NEW YORK, NY--(Marketwired - Jan 29, 2014) - IntelliCell Biosciences, Inc. ("IntelliCell" or the "Company") (OTCQB: SVFC), a regenerative medicine company utilizing adult autologous vascular cells (SVCs) derived from the blood vessels found in adipose tissue, announced today that it has received a favorable ruling in its case against Ironridge Global IV, LTD. ("Ironridge"), and TCA Global Credit Master Fund, LP ("TCA").
On January 28, 2014, after an arduous battle in the courts, Judicial Hearing Officer Ira Gammerman, a long time former Justice of the Supreme Court of the State of New York, in a decision on each of Ironridge's claims against the Company, fully justified IntelliCell's position by ruling against each of Ironridge's and TCA's demands for monetary damages. The Company has always maintained that Ironridge was not entitled to any monetary claims in this matter and Judge Gammerman agreed. The Court made it abundantly clear that Ironridge (led by its principals John Kirkland and Richard Krieger) and TCA are not entitled to monetary damages and had no right to inappropriately broadcast to the world that it could sell IntelliCell's assets.
IntelliCell's Chief Executive Officer, Dr. Steven Victor, remarked, "We maintained from the very beginning that we would vigorously defend ourselves against all of John Kirkland's and Ironridge's claims for additional monetary damages and today the Company feels vindicated and is happy for its shareholders." Dr. Victor added, "I would like especially thank the Roth Law Firm and Richard Roth and Jordan Kam for their hard work in getting us the best result possible." Richard Roth stated, "At the end of the day IntelliCell knew it was right -- and Ironridge was wrong -- on all monetary claims. We just needed a Court to hear the dispute and make that determination. Judge Gammerman did so when he made it abundantly clear that Ironridge's claims lacked any basis. While Ironridge may object to Judge Gammerman's Report & Recommendation, it is our view that the decision puts all of those claims to bed."
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