LAS VEGAS, June 7 /PRNewswire-FirstCall/ - PTS, Inc. (PTSH.OB) announced today that it is preparing a Letter of Intent (LOI) to merge with a European tissue engineering company. This is one of several entities PTSH plans to merge with in the coming months.
PTSH is unable to disclose the name and specifics about the company until a LOI is signed. However, PTSH can disclose that the company was founded in 1997, focuses in the areas of regeneration of joint cartilage, development of tissue engineered bone substitutes, isolation, cultivation and differentiation of multipotent stem cells from follicular fluid.
Marc Pintar, Interim President and CEO of PTSH comments, "We are extremely excited to be sharing today's news with you. We are moving quickly to execute a LOI and appreciate the investment community's understands of our limited disclosure at this time. When time permits we will be forthright with all details".
The company in question has two core competencies: (1) Cell Culturing (in vitro and cryopreservation); and (2) Molecular biology/biochemistry (quantitative PCR, test for metabolic activity of cells, DNA/calcium/glycosaminoglycan qualification). According to the company it has functional assays using mesenchymal stem cells from humans bone marrow and adipose tissue to quantify and qualitatively assess the effect of drug candidates. Furthermore, the company starts that in comparison to standardized cell lines, high biological variability of primary culture cells presents an advantage in the process of drug discovery and testing. Due to diverse response of the cells on the tested molecule, effectiveness of the compound can be evaluated earlier in the process thus, importantly reducing time and cost of drug development.
"PTSH believes that with our assistance this new merger could elevated the business and position itself to take advantage of various business opportunities", stated Mr. Pintar.
An 8-K along with a copy of the signed and executed LOI specifying all the terms and conditions of the transaction will be filed with the SEC shortly.
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Safe Harbor Statement
Information in this news release may contain statements about future expectations, plans, prospects or performance of PTS, Inc. that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be", "expects", "may affect", "believed", "estimate", "project" and similar words and phrases are intended to identify such forward-looking statements. PTS, Inc. cautions you that any forward-looking information provided by or on behalf of PTS, Inc. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. PTS, Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond PTS, Inc.'s control. In addition to those discussed in PTS, Inc.'s press releases, public filings, and statements by PTS, Inc.'s management, including, but not limited to, PTS, Inc.'s estimate of the sufficiency of its existing capital resources, PTS, Inc.'s ability to raise additional capital to fund future operations, PTS, Inc.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match PTS, Inc.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. PTS, Inc.does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
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SOURCE PTS, Inc.