IntelliCell BioSciences Announces Favorable Ruling Against Ironridge Global IV, LTD., and TCA Global Credit Masterfund, LP
January 29 2014 - 6:29PM
Marketwired
IntelliCell BioSciences Announces Favorable Ruling Against
Ironridge Global IV, LTD., and TCA Global Credit Masterfund, LP
NEW YORK, NY--(Marketwired - Jan 29, 2014) - IntelliCell
Biosciences, Inc. ("IntelliCell" or the "Company") (OTCQB: SVFC), a
regenerative medicine company utilizing adult autologous vascular
cells (SVCs) derived from the blood vessels found in adipose
tissue, announced today that it has received a favorable ruling in
its case against Ironridge Global IV, LTD. ("Ironridge"), and TCA
Global Credit Master Fund, LP ("TCA").
On January 28, 2014, after an arduous battle in the courts,
Judicial Hearing Officer Ira Gammerman, a long time former Justice
of the Supreme Court of the State of New York, in a decision on
each of Ironridge's claims against the Company, fully justified
IntelliCell's position by ruling against each of Ironridge's and
TCA's demands for monetary damages. The Company has always
maintained that Ironridge was not entitled to any monetary claims
in this matter and Judge Gammerman agreed. The Court made it
abundantly clear that Ironridge (led by its principals John
Kirkland and Richard Krieger) and TCA are not entitled to monetary
damages and had no right to inappropriately broadcast to the world
that it could sell IntelliCell's assets.
IntelliCell's Chief Executive Officer, Dr. Steven Victor,
remarked, "We maintained from the very beginning that we would
vigorously defend ourselves against all of John Kirkland's and
Ironridge's claims for additional monetary damages and today the
Company feels vindicated and is happy for its shareholders." Dr.
Victor added, "I would like especially thank the Roth Law Firm and
Richard Roth and Jordan Kam for their hard work in getting us the
best result possible." Richard Roth stated, "At the end of the day
IntelliCell knew it was right -- and Ironridge was wrong -- on all
monetary claims. We just needed a Court to hear the dispute and
make that determination. Judge Gammerman did so when he made it
abundantly clear that Ironridge's claims lacked any basis. While
Ironridge may object to Judge Gammerman's Report &
Recommendation, it is our view that the decision puts all of those
claims to bed."
About IntelliCell Biosciences
IntelliCell is a pioneering regenerative medicine company
focused on the expanding regenerative medical markets using adult
autologous stromal vascular fraction cells (SVFCs) derived from the
blood vessels in the adult adipose tissue. IntelliCell Biosciences
has developed its own patented technology and protocol to separate
adult autologous vascular cells from adipose tissue without the use
of enzymes. IntelliCell will also be seeking to develop
technology-licensing agreements with technology developers,
universities, and international business entities.
Forward-Looking Statements
Certain statements set forth in this press release constitute
"forward-looking statements." Forward-looking statements include,
without limitation, any statement that may predict, forecast,
indicate, or imply future results, performance or achievements, and
may contain the words "estimate," "project," "intend," "forecast,"
"anticipate," "plan," "planning," "expect," "believe," "will
likely," "will reach," "will change," "will soon," "should,"
"could," "would," "may," "can" or words or expressions of similar
meaning. Such statements are not guarantees of future performance
and are subject to risks and uncertainties that could cause the
company's actual results and financial position to differ
materially from those included within the forward-looking
statements. Forward-looking statements involve risks and
uncertainties, including those relating to the Company's ability to
grow its business. Actual results may differ materially from the
results predicted and reported results should not be considered as
an indication of future performance. The potential risks and
uncertainties include, among others, the Company's limited
operating history, the limited financial resources, domestic or
global economic conditions, activities of competitors and the
presence of new or additional competition, and changes in Federal
or State laws. More information about the potential factors that
could affect the Company's business and financial results is
included in the Company's filings, available via the United States
Securities and Exchange Commission.
- Health Care Industry
- Health
- Multiple Sclerosis
- adipose tissue
Contact: IntelliCell BioSciences, Inc. Investor Relations Anna
Rhodes Email Contact (646) 576-8308