BioStem Technologies, Inc. (OTC PINK: BSEM) Completes Capital Restructuring Initiatives
May 26 2016 - 6:41PM
Marketwired
BioStem Technologies, Inc. (OTC PINK: BSEM) Completes Capital
Restructuring Initiatives
OAKLAND PARK, FL-(Marketwired - May 26, 2016) - BioStem
Technologies, Inc. (OTC PINK: BSEM) - the Company amended the
Certificates of Designation for its Series A-1 Convertible
Preferred Shares and its Series B-1 Convertible Preferred
Shares.
The Certificate of Designation for the Series A-1 Convertible
Preferred Shares was amended (i) to reduce the number of authorized
Series A-1 Convertible Preferred Shares from 500,000 to 300; (ii)
to provide that each Series A-1 Convertible Preferred Share will
have 2 million votes on any matter submitted to the shareholders of
the Company; (iii) to provide that each Series A-1 Convertible
Preferred Share will convert into one share of common stock of the
Company.
The Certificate of Designation for the Series B-1 Convertible
Preferred Shares was amended to provide that each Series B-1
Convertible Preferred Share will convert into 6 shares of common
stock of the Company.
The amendments were approved by the Board of Directors of the
Company and by the holders of the Series A-1 Convertible Preferred
Shares and the Series B-1 Convertible Preferred Shares, on May 19,
2016.
Prior to these new designations, the holders of the preferred
stock held a non-dilutable 55% equity stake (Preferred A-1), and a
non-dilutable 15% equity stake (Preferred B-1) which combined,
represented a non-dilutable 70% stake in BioStem Technologies,
whereas the percentage following the amendments to the designations
is now 46.6% on a fully diluted basis. Based on our current
organizational documents, with any new stock offering going
forward, all of our common and preferred stock shareholders will be
diluted pari passu, on a fair and equitable basis. We believe that
increasing shareholder equity and eliminating the possibility of
unequal dilution will be viewed more favorably by the investment
community.
About BioStem Technologies, Inc. (OTC PINK: BSEM): BioStem
Technologies (OTC PINK: BSEM) is in the business of regenerative
medicine and antiaging strategies throughout the United States,
Europe, and Mexico. The Company's mission is to conquer the effects
of biological aging (and related acute disease), and its strategy
is to discover, develop, produce, and deliver the most effective
stem cell and wellness products in the world. The Company is
comprised of a diverse group of scientists, physicians, and
industry visionaries who are creating innovative products for
helping customers live their best, feel their best, and be their
best. The company operates four strategic business units - BioStem
Cell Therapy, BioStem Wellness, BioStem Pharmaceuticals, and
BioStem International - providing a diversified line of products
and services that include: clinical stem cell therapy, stem cell
R&D, state-of-the-art laboratory services, pharmaceuticals,
nutraceuticals, cosmeceuticals, API Repackaging, and medical
tourism.
Forward-Looking Statements Except for statements of historical
fact, the matters discussed in this press release are forward
looking and made pursuant to the Safe Harbor provisions of the
Private Securities Litigation Reform Act of 1995. "Forward-looking
statements" describe future expectations, plans, results, or
strategies and are generally preceded by words such as "future,"
"plan" or "planned," "expects," believe" or "projected." These
forward-looking statements reflect numerous assumptions and involve
a variety of risks and uncertainties, many of which are beyond the
company's control that may cause actual results to differ
materially from stated expectations. These risk factors include,
among others, limited operating history, difficulty in developing,
exploiting and protecting proprietary technologies, intense
competition and additional risks factors as discussed in reports
filed by the company with OTC Markets.
Contact: BioStem Technologies, Inc. Phone: 954-380-8342 Website:
http://www.biostemtech.com Email: info@biostemtech.com Twitter:
@BioStemTech Facebook: BioStem Technologies
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