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No, they do not own that blood bank. The entire merger appears to have fallen apart. Things didn't end up as they were supposed to.
AMST doesn't hold any Histostem shares.
Histostem ended up holding 60% of AMST shares.
There is an ongoing investigation of alleged embezzlement in Histostem by some employees in S Korea.
The entire episode has been a fiasco.
The only thing AMST shareholders have hope for is IF Histostem decides to use this shell for introduction of their products into the US market. Or, to simply sell it to someone else.
In Reply to 'Atlanta1'
Are you sure they still own that blood stem cell bank??
The company has 19 U.S. and international patents related to stem cell processing, application and clinical treatments. AmStem owns one of the largest cord blood stem cell banks in the world with more than 80,000 cord blood units stored in Korea. The facility in Korea is highly accredited including Korean FDA approval (KFDA). The units of cord blood are processed and stored by the company for use in unrelated transplant for personal storage and use in the family setting for transplant and regenerative medicine. The company is developing a line of cosmeceuticals based upon its proprietary stem cell technology and sourcing its own materials from its expansive operation in Korea. The company has treated more than 800 people in clinical trials for purposes of developing its patent portfolio.
I say go back to SCII and look for another merger partner.
At this point, a few things appear to be clear.
Histostem is in the midst of dealing with an embezzlement situation in S Korea.
They also appear to be majority stock holder in AMST.
The revenues must be pretty high in Histostem for millions embezzled to go unnoticed before this audit.
Histostem does have a viable business and product.
The big if is whether or not they use AMST as a vehicle for entry into the US market once they have their house back in order. My "guess" is that they will use AMST since they hold majority shares here.
But, it's just a guess. And, for time frame? I wouldn't even hazard a guess.
Plus, it could all collapse if Han doesn't know how to bring it all together. I'm not impressed with his management style.
Or is it just a guess of when or if?
That explains a lot of the trouble with AMST. Does it look like they will EVER come the U.S. market?
Yes, it was the correct decision. Did you read the board and see what happened? We found out that millions were embezzled by two Korean employees. That must have come out during the audit. It explains a lot. There is a current criminal probe going on in Korea and I don't see anything being done with AMST until that is resolved.
Interestingly, I still see them using AMST as a vehicle for entry into the US, but, who knows when that will be? I haven't a clue.
In Reply to 'biomanbaba'
on 11/29/10 I told folks to get the hell OUT at .03 seems that call was correct
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=57151057
on 11/29/10 I told folks to get the hell OUT at .03 seems that call was correct
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=57151057
News on when the products should hit the market should be out sometime very soon. Once the products start flowing so will the money.
anyone here know why all the dumping is going on today?
Once we get HairStem and SteMixx to the American market this thing will shoot back up. When it will hit is the big question. No way this takes longer than the holiday season this year but I'm thinking much sooner. I am hoping to see Amstem selling these products in August or September. Let's get this thing back above a dime. Everyone around long enough remembers how easy it shot up last time.
What does that mean?
I would say Contact the Company but we all know how that would go!
Please help! Opinions needed; I have noticed quite a few times with this stock that someone sells very little (next to zero) shares at a ridiculously low price. The transaction fee would make the buy obsolete for someone looking to pick up shares but effective for lowing the closing pps. Are these actions solely for price manipulation by short sellers or am I missing something. Please reply as any insight would be appreciated.
Long time frustrated AMST holder
When does the AMST closed for Business sign come out!
Who sells 1500 shares at 0.0146? Only someone who wants a lower pps. Something fishy here?
Yup Riding this Crap myself, It's a Shame nobody talks to Management.Because with the Way this is Dropping you would Think they would say SOMETHING!
three years and counting... I am have a whole lot of money in this lol Oh well I am a gambler! I hope they pull out, or sued the crap out of somebody
SCII was Screwed here with the Merger!
Is someone shorting this stock and manipulating it lower? Who would sell only 6000 shares right before closing unless they were doing it for the sole reason of lowering the pps?
Why wouldn't Histostem use AmStem? They own 60% of it.
"AmStem Board Chairman Dr. Han Hoon, who is also founder and CEO of Histostem, said, “In 2010, Histostem and AmStem negotiated an interlocking relationship in which Histostem acquired 60% control of AmStem and in turn AmStem was to acquire 90% ownership of Histostem. The Histostem acquisition of 60% of AmStem stock was completed. However, Korean commercial law and regulations did not allow the necessary approval and the AmStem acquisition of Histostem cannot be completed."
What I don't understand is how 60% of a company of supposedly no worth was going to be exchanged for 90% a company of substantial worth. How could a contract even be discussed for such a bizarre trade off, let alone only voided at the last minute?
The audit is probably how these guys got caught. What's interesting is the fact that Histostem is producing enough revenues for this to have been hidden.
I'd also have to agree with you about them wanting to keep Amstem for eventual entry into the US markets for their products.
The question is how long will it take to clear this mess up?
danm things got that bad? WOW! SCII need to pull out and go back to be the old SCII...screw the Koreans...create jobs here!
I think that's a safe bet, Karin.
While the recent news is not good news, I am pleased that they are continuing to provide some kind of news. Transparency is always better than trying to hide the bad news. For something like this, they would need a large amount of evidence prior to making the kind of statements they've made, which helps me forgive the time it's taken to release the information.
The major saving grace at this point is that Amstem has almost no carrying costs (because it's not doing anything yet, and has few or no employees), so it's not like a G&A cash burn is steadily eroding the value of the market cap against zero revenue.
We already have the bad news about the merger failure, and we have a general expectation that Amstem's role going forward (if/once things start moving again) will be to act as a US distribution vehicle for Histostem products. Barring a complete shutting of the lights, I don't think it can get much worse at this point, which is comforting to a degree.
What this comes down to, from my perspective, is whether or not Histostem keeps Amstem around or not, and if they do, how effectively they use them as a US distribution channel / point of presence.
My expectation is that Histostem will keep Amstem around. There's not much reason for Histostem to dump Amstem at this point. The only thing I can think of that may sway that decision towards shutdown is outstanding derivative liabilities. Unfortunately, without an updated set of financials, this is a bit of a black hole for us as investors. My guess is that they would have shuttered it already if this issue existed, though.
If Histostem does keep Amstem around, then we are just back to the age old question of executing on the business model.
I'd be interested to hear what Brian Lee's thoughts are. If anyone knows what has happened here, and what is likely to come, it's him. He was running PrimeBell when it represented Histostem during the SCTI/Histostem merger. ( http://www.biospace.com/news_story.aspx?NewsEntityId=87437 ) Now he's running the special mission team to resolve outstanding Amstem issues, doing the remaining work on Amstem for Histostem. There are some on the Yahoo board who seem to think he's there as a "cleaner" for a cover-up, but I prefer to believe that he was chosen as the most effective person for resolution. Hopefully I'm right and the Yahoo board is wrong.
Either way, the market liquidity lockdown has made it almost a moot point unless investors have a desire to shoot themselves in the foot. I think a wait-and-see is still in order at this point. Let's give them a chance to keep doing what they are doing, it's not going to cost much at this point compared to the remaining risk (in my opinion, obviously).
The fact that Histostem has actual products for sale in Korea and is actually selling them and generating revenue goes a long way for my confidence level. They want into the US market. The only real question in my mind is whether or not they use Amstem as that access point, or if they close it and use a different vehicle. Right now I'm betting they will stick with Amstem.
Thanks for taking the time to post that information.
I wonder if the theft of cash has anything to do with why that audit was never completed?
The latest article said the following
Histostem Co., Ltd. announced that it will investigate its manager, Kim Wung Gi, for embezzlement of company funds worth KRW 8,512,325,810.
I put the value of the theft at around $3.5 million (1200 won to the dollar). Just about the same that was "promised" in the AMST matter. May be the AMST money will never show up.
The stem cell sector is growing rapidly. And, many advances are being made. Will that help this stock or will it sink ? Thanks Karin
Usually when posters Leave That would mean the PPS will Follow suit
You never gave anything other than opinion. Nothing concrete.
Why seem Suprised,I gave a Heads Up of a Scam a while back.
7b KRW is 6.5m USD
An easy way to do currency conversions is to go to google and type in:
(#) (currency abbreviation) to (currency abbreviation)
For instance, I went to google and typed in:
7000000000 krw to usd
which gave me this:
7000000000 South Korean won = 6489294.0000 US dollars
There's also a URL for a direct tool:
http://www.google.com/finance/converter
but I prefer just using the regular google search.
----
Unfortunately, that's not the only one:
http://www.reuters.com/finance/stocks/036840.KQ/key-developments/article/2348985
Wednesday, 22 Jun 2011 03:51am EDT
Histostem Co., Ltd. announced that it will investigate its manager, Kim Wung Gi, for embezzlement of company funds worth KRW 8,512,325,810.
----
http://in.reuters.com/finance/stocks/officerProfile?symbol=036840.KQ&officerId=1312519
http://www.reuters.com/finance/stocks/companyOfficers?symbol=036840.KQ
Yoon, Jae Hwa
Brief Biography
Yoon Jae Hwa is Director of Histostem Co., Ltd. (formerly known as Fubit Co., Ltd). Currently, Yoon also serves as Director of KangSeo Fruit & Vegetable Co., Ltd. Yoon previously was Chief Executive Officer of the Company and a Korea-based company. Yoon holds a Bachelor's degree in Business Administration from Seoul National University, Korea.
----
No bio for Kim Wung Gi, but (assuming it's the same person and not just someone else with the same name) he was booted from In The F Co Ltd (014990.KS) after a 1 year stint as CEO in March.
----
Histostem has had an in house theft. Is this why funds are slow to come to AMST. What a fiasco. I wonder how much KRW 7 billion is in dollars?
http://www.reuters.com/finance/stocks/036840.KQ/key-developments/article/2349079
Histostem Co., Ltd. to Investigate Former CEO
Wednesday, 22 Jun 2011 04:47am EDT
Histostem Co., Ltd. announced that it will investigate its former Chief Executive Officer, Yoon Jae Hwa, to have made bogus financial statements for the fiscal year 2009 and omitted the Company's receivables in accounting treatment, worth KRW 7 billion.
AMST is in serious trouble if Histostem is in permanent trouble. Anyone know how much KRW 7 billion is in dollars?
Management has Dropped the ball and AMST is headed for the Sewer.
I laid out my opinion to the best of my ability as well as Hawk's involvement.
Histostem is the problem and this form would only address AMST. That might make it unviable for Histostem to use AMST in the future.
Now, if you can include Histostem and how AMST didn't get the Histostem shares they were supposed to it might help.
It's a very frustrating situation here.
I suggest everyone join me:
https://tts.sec.gov/oiea/Complaint.html
It's time to throw in the towel on this one. Old management/New Management the SCAM remains the same!
Only One Year ago --- AMST - New IR...
http://www.hawkassociates.com/clients/ From an Old Friend
All of us have been taken by surprise with the current turn of events. That is why it's now a guessing game. None of us have enough accurate information to answer your question. At least, I sure can't give a time frame.
Happy Daddy's day to all the fathers out there. ;)
That is true if one is a 'guesser', but I see you (and many others) have been associated with this board for a looooong time and thought that you (or someone) might know and/or have a feel of how close the company is to making a move or getting product commercialized or ......???
Just the same - thanks
Jim
Your guess would be as good as mine.
Karin
Thanks for the post -
Of the things you mentioned....what kind of timescale are we talking about ?
Jim
The only value I see at this point in time is that Histostem will eventually use AMST to bring product to the US market. It's already set up. It's just a matter of time. Histostem owns the majority of the shares and it would make sense for them to keep it alive.
And, if Histostem decides to approach the US FDA with any potential treatments, it will most likely be via AMST.
The bottom line is that AMST appears to simply be a distribution vehicle for Histostem now.
The next question is Histotem competence in using this vehicle. Time will tell.
In Reply to 'jimbonano'
Anyone -
Could someone please list some of the things that AMST currently has going for it - perhaps something in the pipeline that might get the PPS heading back upwards?
Thanks for any serious responses about any 'positive' prospects for AMST.
Please --- I'm not looking to belabor or argue about past woes of mismanagement nor am I interested in bickering about what currently isn't 'right' with the company.
I'm just looking for anything that now seem to be positive, right-headed-goals, or good direction for the company -- something that brings some potential to AMST's table.
Thanks - Jim
I got the same when he responded back to me.
What bothers me most here is Histostem's Han. He's making moves that just don't make sense. You don't disband what you have without something ready to replace it. Plus, he doesn't seem to understand the US market at all.
I just hope they actually set up some distribution soon and show they actually have a workable plan.
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AmStem Corporation (AMST)
formerly Stem Cell Therapy International, Inc. (SCII)
Warning!!!
iBox may have incorrect data due to major changes in company status.
Will update ASAP.
Keep in mind that moderators may or may not have a position in said stock.
Being a moderator isn't a sign of endorsement.
AmStem Corporation
Formerly known as Stem Cell Therapy International, Inc.
The company appears to be a shell that is now 60% owned by Histostem http://www.histostem.co.kr/english/english_1.htm
The hope for shareholders is that Histostem brings product to the US market via this shell.
CIK: 0001360479
Histostem Cord Blood Storage
Exciting New Treatments
Clinical Trials: Stem Cell Treatments for Incurable Disease
Histostem Ltd. of South Korea, has enjoyed a unique position in the world of stem cell research for a number of years. In February 2007, they received approval from the Korean FDA to use stem cells as a "surgical technique" to treat virtually any emergency condition.
Buoyed by this unprecedented regulatory support, Dr. Hoon Han of Histostem has partnered with leading researchers at the finest hospitals and universities in Korea, to study the treatment of intractable disease using non-controversial stem cells derived from umbilical cord blood. While using his patented techniques to prepare and treat patients, Dr. Han and his research team have compiled a significant body of research data that is unique in the world.
The initial data shows some exciting successes, and AmStem will be validating these early results with controlled clinical trials designed to the highest international (ICH) standards.
Management Team: http://www.amsteminc.com/about-amstem/management-team
Dr. Han Hoon, M.D., PhD
President of Histostem Korea.
Internationally recognized scientist in stem cell and regenerative treatment
Histostem Lab
Patents Registered & Pending by Histostem http://amsteminc.com/technology/patents
Press Releases:
http://amsteminc.com/investor-relations/press-releases
http://finance.yahoo.com/q/h?s=AMST.PK
Histostem Press Releases:
07/07/05 South Korean medical firm offers stem cell treatment to foreigners
03/22/05 AFP 'Seoul blood bank freezes assets for breakthrough cell therapy'
11/26/04 The Korea Times 'Korean Scientists Succeeded in Stem Cell Therapy'
Filings:
http://sec.gov/cgi-bin/browse-edgar?CIK=0001360479&action=getcompany
Fiscal year ends March 31
Transfer Agent:
Standard Transter & Trust Co., Inc.
2980 S Rainbow Blvd.
Suite 120
Las Vegas, NV89146
Office (702) 987-1328
Fax (866) 801-4192
Share Structure:
Coming
Investor Relations:
http://www.hawkassociates.com/clients/
Hawk Associates
Tom Fox
(305) 451-1888
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