NEW YORK, May 7, 2014 /PRNewswire/ -- 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
final positive ruling in its case against Ironridge Global IV, LTD.
("Ironridge"), and TCA Global Credit Master Fund, LP ("TCA").
On May 5, 2014 Judge Jeffrey K.
Oing "ORDERED that the motion by IntelliCell to confirm JHO
Gammerman's report is granted, and the January 28, 2013 report of JHO Gammerman is
hereby confirmed; and it is further ORDERED that Ironridges' cross
motion to reject and/or modify the report is denied.
On January 28, 2013, 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 to 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 needed
two judges to confirm our position."
Link to Decision:
https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=L84VnUELUjA7UGhBC6oH4Q==&system=prod
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.
Contact:
Anna Rhodes
arhodes@intellicellbiosciences.com
212-249-3050
SOURCE IntelliCell BioSciences, Inc.