EATONTOWN, N.J., July 2, 2014 (GLOBE NEWSWIRE) -- American CryoStem Corporation (OTCQB:CRYO), a leading strategic developer, marketer and global licensor of patented adipose tissue-based cellular technologies for the Regenerative and Personalized Medicine industries, today announced that it has made a major step in establishing a global footprint for its cellular technology and laboratory processing platform by entering into an agreement to license its ATGRAFT™ adipose tissue (fat) processing and storage technologies with Health Innovative Technology Corporation Limited (HIT), a Hong Kong corporation. HIT currently operates a cellular processing and banking platform and a chain of medical centers, offering comprehensive healthcare solutions to clients in Hong Kong.
American CryoStem has licensed to HIT the exclusive rights to utilize the Company's Standard Operating Procedures (SOP's) to create and market the Company's ATGRAFT™ tissue storage service in Hong Kong. The financial terms call for annual minimum licensing payments as well as additional royalty payments based on gross revenue. HIT will also purchase CRYO's ACSelerate™ storage media and other products necessary for clinical collection, processing and storage of Adipose Tissue. Upon execution CRYO received the initial payment of the minimum annual licensing fee with the balance of first year licensing payments due prior to full commercial launch of the ATGRAFT™ service in Hong Kong. The formal licensing agreement is scheduled for finalization within 90 days.
"We are pleased to announced this international licensing transaction with Health Innovative Technologies and look forward to working closely with HIT's scientific team in Hong Kong to integrate our tissue storage and processing platform into their existing laboratory services," commented John Arnone, CEO of American CryoStem. Mr. Arnone continued, "We believe our Adipose Tissue platform will be the foundation for establishing licensed laboratory facilities for future stem cell applications developed and deployed by CRYO and others globally. HIT's current platform of anti-aging and cosmetic healthcare services makes ATGRAFT™ an excellent addition to their list of services."
Mr. Kenneth Chan, Chairman of HIT commented, "We have been a long term admirer of American CryoStem's Adipose Tissue research since visiting their laboratory facility in the U.S. We believe their validated tissue processing and storage protocol will create a natural alternative to artificial fillers in the Asian marketplace. Creating an inventory of stored fat tissue for patients to use will greatly increase patient retention and loyalty to their physician, thus, allowing a sustainable business model. Historically, the Hong Kong and greater China marketplace follows the US and Europe; in terms of adipose tissue and fat grafting, this technology gives us great potential to expand our network of doctors and medical facilities to cryopreserve their patient's adipose tissue. We believe, that the introduction of American CryoStem's technology and their ATGRAFT™ product, will create a tremendous business opportunity for us."
About Health Innovative Technology Corporation Limited
Health Innovative Technology Corporation Limited (HIT) (www.healthinnotech.com) is a healthcare platform dedicated to safeguard the health of people in Greater China. By introducing various innovative and scientifically proven biomedical technologies around the world, including stem cell storage and genome diagnostic services, we believe that the Greater China region can benefit from the advancements of biomedical technology through this healthcare platform. In addition, HIT strives to promote the global development of life science and medical technology by supporting different research projects around the globe. We continually look to import cutting-edge life science technologies to Greater China that may contribute to better health prevention for everyone. HIT strongly believes this comprehensive healthcare platform provides the best means to share the latest and future breakthroughs in biomedical technology, so that each individual can benefit from these achievements. With our unique healthcare platform, we envision being healthy and that creating longevity is no longer a hope, but is within everyone's reach.
About American CryoStem Corporation
A pioneer in the fields of Regenerative and Personalized Medicine, American CryoStem is a developer, marketer and global licensor of patented adipose tissue-based cellular technologies and related proprietary services with a focus on clinical processing, commercial bio-banking and application development for adipose (fat) tissue and autologous adipose-derived regenerative cells (ADRCs). The Company maintains a strategic portfolio of intellectual property and patent applications that form its Adipose Tissue Processing Platform, which supports and promotes a growing pipeline of biologic products and processes, clinical services and international licensing opportunities. Through its ACS Laboratories division, the Company operates an FDA registered, cGMP compliant human tissue processing, cryo-storage, cell culture and differentiation media development facility in Mount Laurel, New Jersey. For more information, please visit www.americancryostem.com and www.acslaboratories.com.
This press release may contain forward-looking statements, including information about management's view of American CryoStem Corporation's ("the Company") future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this press release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of the Company, its subsidiaries and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on the Company's future results. The forward-looking statements included in this press release are made only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, the Company undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by American CryoStem Corporation.
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Source: American CryoStem Corp.