Human BioSystems
Human BioSystems Forms Subsidiary For Ethanol Business – HBS BioEnergy
Corporate news transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Human BioSystems Forms Subsidiary For Ethanol Business – HBS BioEnergy
Palo Alto, CA – August 22, 2006 – (OTCBB:HBSC) -Human BioSystems (“HBS”)
announced today the formation of HBS BioEnergy (“HBE”), a wholly owned
subsidiary of Human BioSystems.
HBS BioEnergy will operate as a separate company and subsidiary of HBS for
the purpose of developing the bio energy business including the two ethanol
fuel production facility projects to be acquired from EXL III Group
Corporation (“EXL III”) pursuant to the Letter of Intent (“LOI”) mentioned
in the press release dated July 27, 2006.
The formation of this subsidiary is the first step toward establishing the
organizational structure to consummate the acquisition and to carry out
HBS’s plan to build the facilities that will produce renewable fuel sources
for the U.S. market.
The commencement of any meaningful operation of HBE is dependent upon the
signing of definitive agreements between HBS, EXL III and its principal Mr.
Claude Luster III pursuant to the Letter of Intent signed in July, 2006.
The acquisition is expected to close in the fall of 2006, after certain
conditions are met, including but not limited to completion of satisfactory
due diligence by HBS, the negotiation and completion of a definitive
acquisition agreement and Consulting Services Agreement, approval of the
HBS and EXL III boards of directors and other customary conditions.
Human BioSystems is a developer of preservation platforms for organs and
other biomaterials. The Company, headquartered in Palo Alto, California
with research facilities in Michigan, has been granted four patents by the
U.S. Patent Office. HBS also announced recently the signing of a letter of
intent to enter the BioFuels business through the acquisition of two
ethanol production facility projects from EXL III, an equity partner in
ethanol plant ventures.
Contact:
Human BioSystems Investor Relations Investor Relations
Harry Masuda Yes International Concept Communications Group LLC
(650) 323-0943 (800) 631-8127 (727) 447-0514
Certain statements contained herein are “forward-looking” statements (as
such term is defined in the Private Securities Litigation Reform Act of
1995). Because such statements include risks and uncertainties, actual
results may differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause results to differ
materially from those expressed or implied by such forward-looking
statements include, but are not limited to, failure to complete a final
definitive agreement, failure to obtain regulatory approvals for the
construction of ethanol plants, failure to obtain the required financing
and to construct the ethanol plants, failure of the ethanol plants to meet
standards, the inability to find raw material for the production of ethanol
or to sell the ethanol at on acceptable terms, the risks involved in
pursuing a business unrelated to HBS’ prior business, and other factors
discussed in filings made by the Company with the Securities and Exchange
Commission
(c)DGAP 25.08.2006
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