Stem Cell Therapy International-Histostem merger on schedule

Dec 24 2009

Stem Cell Therapy International, Inc. (OTCBB: SCII) announced that its pre-closing conditions for its merger with Histostem Co. Ltd. ("Histostem") are proceeding on schedule with an expected close of the merger in January 2010.

Shareholders have approved changing the Company's name to AmStem Corporation and approved an increase in authorized shares. The Company has filed an application with FINRA for the official name change to AmStem Corporation. AmStem Corporation (SCII) will be the parent company of Histostem and AmStem International, Inc. (Nevada Corporation), the wholly owned subsidiary, established for international distribution of cosmetic products and treatments.

Furthermore, the Company has issued the 93,863,357 shares, currently held in escrow, required to consummate the acquisition of a 90% controlling interest in the securities of Histostem. Following the closing, the Company expects to have approximately 175,753,995 shares outstanding. This fully diluted share figure includes the estimate of 13,181,535 shares which will be issued within 5 days of the closing to settle previous litigation as per the merger agreement. The shares held by Histostem are not expected to be registered or distributed.

David Stark, President and CEO of SCII, commented, "We have been making considerable progress fulfilling the obligations within our agreement with Histostem and anticipate the merger will be completed very soon. This merger creates one of the first fully merged Pacific Rim and U.S. stem cell companies and we look forward to beginning this new chapter in our corporate development. As with all international mergers, progress often takes longer than expected, however all parties are excited about creating a leading, international stem cell research, treatment and product distribution company."