On behalf of the Directors of Eco Quest Ltd (“Company”) I am pleased to advise that on Monday 23 September 2013 Eco Quest exercised the options to acquire the remaining shares of Cynata Inc (“Cynata”) that it does not already own. This follows the Company’s announcement on 12 July 2013 that it had entered into option agreements with the shareholders of Cynata to acquire their shares in that company. Completion of this proposed acquisition is subject to various conditions described in the accompanying ASX announcement, including ECQ shareholder approval.
This signifies an important transforming event that will see the Company focus its business activities on the development of a stem cell technology deriving from one of the world’s leading centres for regenerative medicine and stem cell research. The potential therapeutic use of stem cells is one of the most exciting developments in medicine for many years and the Company aims to develop the technology of which Cynata is a licensee with the objective of securing a leading position in this exciting field.
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