Regenicin, Inc. (RGIN.OB) Announces Dismissal of Lawsuit
LITTLE FALLS, NJ -- (MARKET WIRE) -- 06/09/11 -- Regenicin, Inc (OTCBB: RGIN) announced today that an agreement was reach between the company and its former president Mr. Joseph Connell. The parties agreed to dismiss the company and the board of directors which were named in the lawsuit pending in the US District Court for the Southern District of New York. The company in turn has dismissed its action against Mr. Connell currently pending in the United States District Court for the District of Nevada.
There will be a continued action pending by and between Mr. Connell and Mr. McCoy, the current CEO. This dispute is anticipated to be settled. The parties recognize this was a partnership dispute and agreed that Regenicin, its board and shareholders should not be affected by this matter. Regencin is taking proactive measures to ensure the success of the company going forward.
Mr. McCoy commented, "Mr. Connell and I had a previous business partnership separate and away from Regenicin. This matter is and has always been between the individual parties so I'm very pleased to have the matter formally resolved for our company and the board."
Regenicin, Inc. (OTC Bulletin Board: RGIN), is a biotechnology company specializing in the development of regenerative cell therapies to restore the health of damaged tissues and organs. Regenicin, which was founded in 2010, has assembled a world-class management team with a proven track record for developing and bringing innovative medical devices and biotechnology products to market. The company is publicly traded with headquarters in New Jersey.
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