US Stem Cell Inc (USRM)

[Dragon Lady]

Nigeria???

Oh no, not again from these guys?? They gotta be kidding? Nigeria?

Kinda like the ole S. Africa big "joint venture" that had (supposedly) a "grand opening" and then many patients "treated" and "facility expansion" take place, all put out in numerous PR, well- all except for when that pesky 10-Q just got filed and told a bit of a different "story".

http://www.marketwired.com/press-release/bioheart-announces-joint-venture-in-south-africa-otcbb-bhrt-1923668.htm

http://www.marketwatch.com/story/bioheart-announces-successful-grand-opening-of-facility-in-south-africa-2014-09-24

THEN, here comes the 10-Q and the "story" kinda changed a bit of the tune, in my humblest of opinions.

Most recent 10-Q, PAGE 23:

"We announced a joint venture in South Africa and the facilities called “South African Stem Cell Institute” were successfully opened in September, 2014 with the intention to retain a 49% ownership of the new entity. As of September 31, 2014, however, there was no formal legal entity established and no formal operating agreement for this joint venture. In additional the Company has not yet incurred any material expenses associated with this venture. Management has concluded that as of September 31, 2014 this announcement is not material to the Company’s financial statements."


What? Huh? How can that be? Suddenly all that PR that stated IT ACTUALLY HAPPENED, then became an "intention" and "no money was spent" and "no formal operating agreement", blah, blah, blah.

NIGERIA? What's the annual avg income in ole Nigeria. Lets check- so we can see who's gonna be rushing around down their to get expensive "stem cell treatments" and what not.

Take about the last 5 of these 3rd world "joint venture PR" releases- and overlay them on each other. Just cut n past the new name of some country and some doctor in, they're verbatim copies, right down to the phrase "laser like focus" and "will work with the (insert country name here) ministry of health" and then insert the entire population of the particular country, in this case 173 million. EVERY PR is a template of the last one, even the "Bioheart will assume 49% ownership". Always wondered how one just "assumes" ownership? They don't buy it and no money trades hands? Oh, then the S. Africa 10-Q facts come out- and they didn't "assume" 49% of anything after all. Funny how that "works"?? No?

World bank says it's about $3K PER YEAR annual income per person in Nigeria. Oh yeah, LOTS of money in their pockets for "stem cell treatment" down there. I'd think they're more worried about eating and surviving maybe? Perhaps?

And, lets check the PR for the ole "we're gonna work with the Nigerian govt", the line that's been in every PR about some 3rd world country "joint venture". Yep, THERE IT IS.

"Bioheart's partnership will establish a critical relationship with the Nigerian government and the joint venture will work closely with the Ministry of Health to make Bioheart protocols part of the standard of care for patients in Nigeria. Bioheart will provide the necessary training and expertise to transfer Bioheart therapies to the new facility.."

The ole Nigerian "MINISTRY OF HEALTH" is gonna be "working" with little ole Bioheart. Yep. Sure thing. I'm gonna write that "Ministry of Health" today and ask um if they've ever even heard of a U.S. based company called Bioheart. Will write it and mail if myself.

Now bout this from Bioheart's own 10-K filing??

Last 10-K, PAGE 39:
"We do not currently have product liability insurance because none of our product candidates has yet been approved for commercialization. While we plan to seek product liability insurance coverage if any of our product candidates are sold commercially, we cannot assure you that we will be able to obtain product liability insurance on commercially acceptable terms, if at all, or that we will be able to maintain such insurance at a reasonable cost or in sufficient amounts to protect against potential losses.

Claims may be made by consumers, healthcare providers, third party strategic collaborators or others selling our products if one of our products or product candidates causes, or appears to have caused, an injury. We may be subject to claims against us even if an alleged injury is due to the actions of others. For example, we rely on the expertise of physicians, nurses and other associated medical personnel to perform the medical procedures and processes related to our product candidates. If these medical personnel are not properly trained or are negligent in using our product candidates, the therapeutic effect of our product candidates may be diminished or the patient may suffer injury, which may subject us to liability. In addition, an injury resulting from the activities of our suppliers may serve as a basis for a claim against us.

We do not intend to promote, or to in any way support or encourage the promotion of, our product candidates for off-label or otherwise unapproved uses. However, if our product candidates are approved by the FDA or similar foreign regulatory authorities, we cannot prevent a physician from using them for any off-label applications. If injury to a patient results from such an inappropriate use, we may become involved in a product liability suit, which will likely be expensive to defend."

Sure seems to me like they're "promoting" the use of un-approved so called "products/therapies" or whatever that have yet to be proven safe in humans? Pretty crystal clear to me, IMO, from reading the ole "NIGERIA" PR. Seems in direct contradiction to their own SEC filed 10-K?? Confusing to me, to say the least.

Nigeria?? Sorry, doesn't do it for me personally. NOT SEEING IT and totally don't "get it". Makes ZERO sense and looks like every other PR put out in the last yr about some 3rd world country supposed "joint venture" or whatever. My 2 cent opinion.