NEW YORK, May 7, 2014 /PRNewswire/ -- IntelliCell Biosciences, Inc. ("IntelliCell" or the "Company") (OTCQB: SVFC), a regenerative medicine company utilizing adult autologous vascular cells (SVCs) derived from the blood vessels found in adipose tissue, announced today that it has received a final positive ruling in its case against Ironridge Global IV, LTD. ("Ironridge"), and TCA Global Credit Master Fund, LP ("TCA").
On May 5, 2014 Judge Jeffrey K. Oing "ORDERED that the motion by IntelliCell to confirm JHO Gammerman's report is granted, and the January 28, 2013 report of JHO Gammerman is hereby confirmed; and it is further ORDERED that Ironridges' cross motion to reject and/or modify the report is denied.
On January 28, 2013, after an arduous battle in the courts, Judicial Hearing Officer Ira Gammerman, a long time former Justice of the Supreme Court of the State of New York, in a decision on each of Ironridge's claims against the Company, fully justified IntelliCell's position by ruling against each of Ironridge's and TCA's demands for monetary damages. The Company has always maintained that Ironridge was not entitled to any monetary claims in this matter and Judge Gammerman agreed. The Court made it abundantly clear that Ironridge (led by its principals John Kirkland and Richard Krieger) and TCA are not entitled to monetary damages and had no right to inappropriately broadcast to the world that it could sell IntelliCell's assets.
IntelliCell's Chief Executive Officer, Dr. Steven Victor, remarked, "We maintained from the very beginning that we would vigorously defend ourselves against all of John Kirkland's and Ironridge's claims for additional monetary damages and today the Company feels vindicated and is happy for its shareholders." Dr. Victor added, "I would like to especially thank The Roth Law Firm and Richard Roth and Jordan Kam for their hard work in getting us the best result possible." Richard Roth stated, "At the end of the day, IntelliCell knew it was right -- and Ironridge was wrong -- on all monetary claims. We needed two judges to confirm our position."
Link to Decision:
About IntelliCell Biosciences
IntelliCell is a pioneering regenerative medicine company focused on the expanding regenerative medical markets using adult autologous stromal vascular fraction cells (SVFCs) derived from the blood vessels in the adult adipose tissue. IntelliCell Biosciences has developed its own patented technology and protocol to separate adult autologous vascular cells from adipose tissue without the use of enzymes. IntelliCell will also be seeking to develop technology-licensing agreements with technology developers, universities, and international business entities.
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SOURCE IntelliCell BioSciences, Inc.