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Bio-Matrix Issues Update on Stem Cell Cryogenic Banking Facility

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Bio-Matrix Scientific Group Inc. has presented its shareholders and prospective shareholders with an update on the Company's 15,000 sq ft. Bio-Matrix Stem Cell Banking and Cord Blood Banking facility.

The following is a timeline of the Company's progress towards opening Its Stem Cell and Cord Blood Cryogenic Banking Facility.

Events prior to July 3, 2006 refer to actions taken by BMSN's wholly owned subsidiary prior to its acquisition by BMSN:

September 12, 2005 - Bio-Matrix signs lease on a former Red Cross facility. The facility was originally one of the American Red Cross' FDA national testing laboratories linking the centralized Red Cross Blood Service regions to the world's largest blood donor database and inventory blood systems.

December 2005 - Construction of new and fixed walls, doors, and painting for cryogenic labs completed.

January 2006 - Installation of the 2000 L Perma-Cyl Liquid Nitrogen tank completed. Construction of out-side retainer pads and brick walls completed.

February 2006 - Completed construction and installation of Vacuum Jacketed Liquid Nitrogen tank. The inside cryogenic labs were also completed.

March 2006 - 2 cryogenic labs completed, including computer card secure locking systems and installation of air control monitors.

April 2006 - Construction, painting, and flooring of class 100,000 research labs, including secure locking systems and installation of air control monitors, completed.

June 2006 - Flow cytometry lab completed with secure locking systems and installation of air control monitors completed.

July / August 2006 - Bio-Matrix selects Clean Rooms West as the prime contractor for the design, development, builder and installation of the Class 10,000/100 Processing Laboratory.

September 18, 2006 - Anticipated installation of Class 10,000/100 processing labs begins - including installation of the electrical, HVAC, plumbing, and controls. The Company believes the installation will be completed in October 2006.