LAGUNA HILLS, Calif., May 14 /PRNewswire-FirstCall/ -- LifeStem International, Inc., (OTC Bulletin Board: LSTM), formerly CalbaTech, Inc., an emerging life sciences company concentrating on providing products and platforms to the research market for biotech and pharmaceutical companies and to academic institutions, as well as providing services in the collection, processing and storage of adult stem cells, today announced revenues for the first quarter of 2008 ending March 31 totaled $318,853, up from revenues of $311,970 in the same period in 2007.
The Company also announced that its gross profit increased to $195,260 in 2008 compared to $159,828 during the same period last year. "Significantly, we were able to decrease operating expenses twenty-four percent to $356,060 in the first quarter of 2008 compared to $471,922 last year," said James DeOlden, CEO. LifeSteam International announced a loss for the quarter due to adjustments for non-operating, non-cash derivates embedded in the Company's financing instrument.
"The therapeutic possibilities that may be provided by collecting and preserving healthy adult stem cells on a pre-disease basis may revolutionize the practice of medicine. The power and promise of stem cell therapies is just emerging, and the corresponding development of new clinical applications and therapies are expected to follow. LifeStem's Stem Cell Microbank(TM) Service focuses on refining existing collection processes that are gaining significant acceptance. The focus will be providing a stem cell collection process and storage service that maintains adult stem cells for future use and broadens the availability of a collection and storage service," Mr. DeOlden said. The Company's initial client collections through the Stem Cell Microbank(TM), originally scheduled for May 10, have been, at the clients' request, rescheduled for June 20.
About LifeStem International, Inc.
LifeStem International, Inc. (OTC Bulletin Board: LSTM) is the emerging life sciences company (http://www.lifesteminternational.com), concentrating on providing products and platforms to the research market for biotech and pharmaceutical companies and to academic institutions, as well as providing services in the collection, processing and storage of adult stem cells.
Note: Certain statements in this news release may contain
"forward-looking" information within the meaning of rule 175 under the
Securities Act of 1933 and Rule 3b-6 under the Securities Act of 1934 and
are subject to the safe harbor created by those rules. We use words such as
"anticipate," "believe," "expect," "future," "intend," "plan," and similar
expressions to identify forward-looking statements. These statements
including those related to being in a large and growing market, exhibiting
rapid growth characteristics, and having a growth strategy, are forward
looking statements. These forward looking statements are only predictions
and are subject to certain risks, uncertainties and assumptions. Some of
the risks, uncertainties and assumptions that could cause actual results to
differ materially from estimates or assumptions in this press release
include the risk that we will not be able to grow our revenues and market
share, the risk that our prices do not remain competitive and the risk that
we will not achieve profitability. Additional risks are identified and
described in the Company's public filings with the Securities and Exchange
Commission, including our most recent Report on Form 10-KSB, and Reports on
Form 10-QSB and Form 8-K. Statements made herein are as of the date of this
press release and should not be relied upon as of any subsequent date. The
Company's past performance is not necessarily indicative of its future
performance. The Company does not undertake, and the Company specifically
disclaims, any obligation to update any forward-looking statements to
reflect occurrences, developments, events, or circumstances after the date
of such statement.
Contact: Paul Knopick
E & E Communications
|SOURCE LifeStem International, Inc.|
Copyright©2008 PR Newswire.
All rights reserved