Company Acquires Controlling Interest in Laboratory Services MSO, LLC, A leading reference laboratory with 2021 unaudited sales of over $25 million, net income of over $10 million and over 600,000 tests performed since inception

Cash portion to be funded with a private placement of $15 million of Avalon preferred stock, convertible at a minimum of $1.00 per share, with leakage provisions, no warrants and a vesting period of 9 months

The Company will begin trading under the new symbol “ALBT” on November 10, 2022

FREEHOLD, NJ, Nov. 8, 2022 (GLOBE NEWSWIRE) — Avalon GloboCare Corp. (“Avalon” or the “Company”)AVCOa leading global developer of innovative cell-based technologies and therapeutics, announced today that it has entered into a definitive acquisition agreement (the “Acquisition Agreement”) to acquire a 60% interest in Laboratory Services MSO, LLC, a first class reference laboratory. In connection with the transaction and to reflect the expanded focus on laboratory testing and services, Avalon will change its ticker symbol from “AVCO” to “ALBT”. Avalon common stock will begin trading on the Nasdaq Capital Market on Thursday, November 10, 2022 under the new ticker symbol “ALBT.” Until that time, Avalon’s common stock will continue to trade under the symbol “AVCO.”

Headquartered in Costa Mesa, California, Laboratory Services offers a broad portfolio of diagnostic testing including drug testing, toxicology, and a wide range of testing services from general blood testing to anatomical pathology and urinary toxicology. Specific skills include STAT blood testing, qualitative drug screening, genetic testing, urine testing, STD testing and more. Laboratory Services has built an industry-leading reputation for customer service and fast turnaround times. Laboratory Services has performed over 450,000 tests since its inception, operates unaudited 2021 revenues of over $25 million, and has two locations in California.

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