DENVER, Feb. 16, 2006 (PRIMEZONE) -- Chelsea Management Group Inc. (Other OTC:CLMP) announced today that it is divesting itself of controlling interest in Stonebridge Resources Explorations Ltd. In a private transaction, Chelsea Management Group Inc. has sold its controlling interest of Stonebridge Resources Explorations Ltd. for an undisclosed price.
The decision was made due to favorable market conditions in the resource industry. Chelsea Management Group felt it was an opportune time to maximize our return on current holdings.
The sale allows us to direct our focus on the health and life sciences sector. However, the company would continue to retain a minority interest in the resource industry.
Chelsea Management Group Inc., with assets acquired through the transaction, will concentrate on developing sound intelligent business decisions in the health and life sciences industry.
CHELSEA MANAGEMENT GROUP is a start-up and early-stage venture capital firm focused on the health and life sciences industry. Formed in 2001, CHELSEA searches for the winners of tomorrow -- entrepreneurs whose ideas and talents qualify them to pursue large market opportunities successfully. We seek opportunities across a broad spectrum including biotechnology and pharmaceuticals, medical devices, services and healthcare/life sciences information technology. On a selective basis, we also consider later-stage health and life sciences investments where we can uniquely apply Chelsea's industry and capital markets experience.
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