Cell Source Ltd. entered into a share exchange agreement to acquire Cell Source, Inc. (OTCBB:CLCS) in a reverse merger transaction on June 30, 2014. 100% of the shareholders of Cell Source Ltd. exchanged 18.24 million shares for 18.24 million shares of Cell Source, Inc. which represents 78.5% of the outstanding shares of common stock of Cell Source, Inc. Outstanding warrants to acquire Cell Source Ltd ordinary shares were exchanged for newly issued warrants to purchase shares of Cell Source, Inc. Upon completion of the transaction, Cell Source, Inc will become subsidiary of Cell Source Ltd.

In connection with the Share Exchange Agreement, lock-up agreement was also entered which terminates on the two year anniversary of the closing date. The management team will be under the leadership of current management team of Cell Source Ltd. headed by Itamar Shimrat, Chief Executive Officer of Cell Source Ltd. and will include Yoram Drucker as Director (Executive Chairman), David Zolty, Ben Friedman and Dennis Brown as Directors. Effective on the closing date, Aidan Buckley resigned as the Chief Executive Officer, Chief Financial Officer, President, Treasurer, Secretary, Chairman and Director of Cell Source, Inc. The transaction is subject to shareholders' approval, resignation of Cell Source, Inc.'s directors, execution of registration rights agreement, amendment to Certificate of Incorporation, Israeli tax rulings and lock-up agreement. Gregory Sichenzia, David Manno and Jay Yamamoto of Sichenzia Ross Friedman Ference LLP acted as legal advisors to Cell Source Ltd.

Cell Source Ltd. completed the acquisition of Cell Source, Inc. (OTCBB:CLCS) in a reverse merger transaction on June 30, 2014.