Awarded Up to $646,000 in Incentives from New York State and Suffolk County to Aid Move from Current Florida Location
JUPITER, Fla. (September 3, 2014) – 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.
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.
Kim Sutton Golodetz
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