MII Microislet

SAN DIEGO, March 31 /PRNewswire-FirstCall/ -- MicroIslet, Inc. (AMEX:MII), a biotechnology company engaged in the research, development and commercialization of patented technologies in the field of transplantation therapy for people with insulin-dependent diabetes, today announced that it will not file its Annual Report on Form 10-KSB for the fiscal year ended December 31, 2005 with the Securities and Exchange Commission by March 31, 2006. The company will file on Monday a Form 12b-25 (Notification of Late Filing) with the SEC seeking a 15-day extension to file its Annual Report on Form 10-KSB. MicroIslet is unable to file its Annual Report by the deadline of March 31, 2006 due to a delay in the completion of its financial statements as of and for the fiscal year ended December 31, 2005. The delay is related to resolving certain accounting issues related to our stock options and warrants. The company is working diligently to resolve these issues and the company intends to file its Annual Report on Form 10-KSB with the SEC at the earliest possible date. About MicroIslet MicroIslet is a biotechnology company engaged in the research, development, and commercialization of patented technologies in the field of transplantation therapy for people with insulin-dependent diabetes. MicroIslet's patented islet transplantation technology, exclusively licensed from Duke University, includes methods for isolating, culturing, cryopreservation, and immuno-protection (microencapsulation) of islet cells. MicroIslet is working to develop and commercialize a first product, called MicroIslet-P(TM), a microencapsulated porcine islet cell suspension that will be used for transplantation in patients with insulin-dependent diabetes. Additional information about MicroIslet can be found at http://www.microislet.com/. For further information, contact: Kevin A. Hainley, MicroIslet Inc. 858-657-0287, Sean Collins, Partner CCG Investor Relations & Strategic Communications 310-231-8600 ext. 202 DATASOURCE: MicroIslet, Inc. CONTACT: Kevin A. Hainley of MicroIslet Inc., +1-858-657-0287, ; or Sean Collins, Partner of CCG Investor Relations & Strategic Communications, +1-310-231-8600, ext. 202, for MicroIslet, Inc. Web site: http://www.microislet.com/

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