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<SEC-DOCUMENT>0001178913-08-001525.txt : 20080618
<SEC-HEADER>0001178913-08-001525.hdr.sgml : 20080618
<ACCEPTANCE-DATETIME>20080618171323
ACCESSION NUMBER:		0001178913-08-001525
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20080618
DATE AS OF CHANGE:		20080618

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PLURISTEM THERAPEUTICS INC
		CENTRAL INDEX KEY:			0001158780
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				980351734
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-151761
		FILM NUMBER:		08906305

	BUSINESS ADDRESS:	
		STREET 1:		MATAM ADVANCED TECHNOLOGY PARK
		STREET 2:		BUILDING NO. 20
		CITY:			HAIFA
		STATE:			L3
		ZIP:			31905
		BUSINESS PHONE:		972-4-850-1080

	MAIL ADDRESS:	
		STREET 1:		MATAM ADVANCED TECHNOLOGY PARK
		STREET 2:		BUILDING NO. 20
		CITY:			HAIFA
		STATE:			L3
		ZIP:			31905

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PLURISTEM LIFE SYSTEMS INC
		DATE OF NAME CHANGE:	20030701

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AI SOFTWARE INC
		DATE OF NAME CHANGE:	20010906
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>zk85422.htm
<TEXT>
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     <!-- Control Number: 85422                                                            -->
     <!-- Rev Number:     1                                                                -->
     <!-- Client Name:    PLURISTEM THERAPEUTICS INC                                       -->
     <!-- Project Name:   S-3                                                              -->
     <!-- Firm Name:      Zadok-Keinan Ltd                                                 -->
     <TITLE>S-3</TITLE>
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<B>As
filed with the Securities and Exchange Commission on June 18, 2008</B> </FONT></TD>
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<B>Registration
No.&nbsp;333-</B> </FONT></TD>
</TR>
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<BR>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>SECURITIES AND
EXCHANGE COMMISSION </FONT><BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Washington,&nbsp;DC
20549 </FONT></H1>

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<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="4"><B>Form&nbsp;S-3</B> </FONT> <FONT FACE="Times New Roman, Times, Serif"><B><BR></B> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933</B> </FONT> <FONT FACE="Times New Roman, Times, Serif"><B><BR></B> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="5"><B>PLURISTEM THERAPEUTICS INC.</B> </FONT> <BR><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(Exact name of
registrant as specified in its charter)</I></FONT></P>




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     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
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     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE="2"><B>Nevada</B> </FONT></TD>
     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE="2"><B>98-0351734</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE="2"><I>(State or other jurisdiction of</I> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE="2"><I>(I.R.S. Employer</I> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE="2"><I>incorporation or organization)</I> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE="2"><I>Identification Number)</I> </FONT></TD></TR>
</TABLE>
<BR>

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     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE="2"><B>MATAM Advanced Technology Park, Building No. 20,</B> </FONT></TD>
     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE="2"><B>Yaky Yanay, Chief Financial Officer</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE="2"><B>Haifa 31905 Israel</B> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE="2"><B>Pluristem Therapeutics Inc.</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE="2"><B>Tel: 011 972 74 710 7171</B> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE="2"><B>MATAM Advanced Technology Park, Building No. 20,</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE="2"><I>(Address, including zip code, and telephone number,</I> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE="2"><B>Haifa 31905 Israel</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE="2"><I>including area code, of registrant's principal executive offices)</I> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE="2"><B>Tel: 011 972 74 710 7171</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE="2"><I>(Name, address, including zip code, and telephone</I> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE="2"><I>number, including area code, of agent for service)</I> </FONT></TD></TR>
</TABLE>
<BR>




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<P ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Copy to: <BR><B>Edwin L. Miller Jr., Esq.<BR>Zysman, Aharoni, Gayer &amp; Co./<BR>Sullivan &amp; Worcester LLP<BR>
One Post Office Square<BR>Boston, Massachusetts 02110<BR>Telephone: (617) 338-2800<BR>Fax: (617) 338-2880</B> </FONT> </P>










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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Approximate date of commencement
of proposed sale to the public: </B>From time to time after this registration statement
becomes effective. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the only securities being registered on this form are being offered pursuant to dividend
or interest reinvestment plans, check the following box.&nbsp; <FONT size="3" face="Wingdings">o
</font> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any of the securities being registered on this form are to be offered on a delayed or
continuous basis pursuant to Rule&nbsp;415 under the Securities Act of 1933, other than
securities offered only in connection with dividend or interest reinvestment plans, check
the following box.&nbsp; <FONT size="3" face="Wingdings">x</font> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this form is filed to register additional securities for an offering pursuant to
Rule&nbsp;462(b) under the Securities Act, check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the
same offering.&nbsp;<FONT size="3" face="Wingdings">o
</font> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this form is a post-effective amendment filed pursuant to Rule&nbsp;462(c) under the
Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering.&nbsp;<FONT size="3" face="Wingdings">o
</font></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this form is a registration statement pursuant to General Instruction I.D. or a
post-effective amendment thereto that shall become effective upon filing with the
Commission pursuant to Rule&nbsp;462(e) under the Securities Act, check the following
box.&nbsp;<FONT size="3" face="Wingdings">o
</font> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this form is a post-effective amendment to a registration statement filed pursuant to
General Instruction I.D. filed to register additional securities or additional classes of
securities pursuant to Rule&nbsp;413(b) under the Securities Act, check the following
box.&nbsp;<FONT size="3" face="Wingdings">o
</font> </FONT></P>


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<P ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>CALCULATION OF REGISTRATION FEE</B> </FONT> </P>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1>Title of each class of securities to be registered</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE="1">Proposed maximum aggregate offering price<SUP>1</SUP> </FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE="1">Amount of registration fee<SUP>2</SUP> </FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1>&nbsp;</FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom BGCOLOR="#cceeff">
     <TD WIDTH=67% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Common Stock</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="Center"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(3)</FONT></TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>(3)</FONT></TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Warrants to purchase Common Stock</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>(3)</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>(3)</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#cceeff">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="Center"><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>  15,000,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>(4)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>         590</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>
<BR>



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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><SUP>1</SUP> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Estimated
solely to calculate the registration fee in accordance with Rule
                    457(o) under the Securities Act of 1933. </FONT></TD>
</TR>
</TABLE>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><SUP>2</SUP> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Calculated
pursuant to Rule 457(o) based on an estimate of the proposed maximum aggregate offering
price. </FONT></TD>
</TR>
</TABLE>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><SUP>3</SUP> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Not
required to be included in accordance with General Instruction II.D. of Form S-3.</FONT></TD>
</TR>
</TABLE>



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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>4 </SUP></FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> In
no event will the aggregate offering price of all securities issued from time to time
pursuant to this registration statement exceed $15,000,000. </FONT></TD>
</TR>
</TABLE>
<BR>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
registrant hereby amends this registration statement on such date or dates as may be
necessary to delay its effective date until the registrant shall file&nbsp;a further
amendment which specifically states that this registration statement shall thereafter
become effective in accordance with Section&nbsp;8(a) of the Securities Act of 1933, as
amended, or until the registration statement shall become effective on such date as the
Commission, acting pursuant to said Section&nbsp;8(a), may determine.</B> </FONT></P>

<p align=center>
<font size=2></font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The information in this prospectus
is not complete and may be changed. We may not sell these securities until the
registration statement filed with the Securities and Exchange Commission is effective.
This prospectus is not an offer to sell these securities, and it is not soliciting an
offer to buy these securities in any state where the offer or sale is not permitted. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PRELIMINARY PROSPECTUS (Subject to
Completion)<BR> Dated June 18, 2008  </FONT></P>

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<P ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><IMG SRC="pluristem.jpg"> </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$15,000,000 </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>PLURISTEM THERAPEUTICS
INC. </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Common Stock <BR>Warrants </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may from time to time sell common stock and warrants to purchase common stock in one or
more offerings for an aggregate initial offering price of $15,000,000. We refer to the
common stock and the warrants to purchase common stock collectively as the securities.
This prospectus describes the general manner in which our securities may be offered using
this prospectus. We will specify in an accompanying prospectus supplement the terms of the
securities to be offered and sold. We may sell these securities to or through underwriters
or dealers, directly to purchasers or through agents. We will set forth the names of any
underwriters, dealers or agents in an accompanying prospectus supplement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
common stock is traded on the NASDAQ Capital Market under the symbol &#147;PSTI&#148; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Investing
in our securities involves risks. See &#147;Risk Factors&#148; on page&nbsp;3 of this
prospectus.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Securities and Exchange Commission nor any state securities commission has approved or
disapproved of these securities or passed upon the adequacy or accuracy of this
prospectus. Any representation to the contrary is a criminal offense. </FONT></P>

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<P ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This prospectus is dated ____________.
</FONT></P>

<p align=center>
<font size=2></font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>TABLE OF CONTENTS</B> </FONT> </P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>ABOUT THIS PROSPECTUS</FONT></TD>
     <TD WIDTH=30% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>2&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>OUR COMPANY</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>3&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>RISK FACTORS</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>3&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>3&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>USE OF PROCEEDS</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>4&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>THE SECURITIES WE MAY OFFER</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>5&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>DESCRIPTION OF COMMON STOCK</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>5&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>DESCRIPTION OF WARRANTS</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>5&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>PLAN OF DISTRIBUTION</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>7&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>VALIDITY OF SECURITIES</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>10&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>EXPERTS</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>10&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>WHERE YOU CAN FIND MORE INFORMATION</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>10&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>INCORPORATION OF DOCUMENTS BY REFERENCE</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>10&nbsp;</FONT></TD></TR>
</TABLE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
should rely only on the information contained in this prospectus and the documents
incorporated by reference in this prospectus or to which we have referred you. We have not
authorized anyone to provide you with different information. If anyone provides you with
different or inconsistent information, you should not rely on it. This prospectus does not
constitute an offer to sell, or a solicitation of an offer to purchase, the securities
offered by this prospectus in any jurisdiction to or from any person to whom or from whom
it is unlawful to make such offer or solicitation of an offer in such jurisdiction. You
should not assume that the information contained in this prospectus or any document
incorporated by reference is accurate as of any date other than the date on the front
cover of the applicable document. Neither the delivery of this prospectus nor any
distribution of securities pursuant to this prospectus shall, under any circumstances,
create any implication that there has been no change in the information set forth or
incorporated by reference into this prospectus or in our affairs since the date of this
prospectus. Our business, financial condition, results of operations and prospects may
have changed since that date. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ABOUT THIS PROSPECTUS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus is part of a registration statement that we filed with the Securities and
Exchange Commission using a &#147;shelf&#148; registration process. Under this shelf
registration process, we may, from time to time, sell any combination of the securities
described in this prospectus in one or more offerings up to a total dollar amount of
$15,000,000. This prospectus describes the securities we may offer and the general manner
in which our securities may be offered by this prospectus. Each time we sell securities,
we will provide a prospectus supplement that will contain specific information about the
terms of that offering. We may also add, update or change in the prospectus supplement any
of the information contained in this prospectus. To the extent there is a conflict between
the information contained in this prospectus and the prospectus supplement, you should
rely on the information in the prospectus supplement, provided that if any statement in
one of these documents is inconsistent with a statement in another document having a later
date&nbsp;&#150; for example, a document incorporated by reference in this prospectus or
any prospectus supplement&nbsp;&#150; the statement in the document having the later date
modifies or supersedes the earlier statement. </FONT></P>


<p align=center>
<font size=2>- 2 -</font></p>
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<page>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>OUR COMPANY</B> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We are engaged in the business of the
development of mesenchymal and stem cell production technology and the commercialization
of cell therapy products. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>From May 2003 until March 2006, our
business was focused on the development of stem cell production technology. Originally,
our plan was to develop that technology to the point where we could license it to medical
scientists and practitioners for their use in producing cell therapy products for sale in
the marketplace. On March 6, 2006, we announced that our company was taking a new
direction. Instead of looking to license our stem cell production technology, we decided
to focus on developing the technology with the goal of producing cell therapy products
ourselves for sale in the marketplace. On July 5, 2006 and October 16, 2006, we announced
that our subsidiary, Pluristem Ltd., achieved a breakthrough in our preclinical study of
bone marrow transplantation: The preclinical study showed that by adding PLX-I (PLacenta
eXpanded cells) to Umbilical cord blood (UCB) stem cells during bone marrow
transplantation (BMT), hematopoietic stem cell engraftment in mice showed up to a 500%
increase in engraftment after irradiation and chemotherapy. On January 8, 2008, we
announced that we achieved favorable results in demonstrating a revascularization effect
after using our propriety PLX-PAD cells for the treatment of limb ischemia associated with
peripheral artery disease (PAD). On April 7, 2008, we announced that the results from
Fraunhofer Institute&#146;s additional pre-clinical study utilizing our proprietary
PLacental eXpanded (PLX) cells in treating ischemic stroke showed statistical significance
utilizing functional as well as anatomical endpoints. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On November 23, 2007, we changed our
name to Pluristem Therapeutics Inc. On November 26, 2007, we effected a one for two
hundred reverse stock split. Accordingly, all references to number of shares, common stock
and per share data have been adjusted to reflect the stock split on a retroactive basis. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On December 10, 2007, our shares of
common stock began trading on the NASDAQ Capital Market under the symbol &#147;PSTI.&#148;
The shares were previously traded on the OTC Bulletin Board under the trading symbol
&#147;PLRS.OB&#148;. On May 7, 2007, our shares also began trading on Europe&#146;s
Frankfurt Stock Exchange, under the symbol &#147;PJT.&#148; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Effective on June 4, 2008, our
authorized number of shares of our common stock was increased from 7,000,000 shares to
30,000,000 shares. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
executive offices are located at MATAM Advanced Technology Park, Building No. 20, Haifa,
Israel, our telephone number is 011 972 74 710 7171 and our website address is
<U>www.pluristem.com</U> . The information on our website is not incorporated by reference
in this prospectus and should not be considered to be part of this prospectus. Our website
address is included in this prospectus as an inactive technical reference only. Our name
and logo and the names of our products are our trademarks or registered trademarks. Unless
the context otherwise requires, references in this prospectus to &#147;Pluristem,&#148;
&#147;we,&#148; &#147;us,&#148; and &#147;our&#148; refer to Pluristem Therapeutics Inc.
and it subsidiaries as required by the context. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RISK FACTORS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
investment in our securities involves significant risks. You should carefully consider the
risk factors contained in any prospectus supplement and in our filings with the Securities
and Exchange Commission, as well as all of the information contained in this prospectus,
any prospectus supplement and the documents incorporated by reference in this prospectus,
before you decide to invest in our securities. The risks and uncertainties we have
described are not the only ones we face. Additional risks and uncertainties not presently
known to us or that we currently deem immaterial may also affect our operations. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SPECIAL
NOTE&nbsp;REGARDING FORWARD-LOOKING INFORMATION </FONT></H1>

<p align=center>
<font size=2>- 3 -</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus, any prospectus supplement and the documents we incorporate by reference in
this prospectus contain forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and other Federal securities laws. All
statements, other than statements of historical fact, that we include in this prospectus,
any prospectus supplement and in the documents we incorporate by reference in this
prospectus, may be deemed forward-looking statements for purposes of the Securities Act of
1933, or the Securities Act, and the Securities Exchange Act of 1934, or the Exchange Act.
We use the words &#147;anticipate,&#148; &#147;believe,&#148; &#147;estimate,&#148;
&#147;expect,&#148; &#147;intend,&#148; &#147;may,&#148; &#147;plan,&#148;
&#147;project,&#148; &#147;will,&#148; &#147;would&#148; and similar expressions to
identify forward-looking statements, although not all forward-looking statements contain
these identifying words. We cannot guarantee that we actually will achieve the plans,
intentions or expectations disclosed in our forward-looking statements and, accordingly,
you should not place undue reliance on our forward-looking statements. There are a number
of important factors that could cause actual results or events to differ materially from
the forward-looking statements that we make, including the factors included in the
documents we incorporate by reference in this prospectus. You should read these factors
and the other cautionary statements made in the documents we incorporate by reference as
being applicable to all related forward-looking statements wherever they appear in this
prospectus, any prospectus supplement and any document incorporated by reference. We
caution you that, except as otherwise required by law, we do not undertake any obligation
to update forward-looking statements we make. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>USE OF PROCEEDS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
we otherwise indicate in the applicable prospectus supplement, we currently intend to use
the net proceeds from the sale of the securities for research and product development
activities, and for working capital and other general corporate purposes. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may set forth additional information on the use of net proceeds from the sale of
securities we offer under this prospectus in a prospectus supplement relating to the
specific offering. Pending the application of the net proceeds, we intend to invest the
net proceeds in investment-grade, interest-bearing securities. </FONT></P>

<p align=center>
<font size=2>- 4 -</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>THE SECURITIES WE MAY
OFFER</B> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
descriptions of the securities contained in this prospectus, together with the applicable
prospectus supplement, summarize the material terms and provisions of the various types of
securities that we may offer. We will describe in the applicable prospectus supplement
relating to any securities the particular terms of the securities offered by that
prospectus supplement. If we so indicate in the applicable prospectus supplement, the
terms of the securities may differ from the terms we have summarized below. We may also
include in the prospectus supplement information, where applicable, about material United
States federal income tax consequences relating to the securities, and the securities
exchange or market, if any, on which the securities will be listed. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may sell from time to time, in one or more offerings, one or more of the following
securities: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>common
stock; and</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>warrants
to purchase common stock.</FONT></TD>
</TR>
</TABLE>
<BR>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
total initial offering price of all securities that we may issue in these offerings will
not exceed $15,000,000. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DESCRIPTION OF COMMON
STOCK </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
a description of the material terms and provisions of our common stock and any other class
of our securities which qualifies or limits our common stock, please see the applicable
prospectus supplement, as well as the description of our capital stock in our Registration
Statement on Form&nbsp;8-A, as amended, which is incorporated by reference in this
prospectus. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DESCRIPTION OF WARRANTS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following description, together with the additional information we may include in any
applicable prospectus supplement, summarizes the material terms and provisions of the
warrants that we may offer under this prospectus and the related warrant agreements and
warrant certificates. While the terms summarized below will apply generally to any
warrants that we may offer, we will describe the particular terms of any series of
warrants in more detail in the applicable prospectus supplement. If we so indicate in a
prospectus supplement, the terms of any warrants offered under that prospectus supplement
may differ from the terms we describe below. Specific warrant agreements will contain
additional important terms and provisions and will be incorporated by reference as an
exhibit to the registration statement. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>General </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may issue warrants for the purchase of common stock in one or more series. We may issue
warrants independently or together with common stock, and the warrants may be attached to
or separate from the common stock. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will evidence each series of warrants by warrant certificates that we will issue under a
separate agreement or by warrant agreements that we will enter into directly with the
purchasers of the warrants. If we evidence warrants by warrant certificates, we will enter
into a warrant agreement with a warrant agent. We will indicate the name and address of
the warrant agent, if any, in the applicable prospectus supplement relating to a
particular series of warrants. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will describe in the applicable prospectus supplement the terms of the series of warrants,
including: </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
offering price and aggregate number of warrants offered;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
currency for which the warrants may be purchased or exercised;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>if
 applicable,  the terms of the common  stock with which the warrants are issued and the
number          of warrants issued with such common stock;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>if
 applicable,  the date on and after which the  warrants  and the related  common stock
will be          separately transferable;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
number of shares of common stock purchasable upon the exercise of one warrant and the
price at which these shares may be purchased upon such exercise; </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>- 5 -</font></p>
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<page>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
manner in which the warrants may be exercised, which may include by cashless exercise;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
 effect of any  merger,  consolidation,  sale or other  disposition  of our  business  on
the          warrant agreement and the warrants;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
terms of any rights to redeem or call the warrants;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>any
 provisions  for  changes  to or  adjustments  in the  exercise  price or number of
shares of          common stock issuable upon exercise of the warrants;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
dates on which the right to exercise the warrants will commence and expire;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
manner in which the warrant agreement and warrants may be modified;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
 material  United  States  federal  income tax  consequences  of holding  or  exercising
 the          warrants;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
terms of the common stock issuable upon exercise of the warrants; and</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>any
other specific terms, preferences, rights or limitations of or restrictions on the
warrants.</FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before
exercising their warrants, holders of warrants will not have any of the rights of holders
of the common stock purchasable upon such exercise, including the right to receive
dividends, if any, or payments upon our liquidation, dissolution or winding up or to
exercise voting rights, if any. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exercise of Warrants </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
warrant will entitle the holder to purchase the number of shares of common stock that we
specify in the applicable prospectus supplement at the exercise price that we describe in
the applicable prospectus supplement. Unless we otherwise specify in the applicable
prospectus supplement, holders of the warrants may exercise the warrants at any time up to
5:00&nbsp;P.M., Eastern U.S. time, on the expiration date that we set forth in the
applicable prospectus supplement. After the close of business on the expiration date,
unexercised warrants will become void. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
of the warrants may exercise the warrants by delivering to the warrant agent or us the
warrant certificate or warrant agreement representing the warrants to be exercised
together with specified information, and by paying the required amount to the warrant
agent or us in immediately available funds, as provided in the applicable prospectus
supplement. We will set forth on the reverse side of the warrant certificate or in the
warrant agreement and in the applicable prospectus supplement the information that the
holder of the warrant will be required to deliver to the warrant agent or us in connection
with such exercise. Certain of the warrants may entitle the holders thereof to
&#147;cashless exercise&#148; under certain circumstances. This option entitles the
warrant holder to elect to receive fewer shares of common stock without paying the cash
exercise price.&nbsp;&nbsp;The number of shares to be issued would be determined by a
formula based on the total number of shares to which the warrant holder is entitled, the
market price of the common stock on the date of exercise or the days prior to the exercise
and the applicable exercise price of the warrants. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
receipt of the required payment, if need to, and the warrant certificate or the warrant
agreement, as applicable, properly completed and duly executed at the corporate trust
office of the warrant agent, if any, at our offices or at any other office indicated in
the applicable prospectus supplement, we will issue and deliver the common stock
purchasable upon such exercise. If fewer than all of the warrants represented by the
warrant certificate or warrant agreement are exercised, then we will issue a new warrant
certificate or warrant agreement for the remaining amount of warrants. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Enforceability of Rights
by Holders of Warrants </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we appoint a warrant agent, any warrant agent will act solely as our agent under the
applicable warrant agreement and will not assume any obligation or relationship of agency
or trust with any holder of any warrant. A single bank or trust company may act as warrant
agent for more than one issue of warrants. A warrant agent will have no duty or
responsibility in case of any default by us under the applicable warrant agreement or
warrant, including any duty or responsibility to initiate any proceedings at law or
otherwise, or to make any demand upon us. Any holder of a warrant may, without the consent
of the related warrant agent or the holder of any other warrant, enforce by appropriate
legal action its right to exercise, and receive the securities purchasable upon exercise
of, its warrants. </FONT></P>

<p align=center>
<font size=2>- 6 -</font></p>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PLAN OF DISTRIBUTION </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We may sell the securities being
offered hereby in one or more of the following ways from time to time: </FONT></P>


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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>through
agents to the public or to investors;</FONT></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
one or more underwriters for resale to the public or to investors;</FONT></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>in
&#147;at the market offerings,&#148; within the meaning of Rule 415(a)(4) of the
Securities Act, to or through a market maker or into an existing trading market, on an
exchange or otherwise; </FONT></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>directly
to investors in privately negotiated transactions; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>directly
to a purchaser pursuant to what is known as an "equity line of credit" as described
         below; or</FONT></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>through
a combination of these methods of sale.</FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The securities that we distribute by
any of these methods may be sold, in one or more transactions, at: </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
fixed price or prices, which may be changed;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>market
prices prevailing at the time of sale;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>prices
related to prevailing market prices; or</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>negotiated
prices.</FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The accompanying prospectus
supplement will describe the terms of the offering of our securities, including: </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
name or names of any agents or underwriters;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>any
securities exchange or market on which the common stock may be listed;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
purchase price and commission, if any, to be paid in connection with the sale of the
securities being offered and the proceeds we will receive from the sale; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>any
 over-allotment  options pursuant to which  underwriters may purchase  additional
 securities          from us;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>any
underwriting  discounts or agency fees and other items constituting  underwriters' or
agents'          compensation;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>any
public offering price; and</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>any
discounts or concessions allowed or reallowed or paid to dealers.</FONT></TD>
</TR>
</TABLE>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
underwriters are used in the sale, they will acquire the securities for their own account
and may resell the securities from time to time in one or more transactions, including
negotiated transactions, at a fixed public offering price or at varying prices determined
at the time of the sale. The obligations of the underwriters to purchase the securities
will be subject to the conditions set forth in the applicable underwriting agreement. We
may offer the securities to the public through underwriting syndicates represented by
managing underwriters or by underwriters without a syndicate. Subject to certain
conditions, the underwriters will be obligated to purchase all the securities offered by
the prospectus supplement. We may change from time to time the public offering price and
any discounts or concessions allowed or reallowed or paid to dealers. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may also sell securities pursuant to an &#147;equity line of credit&#148;. In such event,
we will enter into a common stock purchase agreement with the purchaser to be named
therein, which will be described in a Current Report on Form 8-K that we will file with
the SEC. In that Form 8-K, we will describe the total amount of money that we may require
the purchaser to invest under the purchase agreement and the other terms of purchase, and
any rights that the purchaser is granted to purchase securities from us. In addition to
our issuance of shares of common stock to the equity line purchaser pursuant to the
purchase agreement, this prospectus (and the applicable prospectus supplement or
post-effective amendment) also covers the resale of those shares from time to time by the
equity line purchaser to the public. The equity line purchaser will be considered an
&#147;underwriter&#148; within the meaning of Section 2(a)(11) of the Securities Act. Its
resales may be effected through a number of methods, including without limitation,
ordinary brokerage transactions and transactions in which the broker solicits purchasers
and block trades in which the broker or dealer so engaged will attempt to sell the shares
as agent, but may position and resell a portion of the block as principal to facilitate
the transaction. The equity line purchaser will be bound by various anti-manipulation
rules of the SEC and may not, for example, engage in any stabilization activity in
connection with its resales of our securities and may not bid for or purchase any of our
securities or attempt to induce any person to purchase any of our securities other than as
permitted under the Exchange Act. </FONT></P>



<p align=center>
<font size=2>- 7 -</font></p>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may sell our securities directly or through agents we designate from time to time. We will
name any agent involved in the offering and sale of our common stock, and we will describe
any commissions we will pay the agent in the prospectus supplement. Unless the prospectus
supplement states otherwise, our agent will act on a best-efforts basis for the period of
its appointment. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may provide underwriters and agents with indemnification against civil liabilities related
to this offering, including liabilities under the Securities Act, or contribution with
respect to payments that the underwriters or agents may make with respect to these
liabilities. Underwriters and agents may engage in transactions with, or perform services
for, us in the ordinary course of business. We will describe such relationships in the
prospectus supplement naming the underwriter or agent and the nature of any such
relationship. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rules
of the Securities and Exchange Commission may limit the ability of any underwriters to bid
for or purchase securities before the distribution of the shares of common stock is
completed. However, underwriters may engage in the following activities in accordance with
the rules: </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Stabilizing
transactions</I> &#150;&nbsp;Underwriters may make bids or purchases for the purpose of
pegging, fixing or maintaining the price of the shares, so long as stabilizing bids do
not exceed a specified maximum. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Over-allotments
and syndicate covering transactions</I> &#150;&nbsp;Underwriters may sell more shares of
our common stock than the number of shares that they have committed to purchase in any
underwritten offering. This over-allotment creates a short position for the underwriters.
This short position may involve either &#147;covered&#148; short sales or &#147;naked&#148; short
sales. Covered short sales are short sales made in an amount not greater than the
underwriters&#146; over-allotment option to purchase additional shares in any
underwritten offering. The underwriters may close out any covered short position either
by exercising their over-allotment option or by purchasing shares in the open market. To
determine how they will close the covered short position, the underwriters will consider,
among other things, the price of shares available for purchase in the open market, as
compared to the price at which they may purchase shares through the over-allotment
option. Naked short sales are short sales in excess of the over-allotment option. The
underwriters must close out any naked position by purchasing shares in the open market. A
naked short position is more likely to be created if the underwriters are concerned that,
in the open market after pricing, there may be downward pressure on the price of the
shares that could adversely affect investors who purchase shares in the offering. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Wingdings 2" SIZE="2">&#151;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Penalty
bids</I> &#150;&nbsp;If underwriters purchase shares in the open market in a stabilizing
transaction or syndicate covering transaction, they may reclaim a selling concession from
other underwriters and selling group members who sold those shares as part of the
offering. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Similar
to other purchase transactions, an underwriter&#146;s purchases to cover the syndicate
short sales or to stabilize the market price of our common stock may have the effect of
raising or maintaining the market price of our common stock or preventing or mitigating a
decline in the market price of our common stock. As a result, the price of the shares of
our common stock may be higher than the price that might otherwise exist in the open
market. The imposition of a penalty bid might also have an effect on the price of shares
if it discourages resales of the shares. </FONT></P>

<p align=center>
<font size=2>- 8 -</font></p>
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<page>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
commenced, the underwriters may discontinue any of these activities at any time. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
common stock is traded on the NASDAQ Capital Market. One or more underwriters may make a
market in our common stock, but the underwriters will not be obligated to do so and may
discontinue market making at any time without notice. We cannot give any assurance as to
liquidity of the trading market for our common stock. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
underwriters who are qualified market makers on the NASDAQ Capital Market may engage in
passive market making transactions in the common stock in accordance with Rule&nbsp;103 of
Regulation&nbsp;M, during the business day prior to the pricing of the offering, before
the commencement of offers or sales of the common stock. Passive market makers must comply
with applicable volume and price limitations and must be identified as passive market
makers. In general, a passive market maker must display its bid at a price not in excess
of the highest independent bid for such security; if all independent bids are lowered
below the passive market maker&#146;s bid, however, the passive market maker&#146;s bid
must then be lowered when certain purchase limits are exceeded. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
compliance with guidelines of the Financial Industry Regulatory Authority, or FINRA, the
maximum commission or discount to be received by any FINRA member or independent broker
dealer may not exceed 8% of the aggregate amount of the securities offered pursuant to
this prospectus and any applicable prospectus supplement. </FONT></P>


<p align=center>
<font size=2>- 9 -</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>VALIDITY OF SECURITIES</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
validity of the securities offered hereby will be passed upon for us by Zysman, Aharoni,
Gayer &amp; Co. /Sullivan &amp; Worcester, LLP, Boston, Massachusetts. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>EXPERTS</B> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
financial statements of Pluristem Therapeutics Inc. appearing in Pluristem Therapeutics
Inc.&#145;s Annual Report (Form&nbsp;10-KSB) for the year ended June 30, 2007, have been
audited by Kost Forer Gabbay &amp; Kasierer A member of Ernst &amp; Young Global,
independent registered public accounting firm, as set forth in their report thereon,
included therein, and incorporated herein by reference. Such financial statements are
incorporated herein by reference in reliance upon such report given on the authority of
such firm as experts in accounting and auditing. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>WHERE YOU CAN FIND
MORE INFORMATION </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
file reports, proxy statements and other documents with the Securities and Exchange
Commission. You may read and copy any document we file with the SEC at the SEC&#146;s
Public Reference Room at 100&nbsp;F&nbsp;Street, N.E., Room&nbsp;1580,
Washington,&nbsp;D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information
on the public reference room. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
SEC also maintains a website, the address of which is www.sec.gov. That site also contains
our annual, quarterly and current reports, proxy statements, information statements and
other information. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have filed this prospectus with the SEC as part of a registration statement on
Form&nbsp;S-3 under the Securities Act. This prospectus does not contain all of the
information set forth in the registration statement because some parts of the registration
statement are omitted in accordance with the rules and regulations of the SEC. You can
obtain a copy of the registration statement from the SEC at the address listed above or
from the SEC&#146;s website. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
also maintain a website at www.pluristem.com, through which you can access our SEC
filings. The information set forth on our website is not part of this prospectus. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INCORPORATION OF
DOCUMENTS BY REFERENCE </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are &#147;incorporating by reference&#148; certain documents we file with the SEC, which
means that we can disclose important information to you by referring you to those
documents. The information in the documents incorporated by reference is considered to be
part of this prospectus. Statements contained in documents that we file with the SEC and
that are incorporated by reference in this prospectus will automatically update and
supersede information contained in this prospectus, including information in previously
filed documents or reports that have been incorporated by reference in this prospectus, to
the extent the new information differs from or is inconsistent with the old information. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have filed or may file the following documents with the SEC. These documents are
incorporated herein by reference as of their respective dates of filing: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Annual Report on Form&nbsp;10-KSB for the year ended June 30, 2007;  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our
Quarterly Report on Form&nbsp;10-QSB for the quarter ended March 31, 2008; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Quarterly Report on Form&nbsp;10-QSB for the quarter ended December&nbsp;31,
               2007;  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(4) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Quarterly Report on Form&nbsp;10-QSB for the quarter ended                September&nbsp;30,
2007;  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(5) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Current Report on Form&nbsp;8-K, as filed with the SEC on April 10, 2008;  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(6) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Current Report on Form&nbsp;8-K, as filed with the SEC on December 7, 2007;  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(7) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Current Report on Form&nbsp;8-K, as filed with the SEC on November 26, 2007;  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(8) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Current Report on Form&nbsp;8-K, as filed with the SEC on November 9, 2007;  </FONT></P>




<p align=center>
<font size=2>- 10 -</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>


<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(9) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Current Report on Form&nbsp;8-K, as filed with the SEC on November 6, 2007;  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(10) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Current Report on Form&nbsp;8-K, as filed with the SEC on October 12, 2007;  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(11) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Current Report on Form&nbsp;8-K, as filed with the SEC on September 5, 2007
               ; and  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(12) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
description of our common stock contained in our Registration Statement on
               Form&nbsp;8-A filed with the SEC, as amended;&nbsp;and  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(13) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
documents filed by us pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d) of
               the Exchange Act (1)&nbsp;after the date of the filing of this
registration                statement and prior to its effectiveness and (2)&nbsp;until
all of the common                stock to which this prospectus relates has been sold or
the offering is                otherwise terminated, except in each case for information
contained in any such                filing where we indicate that such information is
being furnished and is not to                be considered &#147;filed&#148; under the
Exchange Act, will be deemed to be                incorporated by reference in this
prospectus and the accompanying prospectus                supplement and to be a part
hereof from the date of filing of such documents.  </FONT></P>











<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will provide a copy of the documents we incorporate by reference, at no cost, to any
person who receives this prospectus. To request a copy of any or all of these documents,
you should write or telephone us at MATAM Advanced Technology Park, Building No. 20,
Haifa, 31905, Israel, Attention: Yaky Yanay, (+972) 74 710 7171. </FONT></P>






<p align=center>
<font size=2>- 11 -</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART II </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INFORMATION NOT
REQUIRED IN PROSPECTUS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><I>Item&nbsp;14. Other
Expenses of Issuance and Distribution.</I></B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth the various expenses to be incurred in connection with the
registration of the securities being registered hereby, all of which will be borne by the
registrant. All amounts shown are estimates except the SEC registration fee. </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD WIDTH="73%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>SEC registration fee</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="6%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD WIDTH="17%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>    590</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Legal fees and expenses</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>8,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Accounting fees and expenses</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>6,000</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Miscellaneous</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>1,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=1></TD><TD></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#cceeff">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Total expenses</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2> 15,590</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=3></TD><TD></TD></TR>
</TABLE>
<BR>





















<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item&nbsp;15.
Indemnification of Directors and Officers. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Nevada Revised Statutes, director immunity from liability to a company or its
shareholders for monetary liabilities applies automatically unless it is specifically
limited by a company&#146;s Certificate of Incorporation. Our Certificate of Incorporation
does not specifically limit our directors&#146; immunity. Excepted from that immunity are:
(a) a willful failure to deal fairly with the company or its stockholders in connection
with a matter in which the director has a material conflict of interest; (b) a violation
of criminal law, unless the director had reasonable cause to believe that his or her
conduct was lawful or no reasonable cause to believe that his or her conduct was unlawful;
(c) a transaction from which the director derived an improper personal profit; and (d)
willful misconduct </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further,
our certificate of incorporation provides that every person who was or is a party to, or
is threatened to be made a party to, or is involved in any such action, suit or
proceeding, whether civil, criminal, administrative or investigative, by the reason of the
fact that he or she, or a person with whom he or she is a legal representative, is or was
a director of the corporation, or who is serving at the request of the corporation as a
director or officer of another corporation, or is a representative in a partnership, joint
venture, trust or other enterprise, shall be indemnified and held harmless to the fullest
extent legally permissible under the laws of the State of Nevada fro time to time against
all expenses, liability and loss (including attorneys&#146; fees, judgments, fines, and
amounts paid or to be paid in a settlement) reasonably incurred or suffered by him or her
in connection therewith. Such right of indemnification shall be a contract right which may
be enforced in any manner desired by such person. The expenses of officers and directors
incurred in defending a civil suit or proceeding must be paid by the corporation as
incurred and in advance of the final disposition of the action, suit, or proceeding, under
receipt of an undertaking by or on behalf of the director or officer to repay the amount
if it is ultimately determined by a court of competent jurisdiction that he or she is not
entitled to be indemnified by the corporation. Such right of indemnification shall not be
exclusive of any other right of such directors, officers or representatives may have or
hereafter acquire, and, without limiting the generality of such statement, they shall be
entitled to their respective rights of indemnification under any bylaw, agreement, vote of
stockholders, provision of law, or otherwise, as well as their rights under this article. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
registrant has obtained directors and officers insurance for the benefit of its directors
and its officers. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Item&nbsp;16. <I>Exhibits
and Financial Statement Schedules.</I> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
exhibits to this Registration Statement are listed in the Exhibit&nbsp;Index following the
signature page of this Registration Statement </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Item&nbsp;17.
<I>Undertakings.</I> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes: </FONT></P>

<p align=center>
<font size=2>II-1</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a
          post-effective amendment to this registration statement:  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 2- TNR" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any prospectus required by Section&nbsp;10(a)(3) of the Securities           Act
of 1933;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 2- TNR" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp; (ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To reflect
in the prospectus any facts or events arising after the effective           date of the
registration statement (or the most recent post-effective amendment           thereof)
which, individually or in the aggregate, represent a fundamental change           in the
information set forth in the registration statement. Notwithstanding the
          foregoing, any increase or decrease in the volume of securities offered (if the
          total dollar value of securities offered would not exceed that which was
          registered) and any deviation from the low or high end of the estimated maximum
          offering range may be reflected in the form of prospectus filed with the
          Commission pursuant to Rule&nbsp;424(b) if, in the aggregate, the changes in
          volume and price represent no more than a 20&nbsp;percent change in the maximum
          aggregate offering price set forth in the &#147;Calculation of Registration
          Fee&#148; table in the effective registration statement;&nbsp;and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 2- TNR" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=10%></TD>
<TD WIDTH=90%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any material information with respect to the plan of distribution not
          previously disclosed in the registration statement or any material change to
          such information in the registration statement;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>provided, however,</I> that
paragraphs (1)(i), (1)(ii) and (1)(iii) do not apply if the information required to be
included in a post-effective amendment by those paragraphs is contained in reports filed
with or furnished to the Commission by the registrant pursuant to Section&nbsp;13 or
Section&nbsp;15(d) of the Securities Exchange Act&nbsp;of&nbsp;1934 that are incorporated
by reference in the registration statement or is contained in a form of prospectus filed
pursuant to Rule&nbsp;424(b) that is part of the registration statement. </FONT></P>






<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act of 1933, each such
post-effective amendment shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the
          securities being registered which remain unsold at the termination of the
          offering.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;4) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That, for
the purpose of determining liability under the Securities Act of 1933           to any
purchaser:  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
prospectus filed by the registrant pursuant to Rule&nbsp;424(b)(3) shall be
          deemed to be part of the registration statement as of the date the filed
          prospectus was deemed part of and included in the registration
          statement;&nbsp;and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
prospectus required to be filed pursuant to Rule&nbsp;424(b)(2), (b)(5) or
          (b)(7) as part of a registration statement in reliance on Rule&nbsp;430B
          relating to an offering made pursuant to Rule&nbsp;415(a)(1)(i), (vii)&nbsp;or
          (x)&nbsp;for the purpose of providing the information required by
          section&nbsp;10(a) of the Securities Act shall be deemed to be part of and
          included in the registration statement as of the earlier of the date such form
          of prospectus is first used after effectiveness or the date of the first
          contract of sale of securities in the offering described in the prospectus. As
          provided in Rule&nbsp;430B, for liability purposes of the issuer and any person
          that is at that date an underwriter, such date shall be deemed to be a new
          effective date of the registration statement relating to the securities in the
          registration statement to which that prospectus relates, and the offering of
          such securities at that time shall be deemed to be the initial bona fide
          offering thereof. Provided, however, that no statement made in a registration
          statement or prospectus that is part of the registration statement or made in a
          document incorporated or deemed incorporated by reference into the registration
          statement or prospectus that is part of the registration statement will, as to
a           purchaser with a time of contract of sale prior to such effective date,
          supersede or modify any statement that was made in the registration statement
or           prospectus that was part of the registration statement or made in any such
          document immediately prior to such effective date.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(5) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability of the registrant under the           Securities
Act of 1933 to any purchaser in the initial distribution of the           securities, the
undersigned registrant undertakes that in a primary offering of           securities of
the undersigned registrant pursuant to this registration           statement, regardless
of the underwriting method used to sell the securities to           the purchaser, if the
securities are offered or sold to such purchaser by means           of any of the
following communications, the undersigned registrant will be a           seller to the
purchaser and will be considered to offer or sell such securities           to such
purchaser:  </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
preliminary prospectus or prospectus of the undersigned registrant relating           to
the offering required to be filed pursuant to Rule&nbsp;424;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>II-2</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any free
writing prospectus relating to the offering prepared by or on behalf of           the
undersigned registrant or used or referred to by the undersigned registrant;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
portion of any other free writing prospectus relating to the offering
          containing material information about the undersigned registrant or its
          securities provided by or on behalf of the undersigned registrant;&nbsp;and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iv) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
other communication that is an offer in the offering made by the undersigned
          registrant to the purchaser.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of the registrant&#146;s annual report
pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Securities Exchange Act of
1934 (and, where applicable, each filing of an employee benefit plan&#146;s annual report
pursuant to Section&nbsp;15(d) of the Securities Exchange Act of 1934)&nbsp;that is
incorporated by reference in the registration statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial bona fide offering thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act of 1933&nbsp;may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of
the Securities and Exchange Commission such indemnification is against public policy as
expressed in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the registrant of
expenses incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the
registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act and will be
governed by the final adjudication of such issue. </FONT></P>

<p align=center>
<font size=2>II-3</font></p>
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<page>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, as amended, the registrant certifies
that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form&nbsp;S-3 and has duly caused this Registration Statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in the city of Haifa, State of
Israel, on June 18, 2008. </FONT></P>





<!-- MARKER FORMAT-SHEET="Signature (Single)" FSL="Workstation" -->
<TABLE WIDTH=100% CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PLURISTEM THERAPEUTICS INC.<BR><BR>
<BR>By: /s/ Zami Aberman<BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Zami Aberman<BR>Chief Executive Officer</FONT></TD>
</TR>
</TABLE>
<BR>




<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES AND POWER
OF ATTORNEY </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned officers and directors of Pluristem Therapeutics Inc. hereby constitute and
appoint Zami Aberman and Yaky Yanay, and each of them singly, with full power of
substitution, our true and lawful attorneys-in-fact and agents to take any actions to
enable Pluristem Therapeutics Inc. to comply with the Securities Act, and any rules,
regulations and requirements of the Securities and Exchange Commission, in connection with
this registration statement, including the power and authority to sign for us in our names
in the capacities indicated below any and all amendments to this registration statement
and any other registration statement filed pursuant to the provisions of Rule 462 under
the Securities Act. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, as amended, this Registration Statement
has been signed by the following persons in the capacities indicated as of the date
indicated below. </FONT></P>





<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman" SIZE=1>Signature</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman" SIZE=1>Title</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman" SIZE=1>Date</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE="2"><U>/s/ Zami Aberman</U> </FONT></TD>
     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>Chief Executive Officer, Director and</FONT></TD>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE="2">Zami Aberman </FONT> </TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>Co-Chairman of the Board (Principal</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>Executive Officer)</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>June 18, 2008</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE="2"><U>/s/Yaky Yanay</U> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>Chief Financial Officer</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE="2">Yaky Yanay </FONT> </TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>(Principal Financial and Accounting</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>Officer)</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>June 18, 2008</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE="2"><U>/s/ Mark Germain</U> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>Director, Co-Chairman of the Board</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE="2">Mark Germain </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>June 18, 2008</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE="2"><U>/s/ Israel Ben-Yoram</U> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>Director</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE="2">Israel Ben-Yoram </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>June 18, 2008</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE="2"><U>/s/ Isaac Braun</U> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>Director</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE="2">Isaac Braun </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>June 18, 2008</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE="2"><U>/s/ Hava Meretzki</U> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>Director</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE="2">Hava Meretzki </FONT> </TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>June 18, 2008</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE="2"><U>/s/ Nahum Rosman</U> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>Director</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE="2">Nahum Rosman </FONT> </TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>June 18, 2008</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE="2"><U>/s/ Doron Shorrer</U> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>Director</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Doron Shorrer</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>June 18, 2008</FONT></TD>
</TR>
</TABLE>
<BR>


<p align=center>
<font size=2>II-4</font></p>
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<page>



<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>EXHIBIT&nbsp;INDEX</B> </FONT> </P>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman" SIZE=1>Exhibit No.</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman" SIZE=1>Description</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman" SIZE=1>&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>1.1</FONT></TD>
     <TD WIDTH=80% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Any form of equity underwriting agreement will be filed as an exhibit to a Current Report of</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>the registrant on Form 8-K and incorporated herein by reference.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>4.1*</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Composite copy of the registrant's Articles of Incorporation as amended on June 4, 2008.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>4.2</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Amended By-laws (incorporated by reference to exhibit 3.1of our Current Report on Form 8-K</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>filed on January 22, 2007).</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>4.3</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>The form of warrant agreement, if any, will be filed as an exhibit to a Current Report of the</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>registrant on Form 8-K and incorporated herein by reference.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>5.1*</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Opinion of Zysman Aharoni,Sullivan &amp; Co./ Sullivan &amp; Worcester LLP</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>23.1</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Consent of Zysman Aharoni,Sullivan &amp; Co./ Sullivan &amp; Worcester LLP, included in Exhibit 5.1.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>23.2*</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Consent of Kost Forer Gabbay &amp; Kasierer, A member of Ernst &amp; Young Global.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>24.1*</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Power of Attorney. (See page II-4 of this Registration Statement).</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>*</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Filed herewith.</FONT></TD></TR>
</TABLE>
<BR>

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`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>exhibit_4-1.htm
<TEXT>
<HTML>
<HEAD>
     <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
     <!-- Project:        F:\EDGAR Filing\Pluristem Therapeutics Inc\85422\a85422.eep      -->
     <!-- Control Number: 85422                                                            -->
     <!-- Rev Number:     1                                                                -->
     <!-- Client Name:    PLURISTEM THERAPEUTICS INC                                       -->
     <!-- Project Name:   S-3                                                              -->
     <!-- Firm Name:      Zadok-Keinan Ltd                                                 -->
     <TITLE>S-3</TITLE>
</HEAD>
<BODY>

<!-- MARKER FORMAT-SHEET="Scotch Rule Top-TNR" FSL="Workstation" -->
<HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE STYLE="margin-top: -5px">
<HR ALIGN=LEFT WIDTH=100% SIZE=1 NOSHADE STYLE="margin-top: -10px">

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>EXHIBIT 4.1</U> </FONT> </H1>



<TABLE ALIGN=CENTER  BORDER=0    CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="11%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="24%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="23%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="23%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD ROWSPAN="6">
<P ALIGN=CENTER><FONT SIZE=1><IMG SRC="img001.jpg" ALT="(LOGO)"></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE="1"><B>ROSS MILLER</B> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE="1"><B>Secretary of State</B> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE="1"><B>204 North Carson Street,
Suite 1</B> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE="1"><B>Carson City, Nevada
89701-4299</B> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE="1"><B>(775)
684 5708</B> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE="1"><B>Website:
secretaryofstate.biz</B> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black;border-left:1px solid black'>
<P  style='margin-left:2px'><FONT SIZE=2>Filed
  in the office of</FONT></P>
</TD>
<TD VALIGN=TOP  style='border-top:1px solid black;border-right:1px solid black'>
<P  style='margin-left:2px'><FONT SIZE=1>Document
  Number</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD ROWSPAN="2" VALIGN=middle style='border-right:1px solid black;border-left:1px solid black'>
<P><FONT SIZE=1><IMG SRC="img002.jpg" ALT="-s- Rose Miller"></FONT></P>
</TD>
<TD VALIGN=TOP  style='border-bottom:1px solid black;border-right:1px solid black'>
<P  style='margin-left:2px'><FONT SIZE=2><B>20080386622-67</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP  style='border-right:1px solid black'>
<P  style='margin-left:2px'><FONT SIZE=1>Filing
  Date and Time</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" ROWSPAN="3" style='border:2px solid black'>
<P ALIGN=CENTER><FONT SIZE=2><B>Certificate of Amendment<BR>
  (Pursuant to NRS 78.385 and 78.390)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-left:1px solid black;border-right:1px solid black'>
<P  style='margin-left:2px'><FONT SIZE=2>Ross Miller</FONT></P>
</TD>
<TD VALIGN=TOP style='border-bottom:1px solid black;border-right:1px solid black'>
<P  style='margin-left:2px'><FONT SIZE=2><B>06/04/2008 8:13 AM</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD ROWSPAN="2" VALIGN=TOP style='border-bottom:1px solid black;border-right:1px solid black;border-left:1px solid black'>
<P  style='margin-left:2px'><FONT SIZE=2>Secretary of State <BR>State of Nevada</FONT></P>
</TD>
<TD VALIGN=TOP  style='border-right:1px solid black'>
<P  style='margin-left:2px'><FONT SIZE=1>Entity
  Number</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-bottom:1px solid black;border-right:1px solid black'>
<P  style='margin-left:2px'><FONT SIZE=2><B>C12337-2001</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="56%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="43%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1><I>Important:
  Read attached instructions before
  completing form.</I></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>ABOVE SPACE IS FOR OFFICE USE ONLY</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2><B><U>Certificate of Amendment to Articles of Incorporation <BR>
For Nevada Profit Corporations</U></B><U><BR><BR></U><B>(Pursuant
to NRS 78.385 and 780.390 &#150; After Issuance of Stock)</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="30%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="69%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of corporation:</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2><B>PLURISTEM
  THERAPEUTICS INC.</B></FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The articles have
  been amended as follows (provide article numbers, if available):</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2><B><I>4.</I><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total authorized capital stock of the corporation is
30,000,000
  shares of common stock with a par value of
  $0.00001.</I></B></FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The vote by which
  the stockholders holding shares in the corporation entitling them to exercise
  at least a majority of the voting power, or such greater proportion of the
  voting power as may be required in the case of a vote by classes or series,
  or as may be required by the provisions of the articles of incorporation have
  voted in favor of the amendment is:&nbsp;&nbsp;51.7%</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective date of
  filing (optional):&nbsp;&nbsp;&nbsp;June 4, 2008</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P  style='margin-left:20%'><FONT SIZE=1><B>(must not be later than 90 days after the certificate is
  filed)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=bottom>
<P><FONT SIZE=2>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Officer
  Signature (required):</FONT></P>
</TD>
<TD VALIGN=TOP>
<P  style='margin-left:20%'><FONT SIZE=1><IMG SRC="img003.jpg" ALT="(SIGNATURE)"></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
</TR>
</TABLE>

<P><FONT SIZE=1>*If any proposed amendment would alter or change any
preference or any relative or other right given to any class or series of
outstanding shares, then the amendment must be approved by the vote, in
addition to the affirmative vote otherwise required, of the holders of shares
representing a majority of the voting power of each class or series affected by
the amendment regardless of limitations or restrictions on the voting thereof.</FONT></P>

<P><FONT SIZE=1><B>IMPORTANT:</B>
Failure to include any of the above information and submit the proper fees may
cause this filing to be rejected.</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="59%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="40%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1><B><I>This form must be accompanied by appropriate fees. See attached fee
  schedule.</I></B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>Nevada
  Secretary of State AM 78.385 Amend 2003</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>Revised
  on: 09/29/05</FONT></P>
</TD>
</TR>
</TABLE>
<BR>


<p align=center>
<font size=2></font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RESTATED ARTICLES OF INCORPORATION
Filed June 16, 2001 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the Office of Dean </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OF Heller, Secretary of
State </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR"  -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AI SOFTWARE INC. </FONT></P>

<!-- MARKER FORMAT-SHEET="Footnote Rule-TNR" FSL="Workstation" -->
<HR SIZE=1 NOSHADE WIDTH=80% ALIGN=center>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FIRST </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The name of this corporation is AI
SOFTWARE INC. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECOND </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Its principal office in the State of
Nevada is located at 502 East John Street, Carson City, Nevada, 89706. The name and
address of its resident agent is CSC Services of Nevada, Inc., at the above address. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THIRD </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The purpose or purposes for which the
corporation is organized: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To engage in and carry on any lawful
business activity or trade, and any activities necessary, convenient, or desirable to
accomplish such purposes, not forbidden by law or by these articles of incorporation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FOURTH </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The amount of the total authorized
capital stock of the corporation is One Thousand Dollars ($1,000.00) consisting of One
Hundred Million (100,000,000) shares of common stock of the par value of $0.00001 each. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FIFTH </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The governing board of this
corporation shall be known as directors, and the number of directors may from time to
time be increased or decreased in such manner as shall be provided by the bylaws of this
corporation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>There are two members of the Board
of Directors at the date of filing these Restated Articles of Incorporation and their
names and postal addresses are:  </FONT></P>

<p align=center>
<font size=2></font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH> </TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH> </TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH> </TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH> </TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH> </TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=5%> </TD>
     <TD WIDTH=25% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>NAME</FONT></TD>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>POST OFFICE ADDRESS</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Harvey M.J. Lawson</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>464 Somerset St., North Vancouver, B.C., Canada V7N1G3</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>John Carl Guterres</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>#1408 &#150; 1327 E. Keith Rd., North Vancouver, B.C., Canada V7J 3T5</FONT></TD></TR>
</TABLE><BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The number of members of the Board of
Directors shall not be less than one nor more than thirteen. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIXTH </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The capital stock, after the amount
of the subscription price, or par value, has been paid in shall not be subject to
assessment to pay the debts of the corporation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SEVENTH </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The corporation is to have perpetual
existence. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EIGHTH </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In furtherance, and not in limitation
of the powers conferred by statute, the board of directors is expressly authorized: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Subject to the bylaws, if any,
adopted by the stockholders, to make, alter, amend or repeal the bylaws of the
corporation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To fix the amount to be reserved as
working capital over and above its capital stock paid in, to authorize and cause to be
executed mortgages and liens upon the real and personal property of this corporation.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To authorize the guaranty by the
corporation of the securities, evidences of indebtedness and obligations of other
persons, corporations or business entities.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To set apart out of any funds of the
corporation available for dividends a reserve or reserves for any proper purpose and to
abolish any such reserve. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By resolution passed by a majority
of the whole board, to designate one (1) or more committees, each committee to consist of
one (1) or more of the directors of the corporation, which, to the extent provided in the
resolution or in the bylaws of the corporation, shall have and may exercise the powers of
the board of directors in the management of the business and affairs of the corporation,
and may authorize the seal of the corporation to be affixed to all papers which may
require it. Such committee or committees shall have such name or names as may be stated
in the bylaws of the corporation or as may be determined from time to time by resolution
adopted by the board of directors. </FONT></P>

<p align=center>
<font size=2></font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>When and as authorized by the
affirmative vote of stockholders holding stock entitling them to exercise at least a
majority of the voting power given at a stockholders&#146; meeting called for that
purpose, or when authorized by the written consent of the holders of at least a majority
of the voting stock issued and outstanding, the board of directors shall have power and
authority at any meeting to sell, lease or exchange all of the property and assets of the
corporation, including its good will and its corporate franchises, upon such terms and
conditions as its board of directors deem expedient and for the best interests of the
corporation.  </FONT></P>



<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All the corporate powers of the
corporation shall be exercised by the board of directors except as otherwise herein or in
the bylaws or by law. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NINTH </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Meeting of stockholders may be held
outside the State of Nevada, if the bylaws so provide. The books of the corporation may be
kept (subject to any provision contained in the statutes) outside the State of Nevada at
such place or places as may be designated from time to time by the board of directors or
in the bylaws of the corporation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TENTH </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This corporation reserves the right
to amend alter, change or repeal any provision contained in the Restated Articles of
Incorporation, in the manner now or hereafter prescribed by statute, or by the Restated
Articles of Incorporation, and all rights conferred upon stockholders herein are granted
subject to this reservation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ELEVENTH </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The corporation shall indemnify its
officers, directors, employees and agents to the full extent permitted by the laws of the
State of Nevada. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A director or officer of the
corporation shall not be personally liable to the corporation or its stockholders for
damages for breach of fiduciary duty as a director or officer, but this article shall not
eliminate or limit the liability of a director or officer for (i) acts or omissions which
involve intentional misconduct, fraud or a knowing violation of the law or (ii) the
unlawful payment of dividends. Any repeal or modification of this article by stockholders
of the corporation shall be prospective only, and shall not adversely affect any
limitation on the personal liability of a director or officer of the corporation for acts
or omissions prior to such repeal or modification. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TWELFTH </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Every person who was or is a party
to, or is threatened to be made a party to, or is involved in any such action, suit or
proceeding, whether civil, criminal, administrative or investigative, by the reason of
the fact that he or she, or a person with whom he or she is a legal representative, is or
was a director of the corporation, or who is serving at the request of the corporation as
a director or officer of another corporation, or is a representative in a partnership,
joint venture, trust or other enterprise, shall be indemnified and held harmless to the
fullest extent legally permissible under the laws of the State of Nevada fro time to time
against all expenses, liability and loss (including attorneys&#146; fees, judgments,
fines, and amounts paid or to be paid in a settlement) reasonably incurred or suffered by
him or her in connection therewith. Such right of indemnification shall be a contract
right which may be enforced in any manner desired by such person. The expenses of
officers and directors incurred in defending a civil suit or proceeding must be paid by
the corporation as incurred and in advance of the final disposition of the action, suit,
or proceeding, under receipt of an undertaking by or on behalf of the director or officer
to repay the amount if it is ultimately determined by a court of competent jurisdiction
that he or she is not entitled to be indemnified by the corporation. Such right of
indemnification shall not be exclusive of any other right of such directors, officers or
representatives may have or hereafter acquire, and, without limiting the generality of
such statement, they shall be entitled to their respective rights of indemnification
under any bylaw, agreement, vote of stockholders, provision of law, or otherwise, as well
as their rights under this article. </FONT></P>

<p align=center>
<font size=2></font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Without limiting the application of
the foregoing, the board of directors may adopt by-laws from time to time with respect to
indemnification, to provide at all times the fullest indemnification permitted by the
laws of the State of Nevada, and may cause the corporation to purchase or maintain
insurance on behalf of any person who is or was a director or officer.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I, THE UNDERSIGNED, being a director
of the company hereinbefore named, and being authorized to make and file these Restated
Articles of Incorporation by the board of directors of said company, hereby declare and
certify that the facts herein stated are true, and accordingly have hereunto set my hand
this 22<SUP>nd</SUP> day of May, 2001. </FONT></P>

<!-- MARKER FORMAT-SHEET="Signature (Single)" FSL="Workstation" -->
<TABLE WIDTH=100% CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/ Harvey M.J. Lawson<BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Harvey M.J. Lawson<BR>President</FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Signature (Single)" FSL="Workstation" -->
<TABLE WIDTH=100% CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/ John Carl Guterres<BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
John Carl Guterres<BR>Secretary</FONT></TD>
</TR>
</TABLE>
<BR>








<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLES OF INCORPORATION
Filed May 10, 2001<BR>in the Office of Dean </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OF Heller Secretary of
State </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AI SOFTWARE INC. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FIRST: The name of this corporation
is: </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AI SOFTWARE INC. </FONT></P>

<p align=center>
<font size=2></font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECOND: Its principal office in the State
of Nevada is located at 502 East John Street, Carson City, Nevada, 89706. The name and
address of its resident agent is CSC Services of Nevada, Inc., at the above address. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THIRD: The nature of the business or
objects or purposes proposed may be organized under the General Corporation Law of the State of Nevada;</FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To engage in any lawful act or
activity for which corporations may be organized under the General Corporation Law of the
State of Nevada. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FOURTH: The total authorized capital
stock of the corporation is 25,000,000 shares of common stock with a par value of $0.001. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FIFTH: The governing board of this
corporation shall be known as directors, and the number of directors may from time to
time be increased or decreased in such manner as shall be provided in the by-laws of this
corporation, provided that the number of directors shall not be reduced less than one
unless there is less than one stockholder. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The name and post office address of
the first board of directors, which shall be three in number, is as follows:  </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH> </TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH> </TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH> </TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH> </TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH> </TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=5%> </TD>
     <TD WIDTH=25% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>NAME</FONT></TD>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>POST OFFICE ADDRESS</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Gunther Roelig</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE="2">#100&#150;1550 West 15<SUP>th </SUP>Avenue, Vancouver, BC, Canada, V6J 2K6 </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Harvey M.J. Lawson</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>464 Somerset Street, North Vancouver, BC, Canada, V7N 1G3</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>John Carl Guterres</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>#1408-1327 East Keith Road, North Vancouver, BC, Canada, V7J 3T5</FONT></TD></TR>
</TABLE><BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIXTH: The capital stock after the
amount of the subscription price, or par value, has been paid in, shall not be subject to
assessment to pay the debts of the corporation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SEVENTH: The name and post office
address of the incorporator signing the articles of incorporation is as follows: </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH> </TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH> </TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH> </TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH> </TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH> </TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=5%> </TD>
     <TD WIDTH=25% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>NAME</FONT></TD>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>POST OFFICE ADDRESS</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>C. Woodgate</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>502 East John Street, Room E, Carson City, NV 89706</FONT></TD></TR>
</TABLE><BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EIGHTH: The corporation is to have
perpetual existence. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NINTH: In furtherance and not in
limitation of the powers conferred by statute, the board of directors is expressly
authorized, subject to the bylaws, if any, adopted by the shareholders, to make, alter or
amend the by-laws of the corporation. </FONT></P>

<p align=center>
<font size=2></font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TENTH: Meetings of stockholders may
be held outside of the State of Nevada at such place or places as may be designated from
time to time by the board of directors or in the by-laws of the corporation.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ELEVENTH: This corporation reserves
the right to amend, alter, change or repeal any provision contained in the articles of
incorporation, in the manner now or hereafter prescribed, and all rights conferred upon
stockholders herein are granted subject to this reservation.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I, THE UNDERSIGNED, being the sole
incorporator herein before named for the purpose of forming a corporation pursuant to the
General Corporation Law of the State of Nevada, do make and file these articles of
incorporation, hereby declaring and certifying that the facts herein stated are true, and
accordingly have hereunto set my hand this tenth day of May, A.D., 2001. </FONT></P>

<!-- MARKER FORMAT-SHEET="Signature (Single)" FSL="Workstation" -->
<TABLE WIDTH=100% CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/ C. Woodgate <BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
C. Woodgate, Incorporator</FONT></TD>
</TR>
</TABLE>
<BR>




<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CERTIFICATE OF ACCEPTANCE
Filed May 10, 2001 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the Office of Dean </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OF Heller Secretary of
State </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>APPOINTMENT OF RESIDENT
AGENT </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OF </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AI SOFTWARE INC. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I, C. WOODGATE, Authorized
Representative, on behalf of CSC Services of Nevada, Inc., hereby accepts appointment as
Resident Agent of the above-named corporation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Signature (Single)" FSL="Workstation" -->
<TABLE WIDTH=100% CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By:  /s/ C. Woodgate&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May 10, 2001<BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151; <BR>
Authorized Representative</FONT></TD>
</TR>
</TABLE>
<BR>





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`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>7
<FILENAME>exhibit_5-1.htm
<TEXT>
<HTML>
<HEAD>
     <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
     <!-- Project:        F:\EDGAR Filing\Pluristem Therapeutics Inc\85422\a85422.eep      -->
     <!-- Control Number: 85422                                                            -->
     <!-- Rev Number:     1                                                                -->
     <!-- Client Name:    PLURISTEM THERAPEUTICS INC                                       -->
     <!-- Project Name:   S-3                                                              -->
     <!-- Firm Name:      Zadok-Keinan Ltd                                                 -->
     <TITLE>S-3</TITLE>
</HEAD>
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<!-- MARKER FORMAT-SHEET="Head Right-TNR" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Exhibit 5.1</B></U> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Z.A.G./S&amp;W LLP One Post
Office Square Boston, MA 02109 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>June 18, 2008 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pluristem Therapeutics
Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Matam Advanced Technology
Park<BR> Building No. 20 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Haifa 31905, Israel </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Re: Registration
Statement on Form S-3</U> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ladies and Gentlemen: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
opinion is furnished to you in connection with a Registration Statement on Form S-3 (the
&#147;Registration Statement&#148;) filed with the Securities and Exchange Commission (the
&#147;Commission&#148;) under the Securities Act of 1933, as amended (the &#147;Securities
Act&#148;), for the registration of an aggregate of $15,000,000 of shares of Common Stock,
$0.00001 par value per share (the &#147;Shares&#148;), of Pluristem Therapeutics Inc., a
Nevada corporation (the &#147;Company&#148;), all of which may be issued from time to time
on a delayed or continuous basis pursuant to Rule 415 under the Securities Act. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are acting as counsel for the Company in connection with the registration for sale of the
Shares. We have examined signed copies of the Registration Statement filed with the
Commission. We have also examined and relied upon minutes of meetings of the stockholders
and the Board of Directors of the Company as provided to us by the Company, stock record
books of the Company as provided to us by the Company, the Certificate of Incorporation
and By-Laws of the Company, each as restated and/or amended to date (collectively the
&#147;Charter Documents&#148;), and such other documents as we have deemed necessary for
purposes of rendering the opinions hereinafter set forth. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
our examination of the foregoing documents, we have assumed the genuineness of all
signatures, the authenticity of all documents submitted to us as originals, the conformity
to original documents of all documents submitted to us as copies, the authenticity of the
originals of such latter documents and the legal competence of all signatories to such
documents. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of our opinion, we have examined an official compilation of &#147;Title 7 &#150;
Business Associations; Securities; Commodities, Chapter &#150; 78 &#150; Private
Corporations&#148; of the Nevada Revised Statutes (such examination being limited to the
provisions of such statutes only, and not including any annotations or commentary). Other
than such examination and our examination of the documents indicated above, we have made
no other examination in connection with this opinion. We express no opinion herein
concerning the federal laws of the United States of America or any state securities or
blue sky laws. We assume that the appropriate action will be taken, prior to the offer and
sale of the Shares, to register and qualify the Shares for sale under all applicable state
securities or &#147;blue sky&#148; laws. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
upon and subject to the foregoing, we are of the opinion that, when the Shares are (i)
specifically authorized for issuance by the Company&#146;s Board of Directors or an
authorized committee thereof (the &#147;Authorizing Resolutions&#148;), (ii) the
Registration Statement, as finally amended, has become effective under the Securities Act,
(iii) if necessary, an appropriate prospectus supplement with respect to the Shares has
been prepared, filed and delivered in compliance with the Securities Act and the
applicable rules promulgated thereunder, (iv) the terms of the sale of the Shares have
been duly established in conformity with the Charter Documents and do not violate any
applicable law or result in a default under or breach of any agreement or instrument
binding on the Company and comply with any requirement or restriction imposed by any court
or governmental body having jurisdiction over the Company, (v) the Shares have been issued
and sold as contemplated by the Registration Statement and (vi) the Company has received
the consideration provided for in the Authorizing Resolutions and such consideration is
not less than the par value of the Shares, the Shares will be validly issued, fully paid
and nonassessable. </FONT></P>

<p align=center>
<font size=2></font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px"><HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<page>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is understood that this opinion is to be used only in connection with the offer and sale
of the Shares while the Registration Statement is in effect. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
note that we are opining only as to the matters expressly set forth herein, and no opinion
should be inferred as to any other matters. This opinion is based upon currently existing
statutes, rules, regulations and judicial decisions, as further limited above, and we
disclaim any obligation to advise you of any change in any of these sources of law or
subsequent legal or factual developments which might affect any matters or opinions set
forth herein. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
hereby consent to the filing of this opinion with the Commission as an exhibit to the
Registration Statement in accordance with the requirements of Item 601(b)(5) of Regulation
S-K under the Securities Act and to the use of our name therein. In giving such consent,
we do not hereby admit that we are in the category of persons whose consent is required
under Section 7 of the Securities Act or the rules and regulations of the Commission. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>Very truly yours, </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/ Zysman, Aharoni, Gayer &amp; Co./Sullivan
&amp;<BR> Worcester LLP  </FONT></P>








<p align=center>
<font size=2></font></p>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>8
<FILENAME>exhibit_23-2.htm
<TEXT>
<HTML>
<HEAD>
     <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
     <!-- Project:        F:\EDGAR Filing\Pluristem Therapeutics Inc\85422\a85422.eep      -->
     <!-- Control Number: 85422                                                            -->
     <!-- Rev Number:     1                                                                -->
     <!-- Client Name:    PLURISTEM THERAPEUTICS INC                                       -->
     <!-- Project Name:   S-3                                                              -->
     <!-- Firm Name:      Zadok-Keinan Ltd                                                 -->
     <TITLE>S-3</TITLE>
</HEAD>
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<HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE STYLE="margin-top: -5px">
<HR ALIGN=LEFT WIDTH=100% SIZE=1 NOSHADE STYLE="margin-top: -10px">

<P ALIGN="Right"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Exhibit 23.2</U></B></FONT></P>


<P ALIGN=CENTER><FONT SIZE=2><B>Consent
of Independent Registered Public Accounting Firm</B></FONT></P>

<P ALIGN="justify"><FONT SIZE=2>We consent to the
reference to our firm under the caption &#147;Experts&#148; in this Registration Statement (Form S-3) and related Prospectus of
Pluristem Therapeutics Inc. for the registration
of Common Stock and Warrants to purchase Common Stock and to the incorporation by reference therein of our report
dated August 29, 2007, with respect to the
consolidated financial statements of Pluristem Therapeutics Inc., as set forth
in their report thereon (which contains an explanatory paragraph
describing conditions that raise substantial doubt about the Company&#146;s ability
to continue as a going concern as described in
Note 1(c) to the consolidated financial statements) included in its Annual
Report (Form 10-KSB) for the year ended June 30, 2007, filed with the
Securities and Exchange Commission.</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="60%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="40%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN="CENTER"><IMG SRC="img004.jpg" ALT="-s- Kost Forer Gabbay &amp; Kasierer"></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Haifa, Israel</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>Kost Forer Gabbay &amp; Kasierer</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>June 18, 2008</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>A Member of Ernst &amp; Young Global</FONT></P>
</TD>
</TR>
</TABLE>
<br>
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<HR WIDTH="100%" size="4" noshade style="margin-top: -10px">

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
