BioTherapeutics, Inc. (“CVBT” or the “Company”). CVBT is informed that on February 24, 2014 the
Delaware Court of Chancery denied the defendants’ (Daniel C. Montano, John
(Jack) Jacobs, Ernest C. Montano, Viktoriya Tamlenova Montano, Ernest Montano
III, and Joong Ki Baik) motion to dismiss the Second Delaware Lawsuit, which seeks
to confirm the validity of the November 27, 2013 stockholder action by written
consent which approved certain amendments to CVBT’s bylaws and effected the
removal of all of the members of the board of directors other than Mickael A.
Flaa and Grant Gordon. The motion to
dismiss argued that the dispute was not yet ripe for resolution by the Court.
The Second Delaware Lawsuit is scheduled by the Court of Chancery to be heard
on May 2, 2014.
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About CardioVascular BioTherapeutics
CVBT is a biopharmaceutical company developing drug
candidates for diseases characterized by inadequate blood flow to tissue or
organs. The company is the sponsor of a currently paused Phase II trial to
treat severe coronary heart disease (CVBT-141H), and has received FDA
authorization for a Phase I trial to treat peripheral arterial disease
(CVBT-141C). A Late-Stage trial to treat chronic diabetic foot ulcers
(CVBT-141B) is planned pending FDA approval. CVBT was formerly publicly traded
under the ticker symbol OTCBB: CVBT.
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This news release contains forward-looking statements
that involve risks and uncertainties. Actual results and outcomes may differ
materially from those discussed or anticipated. For example, statements
regarding expectations for new research, progress with clinical trials or
future business initiatives are forward looking statements. Factors that might
affect actual outcomes include, but are not limited to, FDA approval of CVBT
drug candidates, market acceptance of CVBT products by customers, new
developments in the industry, future revenues, future expenses, future margins,
cash usage and financial performance. For a more detailed discussion of these
and associated risks, see the company's most recent documents filed with the
Securities and Exchange Commission.
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SOURCE: CardioVascular BioTherapeutics, Inc.