Harvard Bioscience, Inc. Announces Receipt of Private Letter Ruling and Affirms Plan to Spin-Off Harvard Apparatus Regenerative

Harvard Bioscience, Inc. Announces Receipt of Private Letter Ruling and
Affirms Plan to Spin-Off Harvard Apparatus Regenerative Technology, Inc.
Following Its Initial Public Offering

HOLLISTON, Mass., March 25, 2013 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc.
(Nasdaq:HBIO), a global developer, manufacturer and marketer of a broad range
of tools to advance life science research and regenerative medicine, today
announced that it has received a private letter ruling from the Internal
Revenue Service that subject to certain conditions, the anticipated spin-off
of Harvard Apparatus Regenerative Technology, Inc. will be tax-free for U.S.
federal income tax purposes.

Harvard Apparatus Regenerative Technology, Inc., or HART, a wholly-owned
subsidiary of Harvard Bioscience, has filed a registration statement with the
SEC for an initial public offering of HART's common stock.HART has set a
price range of $10.00 - $12.00 per share of common stock and has commenced its
"road show".It is expected that the offering of HART's common stock will
price in early April, with the offering closing shortly thereafter.With
respect to the offering, Summer Street Research Partners is sole book-running
manager, and Maxim Group LLC is co-lead manager.

Following the IPO, Harvard Bioscience will own slightly more than 80% of
Harvard Apparatus Regenerative Technology's common stock. Harvard Bioscience
intends to distribute its remaining interest in Harvard Apparatus Regenerative
Technology to Harvard Bioscience's shareholders in a pro-rata, tax-free
dividend approximately 120 days following the closing of the IPO.

This release is available on our website at www.harvardbioscience.com by
clicking on the Press Releases icon.

Registration Statement

A registration statement including a prospectusrelating to the common stock
of Harvard Apparatus Regenerative Technology, Inc. has been filed with the
Securities and Exchange Commission ("SEC")but has not yet become effective.
These securities may not be sold nor may offers to buy these securities be
accepted before the time the registration statement becomes effective. This
press release shall not constitute an offer to sell or a solicitation of an
offer to buy these securities, nor shall there be any sale of these securities
in any state or jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of any such state or jurisdiction.

The initial public offering will be made only by means of a written prospectus
meeting the requirements of Section 10 of the Securities Act of 1933.Before
you invest in Harvard Apparatus Regenerative Technology, you should read the
prospectus in that registration statement and the documents filed as exhibits
to the registration statement for more complete information about Harvard
Apparatus Regenerative Technology. You may get these documents for free by
visiting EDGAR on the SEC web site at www.sec.gov. Alternatively,a copy of
the preliminary prospectus may be obtained from the offices ofSummer Street
Research Partners, Attention: Prospectus Department, 101 Arch Street, Boston,
MA 02110 or by telephone at +1-617-532-6464.

Forward-Looking Statements

Some of the statements in this press release are "forward-looking" and are
made pursuant to the safe harbor provision of the Private Securities
Litigation Reform Act of 1995. These "forward-looking" statements include
statements relating to, among other things, the planned IPO and the potential
spin-off from Harvard Bioscience of Harvard Apparatus Regenerative Technology.
These statements involve risks and uncertainties, including among other
things, market conditions and with respect to the possible spin-off, Harvard
Bioscience's ability to obtain a private letter ruling from the Internal
Revenue Service regarding the distribution's tax-free treatment, that may
cause results to differ materially from the statements set forth in this press
release. The forward-looking statements in this press release speak only as of
the date of this press release and are subject to uncertainty and changes.
Given these circumstances, you should not place undue reliance on these
forward-looking statements. Harvard Bioscience expressly disclaims any
obligation or undertaking to release publicly any updates or revisions to such
statements to reflect any change in its expectations with regard thereto or
any changes in the events, conditions or circumstances on which any such
statement is based.

For investor inquiries, please call (508) 893-8066. Press releases may be
found on our web site, http://www.harvardbioscience.com.

The Harvard Bioscience, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6426

CONTACT: Tom McNaughton
         CFO
         tmcnaughton@harvardbioscience.com
         Tel: 508 893-8999
         Fax: 508 892-6135
        
         David Green
         President
         dgreen@harvardbioscience.com
        
         Chane Graziano
         CEO
         cgraziano@harvardbioscience.com

Harvard Bioscience, Inc. Logo
 
Press spacebar to pause and continue. Press esc to stop.