Azurel Ltd.

As of October 3, 2006, Azurel, Ltd. was acquired by National Stem Cell, Inc. in a reverse merger transaction. Azurel, Ltd., through its wholly owned subsidiary, Azurel Sales and Distribution (Azurel), engages in the manufacture, distribution, and assembling of perfumes and color kit products. Its products include bath and body products, and perfumes. Azurel sells its products primarily to department stores and mass merchandisers. Flo Weinberg, Inc., another subsidiary of the company, distributes high-end ladies robes and daywear to specialty stores throughout the United States. The company also sells cosmetic kits, which are varieties of color cosmetic items packaged in containers and manufactured in Asia, to the retailers and cosmetic companies. The company is based in Fairfield, New Jersey.