POMPANO BEACH, FLORIDA., Oct. 26, 2022 (GLOBE NEWSWIRE) — BioStem Technologies Inc. (“BioStem” or the “Company) (OTC PINK: BSEM), a leading regenerative medicine company focused on the development, manufacture, and commercialization of placental derived tissue allografts, today announced that Michael Fortunato, CPA has been promoted to the role of Chief Financial Officer from his prior position of Controller, effective immediately. Mr. Fortunato brings over 28 years of expert level financial accounting, SEC reporting, M&A and IPO experience to BioStem.
“BioStem has made substantial progress and is now reaching an exciting inflection point given our strong commercial momentum”, said Jason Matuszewski, Chief Executive Officer of BioStem. “Looking at the future of BioStem, having Michael in the role of Chief Financial Officer will help bring the company to the next level given his extensive experience in finance, accounting, and strategic execution. I look forward to working with him to advance our mission of revolutionizing wound care.”
“This is an exciting moment for BioStem and I am thrilled to be in a position to maximize the commercial opportunity and contribute to the Company’s success as it transforms into a major player in the wound care space”, said Mr. Fortunato.
Mr. Fortunato spent 11 years at “Big 4” accounting firms having served clients within the health and life sciences industries. He spent almost seven years with the SEC’s Enforcement Division, San Francisco Regional Office where he monitored SEC registrant compliance with SEC rules and regulations for companies located from Northern California to Washington State. Mr. Fortunato also held various technical accounting and SEC reporting roles with major technology companies located within the SF Bay Area. He has participated in six IPOs including Alibaba’s $22 billion initial public offering. Mr. Fortunato holds a B.S. in accounting from Rutgers University and holds an active CPA license in the State of Florida.
About BioStem Technologies, Inc. (OTC PINK: BSEM): BioStem Technologies is a leading innovator focused on harnessing the natural properties of perinatal tissue in the development, manufacture, and commercialization of allografts for regenerative therapies. The Company is focused on manufacturing products that change lives, leveraging its proprietary BioRetain® processing method. BioRetain® has been developed by applying the latest research in regenerative medicine, focused on maintaining growth factors and preserving tissue structure. BioStem Technologies’ quality management system and standard operating procedures have been reviewed and accredited by the American Association of Tissue Banks (“AATB”). These systems and procedures are established per current Good Tissue Practices (“cGTP”) and current Good Manufacturing Processes (“cGMP”). Our portfolio of quality brands includes VENDAJETM, VENDAJETM AC, and VENDAJETM OPTIC. Each BioStem Technologies placental allograft is processed at the Company’s FDA registered and AATB accredited site in Pompano Beach, Florida.
Forward-Looking Statements: Except for statements of historical fact, this release also contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts of future events. Forward-looking statements may be identified using words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate”, “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements with respect to the operations of the Company, strategies, prospects and other aspects of the business of the Company are based on current expectations that are subject to known and unknown risks and uncertainties, which could cause actual results or outcomes to differ materially from expectations expressed or implied by such forward-looking statements. These factors include, but are not limited to: (1) the impact of any changes to the reimbursement levels for the Company’s products; (2) the Company faces significant and continuing competition, which could adversely affect its business, results of operations and financial condition; (3) rapid technological change could cause the Company’s products to become obsolete and if the Company does not enhance its product offerings through its research and development efforts, it may be unable to effectively compete;(4) to be commercially successful, the Company must convince physicians that its products are safe and effective alternatives to existing treatments and that its products should be used in their procedures; (5) the Company’s ability to raise funds to expand its business; (6) the Company has incurred significant losses since inception and may incur losses in the future; (7) changes in applicable laws or regulations; (8) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (9) the Company’s ability to maintain production of its products in sufficient quantities to meet demand; and (10) the COVID-19 pandemic and its impact, if any, on the Company’s fiscal condition and results of operations; You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Although it may voluntarily do so from time to time, the Company undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
Russo Partners, LLC
Maxim Jacobs, CFA
12 West 27th Street, 4th Floor
New York, NY 10001
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