MultiCell Announces Results of Shareholders' Meeting
Thursday May 19, 11:00 am ET
LINCOLN, R.I.--(BUSINESS WIRE)--May 19, 2005--MultiCell Technologies, Inc. (OTCBB: MUCL - News), a leading supplier of immortalized non-tumorigenic human hepatocytes as pharmaceutical candidate optimization tools, announced today the results from its Annual Shareholders meeting held Wednesday, May 18, 2005 at the Hilton Mission Bay in San Diego, CA.
Jerry Newmin, Co-Chairman and CEO, welcomed attendees, introduced the board of directors, officers and guests, and conducted the meeting. Shareholders ratified all items on the proxy statement including: 1) The election of Stephen Chang, Ph.D., Anthony Cataldo, W. Gerald Newmin, Thomas A. Page, Ann Ryder Randolph, Edward Sigmond as Directors for a one-year term; 2) The ratification of J.H. Cohn, LLP as independent public accountants; 3) A one for five reverse stock split and 4) An amendment to the 2005 Equity Incentive Plan. Details of voting results will be published in the Company's second quarter report on Form 10QSB.
After the formal portion of the meeting, Dr. Janice DiPietro, CFO, gave a financial presentation. Dr. Ron Faris, Senior VP and CSO, discussed the Company's new facilities and product development priorities. Dr. Chang, President, discussed past, present and future efforts to build shareholder value. Their slides will be available via the Company's website as soon as possible. Mr. Newmin summarized the meeting and addressed shareholder questions.
MultiCell Technologies develops liver cell-based products for commercial and therapeutic applications. MultiCell's non-tumorigenic functional immortalized human liver cells offer pharmaceutical companies an effective alternative to primary animal cells for drug discovery screening. MultiCell's patented strategies for isolation of adult human liver stem cells avoid the ethical and contamination issues associated with embryonic stem cells.
MultiCell's new headquarters and laboratories are at 701 George Washington Highway, Lincoln, Rhode Island 02865. For more information about MultiCell and its Xenogenics subsidiary, call (401) 333-0610 or see www.multicelltech.com.
Except for the historical information contained herein, this press release contains forward-looking statements, including, without limitation, statements containing the words, "believes," "anticipates," "expects," and words of similar import. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those set forth in the forward looking statements. These risks include, among others, the impact of the reverse stock split on the common stock price and the company's ability to attract institutional ownership and analyst coverage, the risk that the company may not achieve profitability, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission including the Company's Annual Report on form 10-KSB for the fiscal year ended November 30, 2004, and its Quarterly Reports on Form 10-QSB 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.
Contact: MultiCell Technologies, Inc.
Jerry Newmin, 401-333-0610
or
CEOcast, Inc. for MultiCell
Ed Lewis, 212-732-4300
Source: MultiCell Technologies, Inc.
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