StemCells Inc.

StemCells Inc. is listed on NASDAQ (STEM). We are engaged in research aimed at the development of therapies that would use stem and progenitor cells to treat, and possibly cure, human diseases and injuries such as neurodegenerative diseases (for instance, Batten's, Parkinson's, and Alzheimer's diseases, and other metabolic genetic disorders), demyelinating disorders (for instance, Multiple Sclerosis), spinal cord injuries, stroke, hepatitis, chronic liver failure, and diabetes. We believe that our stem cell technologies, if successfully developed, may provide the basis for effective therapies for these and other conditions. Our aim is to return patients to productive lives and significantly reduce the substantial health care costs often associated with these diseases and disorders. The body uses certain key cells known as stem cells to produce all the functional mature cell types found in normal organs of healthy individuals.

STEN Corporation

STEN Corporation is listed on NASDAQ (STEN). Statements included in this Annual Report on Form 10-KSB, in our quarterly reports, in future filings by us with the Securities and Exchange Commission, in the Company's press releases, and oral statements made with the approval of an authorized executive officer that are not historical, or current facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. When used in this report, the words believe, expect, will, can, estimate, anticipate and similar expressions are intended to identify such forward-looking statements. Certain important factors could cause results to differ materially from those anticipated by some statements made herein and these statements are not predictions of actual future results. Investors are cautioned that all forward-looking statements involve risks and uncertainties.

Tellabs Inc. ..K are described in the Glossary, which appears at the end of this Item 1. Tellabs, Inc. was incorporated in 1975 as an Illinois corporation and was su..

Transmeridian Exploration Inc ..s incorporated in the State of Delaware in April 2000. We are engaged in the business of development and production of oil and gas properties. Our act..

Triumph Group Inc. ..thin the meaning of the Private Securities Litigation Reform Act of 1995 relating to our future operations and prospects, including statements that ar..

Trinity Industries Inc. ..s, Inc. (we, Trinity) was incorporated in 1933 and is one of the nation's leading diversified industrial companies providing a variety of products and..

Tata Motors Ltd ..lic limited liability company under the Indian Companies Act VII of 1913 as Tata Locomotive and Engineering Company Limited. Our name was changed to T..

Texas United Bancshares Inc. ..bank holding company formed in June 1998 as a result of the merger of South Central Texas Bancshares, Inc. with and into Premier Bancshares, Inc. At t..

United Bankshares Inc. ..k Holding Company Act of 1956, as amended, United's present business is community and mortgage banking. As of December 31, 2003, United's consolidated..

Universal American Financial Corp. ..versal American) is a specialty health and life insurance holding company, with an emphasis on providing a broad array of health insurance and managed..

United Rentals Inc. ..pany in North America. We offer for rent over 600 types of equipment-everything from heavy machines to hand tools-through our network of more than 730..

Vail Resorts Inc. ..ng company in 1997 and operates through various subsidiaries (collectively). The Companys operations are grouped into three segments: Mountain, Lodgin..

Vion Pharmaceuticals Inc. ..development of novel therapeutics for the treatment of cancer. We were incorporated in March 1992 as a Delaware corporation and began operations on Ma..

Vasogen Inc. ..development of technologies targeting the chronic inflammation underlying cardiovascular and neurological disease. The Companys lead product, the Cela..

Veritas DGC Inc. ..sical information and services to the petroleum industry worldwide. Our customers include major, national and independent oil and gas companies that u..

Wayne Savings Bancshares Inc. ..ederal corporation which was organized on August 5, 1997. The Company was majority-owned by Wayne Savings Bankshares, M.H.C., a federally-chartered mu..

Waters Corporation ..ent manufacturer, designs, manufactures, sells and services, through its Waters Division, high performance liquid chromatography (HPLC), ultra perform..

Watson Wyatt & Company Holdings ..any Holdings completed the acquisition of assets and assumptions of liabilities of Watson Wyatt LLP (WWLLP) (the acquisition), a privately held limite..

Worldgate Communications Inc. .. Delaware in 1996 to succeed to the business of our predecessor, WorldGate Communications, L.L.C., which commenced operations in March 1995. In April ..

Xerox Corporation ..Corporation and its subsidiaries unless the context specifically states or implies otherwise. Xerox is a $15.7 billion technology and services enterpr..

YPF Sociedad Anonima ..a was created on June 2, 1977, under the laws of the Republic of Argentina as a governmental entity. On January 1, 1991, through Decree No. 2,778-90, ..

China Telecom Corp Ltd ..structuring and Initial Public Offering We were incorporated under the laws of China on September 10, 2002 as a joint stock company with limited liabi..

ABX Air Inc. ..rgo transportation and, through a network of 19 hubs, provides package sorting, handling and line-haul services within the United States. We operate a..

Acxiom Corporation ..echnology to create and deliver customer and information management solutions for many of the largest, most respected companies in the world. The core..

Aetrium Incorporated ..ctromechanical equipment used in the handling and testing of semiconductor and passive electronic devices, such as integrated circuits, or ICs, and di..

ASSURED GUARANTY LTD .. is a Bermuda-based holding company providing, through our operating subsidiaries, credit enhancement products to the public finance, structured finan..

Albany International Corporation ..e engaged in three business segments, each segment involving similar products or services. The Engineered Fabrics segment includes paper machine cloth..

Acambis plc ..velopment of Acambis COMPANY SECRETARY, REGISTERED OFFICE AND GROUP HEADQUARTERS Elizabeth Brown Peterhouse Technology Park 100 Fulbourn Road Cambridg..

Alvarion Ltd. ..aws of the State of Israel. Since our inception, we have devoted substantially all of our resources to the design, development, manufacturing and mark..

Ampex Corporation ..nd licensor of visual information technology. During our 60-year history, we have developed substantial proprietary technology relating to the electro..

Advisory Board Company (The) .. hospitals, health systems, pharmaceutical and biotech companies, health care insurers and medical device companies in the United States, focusing on ..

Aracruz Celulose S.A. ..lopment of Aracruz We conduct our operations under our legal and commercial name, Aracruz Celulose S.A. We are a corporation (sociedade anônima), with..

Arkansas Best Corporation ..gaged through its subsidiaries primarily in motor carrier transportation operations and intermodal transportation operations. Principal subsidiaries a..

Artesian Resources Corporation .. or the Company, operates as the parent holding company of Artesian Water Company, Inc., Artesian Water, our principal subsidiary, Artesian Water Penn..

Atlantic BancGroup Inc ..ntic BancGroup, Inc. (Holding Company or Atlantic) was incorporated in the State of Florida. On April 3, 1999, the shareholders of Oceanside Bank (Oce..

Avalon Holdings Corporation .. April 30, 1998 as a subsidiary of American Waste Services, Inc. (AWS). Pursuant to the terms of a Contribution and Distribution Agreement dated as of..

American Express Company ..idated subsidiaries (American Express, the Company), is a leading provider of travel related services, payment services, financial advisory services a..

Brunswick Corporation ..ter of leading consumer brands, including: Mercury and Mariner outboard engines; MerCruiser sterndrive and inboard engines; MotorGuide trolling motors..

Brandywine Realty Trust ..ny refer to Brandywine Realty Trust, a Maryland real estate investment trust, individually or together with its subsidiaries, including Brandywine Ope..

Berkshire Hathaway Inc. ..istrant) is a holding company owning subsidiaries engaged in a number of diverse business activities. The most important of these are insurance busine..

Berkshire Income Realty Inc. ..t on Form S-11 with the SEC with respect to its offers (the Offering) to exchange its 9% Series A Cumulative Redeemable Preferred Stock (Preferred Sha..

Biomet Inc. ..rporated in 1977, and its subsidiaries design, manufacture and market products used primarily by musculoskeletal medical specialists in both surgical ..

CTBI PFD CAP TR II ..ompany registered with the Board of Governors of the Federal Reserve System pursuant to Section 5(a) of the Bank Holding Company Act of 1956, as amend..

Britton & Koontz Capital Corporation .. as a Mississippi business corporation in July 1982. Later that year, the Company became a one-bank holding company registered under the Bank Holding ..

Compania Mina Buenaventura S.A. ..e Perus largest publicly-traded precious metals company, and are engaged in the exploration, mining and processing of gold, silver and, to a lesser ex..

BOYKIN LODGING CO ..on, is a real estate investment trust (REIT) that as of March 11, 2005 owned interests in 24 hotels located throughout the United States. Boykin was f..

Cambridge Display Technology Inc. ..company, CDT, we, us and our refer to Cambridge Display Technology, Inc. and its subsidiaries, unless the context otherwise requires. Our Company We a..

Community Banks Inc. ..as the Corporation or Community, is a financial holding company that was formed as a Pennsylvania corporation in 1982. Communitys banking subsidiary i..

Cedar Shopping Centers Inc ..4 and elected to be taxed as a real estate investment trust (REIT) in 1986. The Company is now a fully-integrated, self-administered and self-managed ..

CE Franklin Ltd. ..Canadian company (Franklin) completed its initial public offering and its shares were listed on the American Stock Exchange. CE Franklin is the result..

City National Corporation ..re in 1968 to acquire the outstanding capital stock of City National Bank. References to the Company reflect all of the activities of the Corporation ..

Computer Horizons Corp. ..s a strategic solutions and professional services company with more than thirty-seven years of experience, specifically in information technology. CHC..

Calcasieu Real Estate ..na corporation organized in 1930 to receive non-producing mineral royalties spun off by a Southwest Louisiana bank. Over the years as some of the roya..

CMS Energy Corporation ..n energy holding company operating through subsidiaries in the United States and in selected markets around the world. Its two principal subsidiaries ..

Columbia Equity Trust Inc. ..ny refer to Columbia Equity Trust, Inc., a Maryland corporation, and our subsidiaries, including Columbia Equity, LP, a Virginia limited partnership (..

Cost Plus Inc. ..iler of casual home furnishings and entertaining products. As of January 29, 2005, the Company operated 237 stores under the name World Market, Cost P..

Cardiome Pharma Corporation ..tory Over the past three years we have been focused on developing proprietary drugs to treat or prevent cardiovascular diseases. Our current efforts a..

Carrizo Oil & Gas Inc. ..t energy company engaged in the exploration, development and production of natural gas and oil. Our current operations are focused in proven, producin..

CommScope Inc. ..d manufacture of cable and connectivity solutions for communications networks. We focus on the last mile in communications networks, which is the dist..

Cabot Corporation ..ted in the State of Delaware in 1960. Cabot is a global specialty chemicals and performance materials company headquartered in Boston, Massachusetts. ..

CyberOptics Corporation .. Steven K. Case (Chairman of the Board of CyberOptics and full-time employee), a former professor at the University of Minnesota, with the goal of com..

DDi Corp. New .. printed circuit board engineering and manufacturing, and other value-added services. We specialize in engineering and fabricating complex multi-layer..

Distributed Energy Systems Corporation ..y reports on Form 10-Q, and other periodic filings are available free of charge through the Investors section of the Company's Internet website (http:..