MultiCell Technologies Inc (MCET)

[HorseShoe Man]

On January 31, 2014, Xenogenics received a Notice of Default from Rutgers (the "Notice of Default") stating that Xenogenics was in default under the Rutgers License Agreement for failing to make certain payments, submit certain program reports, and use "good faith reasonable efforts" to meet certain milestones pursuant to the terms of the agreement. The Notice of Default stated that absent a full and complete cure of the mentioned issues, Rutgers would terminate the Rutgers License Agreement within 90 days of the date of the Notice of Default. Management, with the assistance of its legal counsel and an outside consultant, is evaluating the claims alleged in the Notice of Default, but has not yet determined its response to the claims.

I've been with MCET for 6 years and for the first time I feel I have lost my tail on this company. MCET has not been up and up with shareholders. They have been so darn quiet it makes me sick. Now after 2 1/2 years messing around with Emmes group to find funding they IMO are losing the Ideal Bio-stent. Now 4.3 Million is due and no funding to keep it!! This is a major blow to MCET. IMO. 6 years! I know MCET inside and out and this is not good! You don't think there will be lawsuits? LOL There are going to be many and MCET knows it and that is why they are getting assistance of its legal counsel and an outside consultant, is evaluating the claims alleged in the Notice of Default

http://biz.yahoo.com/e/140414/mcet10-q.html