COSTA MESA, Calif.--(Business Wire)--
Synthetic Blood International, Inc. (OTCBB:SYBD) today announced
that the company's shareholders have approved the proposals put before
them at a special shareholders meeting that was held today.
The proposals include changing the name of the company to Oxygen
Biotherapeutics, Inc. A new stock ticker symbol to go with the name
change has not yet been designated.
The name change will be made in connection with the approved
reincorporation of the company and change in the company's state of
incorporation from New Jersey to Delaware. In addition, shareholders
approved management's proposal to increase the number of authorized
shares.
The company estimates that it can effect the reincorporation and
name change by the end of this month.
During the Q&A following the formal meeting, Dr. Bruce Spiess, MD
mentioned that the total value of grants received by Virginia
Commonwealth University from the Department of Defense for the study
of Oxycyte(R) now total in excess of $5.3 million. Dr. Spiess is
Virginia Commonwealth University Professor of Anesthesiology and
Emergency Medicine, Director of Research (Anesthesiology) and co-chair
of the company's Scientific Advisory Board.
In response to a shareholder question, Chairman and CEO Chris J.
Stern, DBA said the company's current burn rate is $300,000 per month.
A replay of the live webcast of today's meeting will be available
for 60 days on the Investor Relations section of the company's
website. However, due to sound problems in the webcast that were
beyond the company's control, the company intends to record clean
presentations of the information presented and post those on the site.
About Synthetic Blood International
Synthetic Blood International is dedicated to commercializing
innovative pharmaceuticals and medical devices in the field of oxygen
therapeutics and continuous substrate monitoring. The Company has
under development an oxygen therapeutic/blood substitute and a liquid
ventilation product, and an implantable glucose sensor. These products
are based upon core technologies that include biomedical applications
for PFCs, and medical and industrial applications for biosensors. Each
of the product candidates is designed with advantages over currently
marketed products in major markets including acute respiratory
distress syndrome, stroke, myocardial infarction, surgery, trauma,
malignant tumors and diabetes. For further information, visit
www.sybd.com.
Caution Regarding Forward-Looking Statements
This news release contains certain forward-looking statements by
Synthetic Blood International, Inc. that involve risks and
uncertainties and reflect the company's judgment as of the date of
this release. These statements involve the time required to effect the
reincorporation in Delaware and change the company's name. Actual
events or results may differ from Synthetic Blood International,
Inc.'s expectations. There can be no assurance that this will be
accomplished in the estimated time frame or that unexpected delays
will not cause the process to take longer than management estimates.
Additional information concerning these and other risk factors
affecting Synthetic Blood International, Inc.'s business can be found
in the company's public periodic filings with the Securities and
Exchange Commission, which are available via www.SYBD.com. Synthetic
Blood International, Inc. disclaims any intent or obligation to update
these forward-looking statements beyond the date of this release. This
caution is made under the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995.
Abe Wischnia & Associates
Abe Wischnia
619-795-2345
Copyright Business Wire 2008
