BioRestorative Therapies, Inc. ("BRT" or the "Company")
(OTCBB: BRTX), a life sciences company focused on adult stem
cell-based therapies for various personal medical applications, today
announced it has been awarded up to $500,000 in performance-based
Excelsior Tax Credits from Empire State Development (“ESD”), New York
State’s economic development agency, as part of a relocation incentive
package from the State, as well an estimated $146,000 of sales tax
exemptions and property tax abatement from the Suffolk County Industrial
Development Agency (“IDA”).
The incentive package awarded by ESD is to assist the Company with its
job-creation project related to the relocation of its corporate
headquarters from Jupiter, Florida to Melville, Suffolk County, Long
Island, New York. Under the package, the Company will be committed to
employ 15 new full-time permanent employees at its Suffolk County
headquarters by June 30, 2017, and to maintain that level of employment
through January 1, 2025.
The IDA benefits provide assistance with regard to sales tax exemptions
on renovation expenses and equipment purchases, and five-year real
property tax abatement for the Company’s new facility in Suffolk County.
The real property tax abatement amount may be modified due to any
property tax changes that may occur regarding the building during the
term of the lease.
“The life sciences industry is a key component of the Long Island
regional economy and BioRestorative Therapies move to Suffolk County
will help grow this important cluster of companies, create new jobs and
economic opportunities for New Yorkers, and further cement New York’s
position as a global leader in medical research and development,” said
Empire State Development President, CEO & Commissioner Kenneth Adams.
“We are grateful for the meaningful benefits and financial-assistance
incentives that have been awarded by New York State and Suffolk County.
These programs facilitate the relocation of our corporate headquarters
from Florida to Long Island, and the non-dilutive financial incentives
will benefit our shareholders as well as our company,” said Mark
Weinreb, BioRestorative Therapies’ Chief Executive Officer. “We look
forward to tapping into the highly-skilled workforce in this region as
we expand our operations and advance our clinical programs that address
important medical conditions and underserved patient populations.”
About BioRestorative Therapies, Inc.
BioRestorative Therapies, Inc. (www.biorestorative.com)
develops products and medical procedures using cell and tissue
protocols, primarily involving adult stem cells, including:
-
brtxDISC™ (Disc Implanted Stem Cells)
is an investigational non-surgical treatment for bulging and herniated
lumbar discs that is intended for patients who have failed
non-invasive procedures and face the prospect of surgery. The
treatment involves culturing a patient’s own stem cells and then
delivering them via a proprietary medical device to the damaged region
of the disc in an outpatient procedure.
-
ThermoStem® is a treatment using brown fat stem cells that is
under development for metabolic disorders including diabetes and
obesity. Initial preclinical research indicates that increased amounts
of brown fat in the body may be responsible for additional caloric
burning as well as reduced glucose and lipid levels.
-
brtx-C Cosmetic is based on the development of a human cellular
extract that has been demonstrated in in vitro skin studies to
increase the production of collagen and fibronectin, which are
proteins that are essential to combating the aging of skin. Potential
cosmetic uses are being explored with third parties.
The Company also offers plant stem cell-based facial creams and beauty
products under the Stem Pearls® brand at www.stempearls.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, and such
forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. You
are cautioned that such statements are subject to a multitude of risks
and uncertainties that could cause future circumstances, events or
results to differ materially from those projected in the forward-looking
statements as a result of various factors and other risks, including
those set forth in the Company's Form 10-K filed with the Securities and
Exchange Commission. You should consider these factors in evaluating the
forward-looking statements included herein, and not place undue reliance
on such statements. The forward-looking statements in this release are
made as of the date hereof and the Company undertakes no obligation to
update such statements.
Copyright Business Wire 2014