NEW YORK, March 16 /PRNewswire-Asia-FirstCall/ -- NeoStem, Inc. ( NBS) ("NeoStem" or the "Company"), an international biopharmaceutical company with operations in the U.S. and China, announced today the appointment of Deloitte & Touche LLP ("Deloitte & Touche") as the Company's independent registered public accountant for fiscal year 2010.
The decision to change independent registered public accounting firms was recommended and approved by NeoStem's Audit Committee of the board of directors on March 11. NeoStem's engagement with current auditor Holtz Rubenstein Reminick LLP ("HRR") will end following completion of the 2009 audit of the Company's financial statements and filing of the Form 10-K. HRR's audit of NeoStem's 2007 and 2008 financial statements did not contain any adverse opinions or disclaimer of opinion, and there have been no disagreements between the Company and HRR on any matter regarding accounting principles or practices, financial statement disclosure or auditing scope or procedure during fiscal 2007, fiscal 2008 and the subsequent interim period through March 11, 2010.
"Over the past year, NeoStem has evolved into a sophisticated multinational operation with multiple businesses in the U.S. and China and has more complex financial and accounting needs, which we believe are best serviced by a Big Four accounting firm, such as Deloitte & Touche," said Robin Smith, M.D., NeoStem's CEO and Chairman of the board of directors. "We thank HRR for their adept service in recent years and look forward to working with Deloitte & Touche as the Company continues to grow and increase shareholder value."
About NeoStem, Inc.
NeoStem, Inc. is engaged in the development of stem cell-based therapies, pursuit of anti-aging initiatives and building of a network of adult stem cell collection centers in the U.S. and China that are focused on enabling people to donate and store their own (autologous) stem cells for their personal use in times of future medical need. The Company also has licensed various stem cell technologies, including a worldwide exclusive license to VSEL(TM) technology which uses very small embryonic-like stem cells, shown to have several physical characteristics that are generally found in embryonic stem cells, and is pursuing the licensing of other technologies for therapeutic use. NeoStem's majority-controlled Chinese pharmaceutical operation, Suzhou Erye, manufactures and distributes generic antibiotics in China. For more information, please visit: http://www.neostem.com .
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward looking statements include statements herein with respect to continued growth of the Company, about which no assurances can be given. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Factors that could cause future results to materially differ from the recent results or those projected in forward-looking statements include the "Risk Factors" described in the Company's Registration Statement on Form S-1 filed with the Securities and Exchange Commission on as well as periodic filings made with the Securities and Exchange Commission. The Company's further development is highly dependent on future medical and research developments and market acceptance, which is outside its control.
For more information, please contact: NeoStem, Inc. Robin Smith, CEO Phone: +1-212-584-4174 Email: email@example.com Web: http://www.neostem.com CCG Investor Relations, Inc. Lei Huang, Account Manager Phone: +1-646-833-3417 Email: firstname.lastname@example.org Web: http://www.ccgirasia.com Crocker Coulson, President Phone: +1-646-213-1915 Email: email@example.com
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