MultiCell Technologies Appoints Anthony Cataldo to Position of Non-Executive Co-Chairman
Monday February 14, 9:10 am ET
SAN DIEGO--(BUSINESS WIRE)--Feb. 14, 2005--MultiCell Technologies, Inc. (OTCBB:MUCL - News), a leading supplier of functional non-tumorigenic immortalized human hepatocytes, announced today that it has appointed Anthony J. Cataldo to serve as Non-Executive Co-Chairman of the Board. In this role, Mr. Cataldo is expected to focus on financial and commercial opportunities surrounding the development of its patented adult stem cell technology.
"I am delighted to welcome Tony to MultiCell Technologies," said Jerry Newmin, MultiCell's Co-Chairman and Chief Executive Officer. "Tony's reputation on Wall Street and success in raising capital and restructuring balance sheets has helped many companies. We look forward to him playing an important role in developing strategic alliances, identifying acquisition candidates and raising the funding necessary to grow the Company and build shareholder value."
Mr. Cataldo currently serves as Chairman of BrandPartners Group, Inc. (OTCBB:BPTR - News) where he has led a turnaround of the company that he helped recapitalize,, eliminating millions of dollars of indebtedness that has allowed BPTR to post record financial results. Since being appointed as Chairman in 2003, the company's stock price has increased by over 400%. Previously, Mr. Cataldo served as Executive Chairman of Calypte Biomedical (AMEX:HIV - News), where he spearheaded the company's turnaround, assisting it in restructuring its balance sheet, raising capital and obtaining an AMEX listing. Prior to Calypte, Mr. Cataldo helped Senetek Plc (Nasdaq:SNTK - News), increase its market capitalization by several hundred million dollars. Likewise, while President of Internet Systems, Japan, he was responsible for establishing new markets.
"I am excited to join MultiCell at a time when there is so much interest and opportunity in the area of stem cells," said Mr. Cataldo. "I look forward to expanding awareness of the company's unique technology platform in both the investment and scientific communities and working closely with Jerry Newmin and the entire team to realize its potential."
MultiCell is developing novel strategies for isolation of adult human liver stem cells, on which they hold a patent. Liver stem cells may play a key role in transplantation for tissue regeneration as well as other diagnostic and therapeutic applications. The use of liver stem cells to treat diseases, such as Hepatitis C, may greatly enhance quality of life and obviate the need for costly whole organ liver transplantation. MultiCell believes our stem cell technologies offer us a unique position within the cell therapy market. Since stem cells will be obtained from adult tissues, our methodology avoids the ethical issues often associated with embryonic stem cells as well as the recent contamination issue.
For information about MultiCell call 401-738-7560 or see www.multicelltech.com.
The matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission including the Company's Annual Report, Quarterly Reports and other periodic filings. These forward-looking statements speak only as of the date hereof. The Company disclaims any intent or obligation to update these forward-looking statements.
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Contact:
MultiCell Technologies, Inc.
Jerry Newmin, 401-738-7560
or
CEOcast, Inc. for MultiCell
Ed Lewis, 212-732-4300
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Source: MultiCell Technologies, Inc.
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