$3 Million in Debt Converted to Equity; Company has eliminated approximately $33 million in Indebtedness over past 14 months; Convertible Debentures Reduced to $890,000
MARLBOROUGH, MA -December 2, 2010. Advanced Cell Technology, Inc. ("ACT”; OTCBB:ACTC) announced today that it has strengthened its balance sheet through the elimination of approximately $3 million in debt over the past several weeks. The conversion of senior and subordinated debentures to equity has reduced the Company's outstanding convertible debentures to approximately $890,000. Since September 2009, Advanced Cell has eliminated approximately $33 million in indebtedness.
"We are pleased that we have taken these important steps to create long-term value for shareholders,” said William M. Caldwell IV, Chairman and CEO of ACT. "For the past three years, the monthly amortization of certain debentures and conversion to equity of other indebtedness has contributed to a regular supply of stock that has adversely impacted trading. We hope that with the elimination of most of that debt that our stock will begin to reflect the Company's significant recent accomplishments and the potential for our technology platform in the future.”
*About Advanced Cell Technology, Inc.*
Advanced Cell Technology, Inc. is a biotechnology company applying cellular technology in the field of regenerative medicine. For more information, visit http://www.advancedcell.com.
Statements in this news release regarding future financial and operating results, future growth in research and development programs, potential applications of our technology, opportunities for the company and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "will,” "believes,” "plans,” "anticipates,” "expects,” "estimates,” and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: limited operating history, need for future capital, risks inherent in the development and commercialization of potential products, protection of our intellectual property, and economic conditions generally. Additional information on potential factors that could affect our results and other risks and uncertainties are detailed from time to time in the company's periodic reports, including the report on Form 10-K for the year ended December 31, 2009. Forward-looking statements are based on the beliefs, opinions, and expectations of the company's management at the time they are made, and the company does not assume any obligation to update its forward-looking statements if those beliefs, opinions, expectations, or other circumstances should change. Forward-looking statements are based on the beliefs, opinions, and expectations of the company's management at the time they are made, and the company does not assume any obligation to update its forward-looking statements if those beliefs, opinions, expectations, or other circumstances should change.
Dan Schustack, 212-732-4300
Gotham Communications, LLC
Bill Douglass, 646-450-3615