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Phase III Medical Signs Joint Venture Agreement to Develop Stem Cell Banking Programs for Homeland Security and Dept. of Defense. MELVILLE, N.Y., Apr 1, 2004 (BUSINESS WIRE) -- Phase III Medical, Inc. (OTCBB: PHSM) today announced that it has entered into a joint venture agreement with NeoStem, Inc., a California company whose primary business is to establish an adult stem cell bank, to develop a stem cell banking program and strategy for the Department of Homeland Security and the Department of Defense. Phase III will assist NeoStem in developing programs, utilizing NeoStem's adult stem cell collection and storage technology, for the purpose of exploring potential service contracts with the Department of Homeland Security, Department of Defense and/or other government agencies. The initial concentration of efforts will be towards establishing a stem cell collection and storage program for first responders, military personnel or other high risk personnel who may face the threat of radiation or nuclear exposure. Phase III will receive a percentage of any revenues or fees received by NeoStem with respect to NeoStem's services provided to these government departments or agencies. Phase III will also be entitled to a percentage of funds received by NeoStem for any research grants given to NeoStem by these agencies. NeoStem, Inc. is a California-based company whose primary objective is to establish an adult stem cell bank. NeoStem will provide a service to allow adults to collect and store their own stem cells (autologous) for future innovative therapeutic uses. Phase III Medical is a company involved in the pharmaceutical, biotechnology and life science industry. Phase III provides capital and guidance to companies, within the medical sector, to acquire a percentage of revenues, royalties and licensing fees, from the sale of pharmaceuticals, medical devices and biotechnology products. This Release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, such as Phase III Medical's ability to enter the medical sector or acquire any companies or technologies, or NeoStem's ability to successfully establish an adult stem cell bank. Forward-looking statements represent management's judgment regarding future events. Although management believes that the expectations reflected in such statements are reasonable, it gives no assurance that such expectations will prove to be correct and you should be aware that actual results could differ materially from those contained in the forward-looking statements due to a number of factors. These factors include the risks detailed in the Phase III Medical's Annual Report on Form 10-K for the year ended December 31, 2003 and other reports filed with the Securities and Exchange Commission. In addition, no assurances can be given that any definitive agreements will be finalized with the Department of Homeland Security, Department of Defense or any other government agency as a result of Phase III Medical's efforts pursuant to the Joint Venture Agreement or otherwise, that NeoStem's collection, processing and storage technology will be successfully implemented, that NeoStem will be able to commercialize its adult stem cell banking enterprise, or that there will be market acceptance of any such enterprise sufficient to generate any material revenues for NeoStem or any material revenues for Phase III Medical, or that any stem cell therapeutic strategies will be successfully developed or commercialized. SOURCE: Phase III Medical, Inc. CONTACT: Phase III Medical, Inc. Mark Weinreb, 631-574-4955 SOURCE: Business Wire / MacroWorld Investor http://www.mworld.com/m/m.w?lp=GetStory&id=90003731 * * * ---------------------------------------------------------------------- To sign-off Parkinsn send a message to: mailto:[log in to unmask] In the body of the message put: signoff parkinsn