Exhibit 99.1
FOR IMMEDIATE RELEASE
Investor Contacts:
Richard T. Schumacher, President & CEO Pressure BioSciences, Inc.
Edward H. Myles, Vice President of Finance & CFO (508) 580-1818 (T)
PRESSURE BIOSCIENCES, INC. TO RESTATE ITS 2005
FINANCIAL STATEMENTS RELATED TO ACCOUNTING FOR INCOME TAXES
Results Of Continuing Operations Before Income Taxes Not Affected
West Bridgewater, MA, May 19, 2006 - Pressure BioSciences, Inc. (NASDAQ: PBIO)
today announced that it will restate its income tax expense and liability in its
2005 financial statements, primarily to reduce gain from discontinued operations
by approximately $220,000. The Company will also adjust its estimate of deferred
tax assets and liabilities primarily related to the unrealized gain from its
investment in Panacos Pharmaceuticals, Inc., and increase the income tax
provision from continuing operations by approximately $23,000. The restatement
will not affect the pre-tax results of continuing operations previously
reported, and will be reflected in an amended Annual Report on Form 10-KSB for
the fiscal year ended December 31, 2005 and an amended Quarterly Report on Form
10-QSB for the fiscal quarter ended September 30, 2005. The Company expects to
file these amended reports as soon as possible.
The Company has completed a review of the tax liability associated with the 2004
sale of assets and certain liabilities of the BBI Core Businesses to SeraCare
Life Sciences, Inc., and has concluded that the tax gain related to discontinued
operations recorded in the third quarter of 2005 was overstated by approximately
$220,000. In connection with the Company's internal tax review, the Company also
reduced by approximately $60,000 the estimate of deferred tax liability for the
unrealized gain from its investment in Panacos, and increased by approximately
$23,000 the income tax provision from continuing operations. These adjustments
will not change the Company's reported pre-tax results from continuing
operations, but income from continuing operations after income taxes for the
fiscal year ended December 31, 2005 will be reduced from approximately $873,000
to approximately $850,000. The Company will amend and restate its year-end and
third quarter 2005 financial statements to reflect the results of its internal
tax review.
About Pressure BioSciences, Inc.
Pressure BioSciences, Inc. (PBI) is a publicly traded, early-stage company
focused on the development and commercialization of a novel technology called
Pressure Cycling Technology (PCT). PCT uses cycles of hydrostatic pressure
between ambient and ultra-high levels (up to 35,000 psi and greater) to control
bio-molecular interactions. PBI currently holds 13 US and 4 foreign patents
covering multiple applications of PCT in the life sciences field, including in
such areas as genomic and proteomic sample preparation, pathogen inactivation,
the control of enzymes, immunodiagnostics, and protein purification.
Forward Looking Statements
t 0 0 Statements contained in this press release regarding the Company's
intentions, hopes, beliefs, expectations or predictions of the future are
"forward-looking" statements within the meaning of the Private Securities
Litigation Reform Act of 1995, including statements relating to the Company's
expectations about the future. These statements are based upon the Company's
current expectations, forecasts, and assumptions that are subject to risks,
uncertainties, and other factors that could cause actual outcomes and results to
differ materially from those indicated by these forward-looking statements.
These risks, uncertainties, and other factors include, but are not limited to:
the risk that the Company's final tax liability adjustment related to the sale
of assets and certain liabilities to SeraCare Life Sciences, Inc. in 2004 may be
materially different than the estimated amount of approximately $220,000; the
risk that the Company's final tax liability adjustment related to its investment
in Panacos Pharmaceuticals, Inc. may be materially different than the estimated
amount of approximately $60,000; the risk that if the Company's tax returns are
audited by tax authorities, the Company's liability for taxes may be
substantially different than anticipated; the risk that additional adjustments
to the Company's financial information in its 2005 Form 10-KSB and Form 10-QSB
for the period ended September 30, 2005 may be required; the risk that the
Company may not be able to file the amended Forms 10-KSB and 10-QSB in a prompt
and timely manner; and the other risks and uncertainties discussed under the
heading "Risk Factors" in the Company's Annual Report on Form 10-KSB for the
year ended December 31, 2005 and other reports filed by the Company from time to
time with the SEC. The Company undertakes no obligation to update any of the
information included in this release, except as otherwise required by law.
The Company's amended Annual Report on Form 10-KSB for the fiscal year ended
December 31, 2005 and amended Quarterly Report on Form 10-QSB for the fiscal
quarter ended September 30, 2005 will be available on the Company's website
shortly after they are filed with the SEC. Copies of these reports will be
furnished by the Company upon request.
Visit us at our website http://www.pressurebiosciences.com