Life and PTI, NWLF 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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