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Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Harmel Rayat Vigorously Fights SEC Complaint

June 3, 2021 GMT
Mr. Harmel S. Rayat, President and CEO, Kalen Capital Corporation
Mr. Harmel S. Rayat, President and CEO, Kalen Capital Corporation

VANCOUVER, British Columbia, June 03, 2021 (GLOBE NEWSWIRE) -- The following is a statement from Mr. Harmel S. Rayat, President and CEO of Kalen Capital Corporation:

I am the Chairman and majority stockholder of RenovaCare, Inc., developer of a technology that sprays a patient’s own skin cells onto severe burns and wounds. The Company recently received FDA approval for a safety and feasibility clinical trial in the U.S.

Last week, the SEC filed a complaint against me and RenovaCare. I plan to mount a strong and spirited defense, where I believe, the facts will objectively debunk the SEC’s otherwise subjective conclusions. I look forward to a fair and impartial judicial setting where the SEC narrative can be openly examined and weighed against a full spectrum of hard facts, which I plan to present without constraint.

No matter the cost, I will not allow our stockholders, supporters, and loyal RenovaCare team to be bullied. To be clear: I believe that I have not violated any securities laws and will staunchly fight to protect my reputation, my investment in RenovaCare, and the investment of my fellow stockholders.

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I believe that investors can and should support the development of technologies and businesses which can have a positive and long-lasting impact on society. To me, RenovaCare and its cell spray therapies for tissue and organ regeneration have presented exactly such an opportunity, and I am proud of my long-standing support of the Company and its dedicated and talented team of professionals.

About Kalen Capital Corporation
Kalen Capital Corporation (KCC) is the family office of Mr. Harmel S. Rayat and manages a diversified portfolio ranging from commercial real estate and stakes in various other investments. In recent years, KCC has placed greater focus on impact investing, where its support can help smart inventors, entrepreneurs and scientists create and commercialize products and technologies that will have a beneficial impact on society at large.

Contact:
Kalen Capital Corporation
480-214-9509
contact@kalencapital.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e80e8955-aae4-42d3-9290-abb747aefd80