Samaritan Pharmaceuticals Inc. (AMEX:LIV), a developer of innovative drugs, announced today, its subsidiary Samaritan Pharmaceuticals New Market Tax Credit, Inc. (SPNMTC) has been certified as a CDE (Community Development Entity) by the Community Development Financial Institutions Fund of the United States Treasury (CDFI Fund). CDE Certification allows the company to participate, directly or indirectly, in the Department of the Treasury New Market Tax Credit (NMTC) Program. Samaritan is working to develop a small life-science research facility in Nevada, and has turned to a relatively new $15 billion federal tax-credit program designed to foster economic development in low-income communities. Samaritan will be seeking a $50 million "allocation" that would provide $19.5 million in tax credits to investors, in a proposed $50 million research facility in Nevada for biotechnology and other life-science fields. The investors in the project will not only receive a return on their investment, but also receive tax credits up to 39% of the investment over a seven-year period. Samaritan Pharmaceuticals New Market Tax Credit, Inc. is an independent entity from Samaritan Pharmaceuticals with directors from Southern Nevada Workforce Investment Board, a owner of a North Las Vegas small business and a low income community resident of North Las Vegas. "Our subsidiary faces stiff competition for New Market Tax Credits, which in the past have been awarded to roughly only 20 percent of applicants that undergo the rigorous selection process, but we're used to being against all odds," said Eugene Boyle, CFO of Samaritan Pharmaceuticals Inc. Mr. Boyle continued, "We hope to facilitate a significant advancement in the development of life sciences in Nevada -- and, ultimately, the diversification of Nevada's economy." About Samaritan Pharmaceuticals Samaritan Pharmaceuticals is a drug development company driven to discover, develop and commercialize innovative therapeutics for AIDS, cancer and Alzheimer's and heart diseases. Samaritan, in collaboration with Georgetown University, is advancing eight promising compounds out of its rich pipeline of 250 possible drug candidates, all of which have the potential to create revenue-generating opportunities. For additional information, visit www.samaritanpharma.com. About The Samaritan Pharmaceuticals New Market Tax Credit, Inc. The Samaritan Pharmaceuticals New Market Tax Credit, Inc. is a community development entity founded in 2005 by Samaritan Pharmaceuticals. A CDE is a domestic corporation that is an intermediary vehicle for the provision of loans, investments, or financial counseling in "Low-Income Communities" (LICs). Benefits of being certified as a CDE include being able to: (1) apply to the Community Development Financial Institutions Fund (the "Fund") to receive a New Markets Tax Credit (NMTC) allocation to offer its investors in exchange for equity investments in the CDE and/or its subsidiaries; or (2) receive loans or investments from other CDEs who have received a NMTC Allocation. For additional information, visit http://www.cdfifund.gov/docs/certification/CDEstate.pdf
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