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Pluristem Consummates $755,000
Interim Private Placement |
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| Thursday January 27, 3:38 pm ET | ||
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-Funds to Assist Company in Achieving Short Term Growth Objectives and in Continuing Stem Cell Development Plan- January 27, 2005-- Pluristem Life Systems, Inc. (OTC BB:PLRS), a biotechnology company dedicated to the expansion of stem cells from umbilical cord blood to address a myriad of fatal illnesses, today announced that the Company completed a $755,000 interim private placement to further its development efforts. Terms will be set out in a Form 8-K to be filed with the Securities and Exchange Commission. The Company concurrently announced that as a condition of the closing of this interim funding, the new investors were entitled to appoint two of the five members of the Board of Directors. Therefore, the Board appointed Israel Ben Yoram and Yoram Drucker to the board effective immediately. To make room on the board for these new appointments, Meir Segev and Robert Pico graciously agreed to resign from the board and the Company thanks them for their service on the board for the past two years. “This interim financing will provide the company sufficient working capital to fulfill its immediate working capital requirements and continue with its stem cell development plan as longer-term financing options are explored, ” stated Yossi Keret, Chief Financial Officer. Yoram Drucker has extensive business development, financing, and entrepreneurial experience. He has been active as an independent consultant regarding business development, finance, strategy and operations. His clients have included various Israeli high tech and biotechnology companies. He also has significant marketing experience including founding and managing his own promotion company, as well as creating and designing marketing and promotion concepts for various Israeli companies. Israel Ben-Yoram, L.L.M. possesses significant expertise in accounting, law, economics, consulting, cost management, mergers and acquisitions, offshore investments. His experience also includes strong interaction with pension, trust and hedge funds. Mr. Ben Yoram is presently a Partner and Director at Zorbit, Ltd. focusing on investments and start-up ’s. Prior to his tenure at Zorbit, he was Head Director at Ashed-Dash Ltd. from 1992-2004. From 1992 to 2004 he additionally acted as a Director/Partner for the Accounting Firm of Mor & Ben-Yoram. Mr. Ben-Yoram received a B.A. in Economics and Accounting form the University of Tel Aviv, an L.L.B. in Law from Tel Aviv University, and MBA in Business Administration from Tel Aviv University and an L.L.M. from Bar Ilan University.
About Pluristem Pluristem strives to become a leading biopharmaceutical company developing, producing and marketing stem cell products for cell regenerative therapy. Pluristem’s platform for expanding stem cells offers breakthrough technology and multiple product opportunities in many therapeutic areas. For more information, visit the Company’s website at: www.pluristem.com.Safe Harbor StatementThis press release contains statements, which may constitute "forward-looking statements". Those statements include statements regarding the intent, belief or current expectations of Pluristem Life Systems, Inc., and members of our management as well as the assumptions on which such statements are based. Forward-looking statements in this release include statements regarding the company having sufficient working capital to fulfill its immediate working capital requirements and continue with its stem cell development plan as longer-term financing options are explored; and that our technology offers opportunities for therapeutic products. Actual outcomes and our actual results could differ materially from those in such forward-looking statements, as we may find that working capital is used more quickly than anticipated, we may face unanticipated expenses, and we may not be able raise funding when we require it. As well, our products may never develop into useful products and even if they do, they may not be approved for sale to the public. For further risk factors see the Company’s latest 10-KSB filed with the SEC.Contact:
for Pluristem Life
Systems, Inc.
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