Human BioSystems
Human BioSystems: HBS BioEnergy Finalizes Agreement to Acquire Planned Ethanol Projects
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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HBS BioEnergy Finalizes Agreement to Acquire Planned Ethanol Projects
Palo Alto, CA – September 29, 2006 – (OTCBB:HBSC) -Human BioSystems (‘HBS’)
announced today that HBS BioEnergy (‘HBS Bio’), a wholly owned subsidiary
of HBS, signed definitive agreements with EXL III Group Corporation (‘EXL’)
to acquire two planned ethanol projects, pursuant to the Letter of Intent
announced in a July 27, 2006 press release .
‘The ethanol projects will be transferred or assigned to HBS Bio from EXL
through the acquisition of options on the purchase of land appropriate for
bio-fuels production or through projects already in progress. Under the
terms of the asset purchase agreement, restricted stock of HBS will be
released from escrow upon the transfer of the first option,’ explained Mr.
Harry Masuda, CEO of Human BioSystems.
A separate consulting agreement between HBS Bio and EXL was also signed
that will utilize the services of EXL and specifically Mr. Claude Luster
III, the principal of EXL, to provide the expertise and leadership
necessary to complete the process of site acquisition, permitting,
construction, financing and ultimately the production and sale of ethanol
or other bio fuels. The terms of the consulting agreement require the
payment of consulting fees and up to an aggregate of 3,450,000 shares of
restricted HBS stock, to be held in escrow and released as project
milestones are met.
Mr. Claude Luster III, CEO of EXL said, ‘I am very excited about this
relationship with HBS BioEnergy and HBS. I believe that EXL can bring the
strategic components to the table that could benefit all parties
concerned.’
‘The signing of these agreements marks the beginning of a commitment by HBS
to a revenue path while leaving the bio-medical business intact and
separate from the energy business,’ concluded Mr. Masuda.
Human BioSystems is a developer of preservation platforms for organs and
other bio-materials. HBS is headquartered in Palo Alto, California with
research facilities in Michigan and has been granted four patents by the
U.S. Patent Office.
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 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 29.09.2006
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