SAN DIEGO, April 23, 2009 (GLOBE NEWSWIRE) -- San West, Inc. today announced that it has signed a triangular merger agreement between HBS, HBS Acquisition Company and San West, Inc. which was signed on April 3, 2009. An 8-K disclosure statement was filed by Human BioSystems with the Securities and Exchange Commission (SEC) on April 8, 2009 which set the closing date for April 17th . This closing date now has been extended to May 8, 2009 through an amendment filed with the SEC on April 21, 2009.
San West CEO Frank Drechsler stated, "We are enthusiastic about the merger with Human BioSystems as well as the business and networking capabilities that being a public company will afford us. This merger will also enable us to take action on certain segments of growth that we have long been considering."
HBS CEO Harry Masuda added, "With the process of the merger coming to a close, we are putting all our resources to its successful completion. We are confident that San West will benefit from the corporate structure of Human BioSystems."
Under the terms of the Agreement, San West Inc. would acquire 80% of the outstanding common stock of Human BioSystems and a third party would acquire 5% as defined pursuant to the merger exchange agreement. Following the closing of the anticipated merger, San West would emerge as the surviving company with a name and symbol change to follow.
In addition, HBS shareholders would retain approximately 15% of the new company's outstanding shares under the terms set forth in the Agreement at the closing date.
About San West, Inc.
San West Inc. finds its niche in the off-road arena improving designs of buggy manufactures and selling these products and services as well as repairing of these off-road buggies and additionally providing after-market performance products and accessories for buggies. Our products are sold both at our Online store and through our growing dealer network, while our buggy repair services are done at our store, Buggy World. Buggy World is the exclusive authorized sales, service and parts distributor for San Diego County with a factory trained staff that can answer all product and service questions. Buggy World has retail and repair divisions in San Diego County California as well as a growing Internet presence. For further information about Buggy World and its products please visit www.buggyworld.net and http://stores.ebay.com/BuggyWorld-8770.
For further information about San West, Inc. you may visit www.sanwestinc.com.
Forward-Looking Statements
This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of our products or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law. There is no assurance that a definitive agreement will be completed.