SOSUA BAY, Dominican Republic, May 13, 2010 (GLOBE NEWSWIRE) -- Proton Laboratories, Inc. (Pink Sheets:PLBI - News) announced today that Armando Casciati has signed and authorized the filing of an amendment to the Articles of Incorporation of the Company whereby his Series B Preferred Convertible Stock rights are changed. The change will eliminate his right to convert his 19,600,000 preferred shares into 1,000 shares of common for each preferred and will essentially grant him a super voting share holding position which will be able to convert into 55% of the common stock when combined with his common holdings. As of the date of this release, the conversion right would not affect any shareholders since Mr. Casciati currently owns approximately 70% of the issued common shares currently outstanding.
In addressing this matter Mr. Casciati stated, "It was never my intent to have the Preferred Shares designated in the manner that they were issued. Former management had authorized and filed the designation as it was shown on our information statement. This new amendment and designation corrects the agreement that was made at the time of our being acquired by Proton Laboratories, Inc. and eliminates the huge overhang in the market that the prior designation created. The Amendment was filed last week and should be available for retrieval in the next 7 days."
About Proton Laboratories, Inc. and its wholly owned subsidiary RegenoBody S.A:
RegenoBody S.A., a wholly owned subsidiary of Proton Laboratories, Inc., brings the benefits of bioscience to patients who have been diagnosed with chronic debilitating diseases, offering viable, efficient therapeutic options with special Stem Cell Therapies utilizing the most potent cells in the world today. Therapies are tailored for each individual, based upon their specific needs. Cells are obtained by the most modern technologic method. Their transplant physicians and stem cell laboratory scientists, in conjunction with RNL Bio, have been regarded as the best in the world. Stem cells derived from Autologous (Stem cells taken from your own body) and Allogeneic (Stem cells from a source other than your own) are used depending on the particular condition that needs to be treated. Treatments are delivered by an experienced team of International and U.S. Board Certified Physicians who are guided by strict protocols ensuring excellence in medical care.
About RNL Bio Company LTD:
RNL Bio is a premier biopharmaceutical company focused on development and commercialization of adult stem cell therapeutics and dog cloning technology. Headquartered in Seoul with state-of-the-art GMP facility, RNL is publicly traded company on the Korea Exchange (Code 003190) and strives to become a global leader across the biomedical industry.
FORWARD-LOOKING STATEMENT:
This report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this report are made as of the date hereof and the company undertakes no obligation to update such statements.
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