Advanced Cell Technology Strengthens Balance Sheet
$3 Million in Debt Converted to Equity; Company has eliminated approximately $33
million in Indebtedness over past 14 months; Convertible Debentures Reduced to
$890,000
MARLBOROUGH, Mass., Dec 02, 2010 (BUSINESS WIRE) -- Advanced Cell Technology,
Inc. ("ACT"; OTCBB:ACTC) announced today that it has strengthened its balance
sheet through the elimination of approximately $3 million in debt over the past
several weeks. The conversion of senior and subordinated debentures to equity has
reduced the Company's outstanding convertible debentures to approximately
$890,000. Since September 2009, Advanced Cell has eliminated approximately $33
million in indebtedness.
"We are pleased that we have taken these important steps to create long-term
value for shareholders," said William M. Caldwell IV, Chairman and CEO of ACT.
"For the past three years, the monthly amortization of certain debentures and
conversion to equity of other indebtedness has contributed to a regular supply of
stock that has adversely impacted trading. We hope that with the elimination of
most of that debt that our stock will begin to reflect the Company's significant
recent accomplishments and the potential for our technology platform in the
future."
About Advanced Cell Technology, Inc.
Advanced Cell Technology, Inc. is a biotechnology company applying cellular
technology in the field of regenerative medicine. For more information, visit
advancedcell.com.
Forward-Looking Statements
Statements in this news release regarding future financial and operating results,
future growth in research and development programs, potential applications of our
technology, opportunities for the company and any other statements about the
future expectations, beliefs, goals, plans, or prospects expressed by management
constitute forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Any statements that are not statements
of historical fact (including statements containing the words "will," "believes,"
"plans," "anticipates," "expects," "estimates," and similar expressions) should
also be considered to be forward-looking statements. There are a number of
important factors that could cause actual results or events to differ materially
from those indicated by such forward-looking statements, including: limited
operating history, need for future capital, risks inherent in the development and
commercialization of potential products, protection of our intellectual property,
and economic conditions generally. Additional information on potential factors
that could affect our results and other risks and uncertainties are detailed from
time to time in the company's periodic reports, including the report on Form 10-K
for the year ended December 31, 2009. Forward-looking statements are based on the
beliefs, opinions, and expectations of the company's management at the time they
are made, and the company does not assume any obligation to update its
forward-looking statements if those beliefs, opinions, expectations, or other
circumstances should change. Forward-looking statements are based on the beliefs,
opinions, and expectations of the company's management at the time they are made,
and the company does not assume any obligation to update its forward-looking
statements if those beliefs, opinions, expectations, or other circumstances
should change.
SOURCE: Advanced Cell Technology, Inc.
Investors:
CEOcast, Inc.
Dan Schustack, 212-732-4300
or
Press:
Gotham Communications, LLC
Bill Douglass, 646-450-3615 |
