VANCOUVER, British Columbia, Sept. 23, 2003 (PRIMEZONE) -- HepaLife Technologies, Inc. (OTCBB:HPLF) is pleased to announce the appointment of Mr. Arian Soheili as a Director of the Company and its new President and CEO, a position previously held by Mr. Harmel S. Rayat. Mr. Rayat will continue to serve on the Board of Directors and as the Company's Secretary and Treasurer.
Mr. Soheili has a Bachelor's degree in Business Administration from Simon Fraser University (1993) and over 15 years of industry and public practice experience with Grant Thornton, Deloitte and Touche, and others.
At Deloitte and Touche, Mr. Soheili was responsible for providing IT solutions to small to mid-size businesses. During his tenure with the firm, he grew IT consulting revenues for his operations by 300%, achieving unheard-of 95% chargeable time recovery rates.
In 1999, Mr. Soheili launched Cantatus Systems Group, Inc. Today, the firm boasts double- and triple-digit sales and revenue growth, successfully expanding operations throughout the entire Pacific Northwest region and into Western Canada, including Oregon, Washington, British Columbia, and Alberta.
His prominent role in promoting programs and systems for financial statement literacy has distinguished Mr. Soheili as an eminent industry leader, assisting professional accounting firms to successfully transition from compliance to value-added advisory services.
"I'm honored to be part of HepaLife's pioneering team of highly dedicated professionals, and to be working towards a meaningful solution for the 25 million Americans who are or have been afflicted with liver disease," stated Mr. Soheili. "I'd also like to thank our previous President and CEO, Mr. Rayat, for his tireless efforts and assistance to the Company during the formative stages of our development. I appreciate and look forward to his ongoing assistance and contribution as a Director of the Company."
HepaLife Technologies also announced the resignation of Mr. Harvinder Dhaliwal from the Board of Director and as the Company's Secretary and Treasurer, a position he had held since April 6, 1999.
About HepaLife Technologies, Inc.
HepaLife Technologies, Inc. (OTCBB:HPLF) is a development stage biotechnology company focused on the research, development and eventual commercialization of technologies and products to treat various forms of liver dysfunction and disease.
Presently, HepaLife Technologies is working towards optimizing the hepatic functionality of a patented cell line, whose hepatic characteristics have been demonstrated to have potential application in the production of an artificial liver device for use by human patients with liver failure.
The need for an artificial liver device able to remove toxins and improve immediate and long-term survival results for patients suffering from liver disease is more critical today than ever before.
Limited treatment options, a low number of donor organs, the high price of transplants and follow-up costs, a growing base of hepatitis, alcohol abuse, drug overdoses and other factors that result in liver disease, all clearly indicate that a strong need exists for an artificial liver device, now and into the foreseeable future.
Ongoing research and development work is being conducted at two laboratories, the Growth Biology Laboratory and the Biotechnology and Germplasm Laboratory, both located in Beltsville, Maryland.
For additional information, please visit www.hepalife.com.
Legal Notice Regarding Forward-Looking Statements
This 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 that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to adverse economic conditions, intense competition, lack of meaningful research results, entry of new competitors and products, adverse federal, state and local government regulation, inadequate capital, unexpected costs and operating deficits, increases in general and administrative costs, termination of contracts or agreements, technological obsolescence of the Company's products, technical problems with the Company's research and products, price increases for supplies and components, litigation and administrative proceedings involving the Company, the possible acquisition of new businesses or technologies that result in operating losses or that do not perform as anticipated, unanticipated losses, the possible fluctuation and volatility of the Company's operating results, financial condition and stock price, losses incurred in litigating and settling cases, dilution in the Company's ownership of its business, adverse publicity and news coverage, inability to carry out research, development and commercialization plans, loss or retirement of key executives and research scientists, changes in interest rates, inflationary factors, and other specific risks. In addition, other factors that could cause actual results to differ materially are discussed in the Company's most recent Form 10-QSB and Form 10-KSB filings with the Securities and Exchange Commission.