Stirling Resources Limited (ASX:SRE) Divests Australian Stem Cell Healthcare (ASCH) Interests And Sharpens Resource Focus
Perth, July 27, 2009 AEST (ABN Newswire) - Australian resources developer Stirling Resources Limited (ASX:SRE), is pleased to announce its has divested its remaining interest in Australian Stem Cell Healthcare Pty Ltd (ASCH), in line with its strategy to develop a diversified resource group.
Stirling previously held a 50% stake in ASCH via its wholly owned subsidiary Cellsense Pty Ltd, which was inherited through the predecessor company, Alexanders Securities (ASX:ALE).
Cellsense was merged with Biocell Pty Ltd in December 2008 to form ASCH - the largest private cord blood bank in Australia. Stirling has sold its remaining interest in ASCH to a private investment company.
Stirling Managing Director Michael Kiernan said the divestment was consistent with the Company's strategy, and it now cleared all obligations on behalf of Stirling with regard to ASCH.
"Our development and expertise is very clearly focused on the resource industry, and to this end, we are pleased to reach an agreement on the sale of ASCH which we believe provides a positive outcome for all parties," Mr Kiernan said.
As a result of the transaction, Dr Anthony Coulepis, the CEO of Cellsense, will take the role as founding CEO of ASCH and will be resigning from the Stirling Resources Board effective today.
"It has been a pleasure serving on the Stirling Board and I sincerely thank the Stirling Directors for incubating the stem cell healthcare business until a suitable buyer was identified," Dr Coulepis said.
The Board of Stirling wishes Dr Coulepis and ASCH all the very best for the future.
The sale will result in the payment of a A$150,000 overdraft facility that was used to support the Cellsense business, as well as the payment of other associated Cellsense obligations, clearing the way for Stirling to purely focus on the development of its resources investments.
Contact
Michael Kiernan
Managing Director
Tel: +61-8-6389-6800
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