UPDATE: Regenicin, Inc. Announces Dismissal of Lawsuit
LITTLE FALLS, NJ -- (MARKET WIRE) -- 06/09/11 -- Regenicin, Inc. (OTCBB: RGIN) announced today that an arrangement has been reached between the Company and its former president, Mr. Joseph Connell, to dismiss the Company and members of its board of directors from the lawsuit he brought, now pending in the US District Court for the Southern District of New York. The Company in turn has agreed to dismiss its current action against Mr. Connell pending in the United States District Court for the District of Nevada. The New York action will thus continue between Mr. Connell and Mr. McCoy only.
Reflecting on these pending dismissals, Mr. McCoy commented: "This matter is, and has always been, between Mr. Connell and myself, so I'm very pleased to have it formally resolved for our Company, our Board and all our Shareholders. Going forward, this allows us to more efficiently take the actions we need to take to make the company a success and reach our joint goals."
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.
Safe Harbor Statement.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.