Human BioSystems
Human BioSystems: Human BioSystems Signs Letter of Intent to Acquire 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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Breaking News: Human BioSystems Signs Letter of Intent to Acquire Ethanol
Projects
Palo Alto, CA – July 27, 2006 – (OTCBB:HBSC) -Human BioSystems (“HBS”), a
developer of preservation platforms for organs and other biomaterials,
announced today that it has signed a letter of intent (“LOI”) to acquire
two ethanol production facility projects from EXL III Group Corporation
(“EXL III”), an equity partner in ethanol plant ventures. HBS will also
enlist the services of Claude Luster III, the principal of EXL III Group
Corporation, to serve as the President of a new subsidiary to be formed to
develop the ethanol business.
The LOI provides that HBS will acquire the projects from EXL III Group
Corporation for restricted HBS common stock. In addition, HBS will enter
into a Consulting Services Agreement with Mr. Luster.
“We made the decision to enter the bio energy field because it gives HBS
the potential to achieve substantial revenue and profit growth within a
predictable timetable, and because the opportunity and expertise to pursue
the renewable energy market exists with this acquisition,” stated Harry
Masuda, CEO of Human BioSystems. “This acquisition should give HBS
additional financing options not previously available,” continued Mr.
Masuda.
The acquisition, which is expected to close in the fall of 2006, is subject
to certain conditions, 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.
HBS is headquartered in Palo Alto, California with research facilities in
Michigan.
Contact:
Human BioSystems Investor Relations Investor Relations
Harry Masuda Yes International Concept Communications Group
(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 31.07.2006
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