MIRAMAR, FL / ACCESSWIRE / May 23, 2023 / Stemtech Corporation (OTCQB:STEK)
Charles S. Arnold, Chairman and CEO of Stemtech, stated 'When Stemtech completed its reverse merger, 3 convertible debt instruments were issued to separate institutional investors. This initial financing was always considered an interim step to providing the company with the necessary funding to expand the Stemtech market and have the necessary inventory and marketing support. After months of negotiations, two of our investors agreed to a complete equity conversion for their entire debt and warrant position. Our third investor has signed a new agreement eliminating all conversion features and instead agreeing to a cash payment schedule without conversion features. With our new credit facility in place, this new structure provides Stemtech with a cleaner balance sheet, better terms on financing and finally much less work and cost in the audit process required with convertible financing alternatives. We now only have one key strategic investor with a $ 7 million dollar credit facility. These financial improvements will benefit the company'.
Stemtech Corporation, a leading stemceutical™ company with a direct sales distribution model, was founded on April 18, 2018, after acquiring the operations from its predecessor Stemtech International, Inc., which was established in 2005. From 2010 through 2015, Stemtech International, Inc., was recognized four separate times on the Inc. 5000 Fastest-Growing Companies list. In 2018, Stemtech underwent an extensive executive reorganization, and continued operations under new leadership as Stemtech Corporation. In August 2021, Stemtech became a publicly traded company (OTCQB: STEK) and has expanded business opportunities for its Independent Business Partners, who may earn incomes by sharing Stemtech products. January 2022 saw the introduction of new marketing efforts. In August 2022, Professor Doctor Bankole Johnson joined Dr. Enrique Martinez and Dr. Lizette Leos on the Stemtech Life Sciences Advisory Board. In September 2022, the new Stemtech AdvanceOffice mobile app based on the VERB Technology platform was successfully launched as a powerful communication - recruiting tool for our Field. In October, Life Factor Research became the Research and Development, product formulation - science division of Stemtech to create cutting-edge stemceuticals and other products. On November 1, 2022, Stemtech introduced the new travel/sample size OraStem® Toothpaste. On December 6, Stemtech announced the promotion of Alejandro Carrillo to the role of Vice President Global Sales from his current role as Managing Director Latin Markets. Stemtech introduced the new CellectOne™ Rapid Renew Stem Cell Peptide Night Cream at their December 2022 International Leadership Event in Cancun, Mexico. January 10, 2023 Stemtech appoints Margie and Mike Mares to Field Advisory Board. Stemtech has Ranked Number 11 in Momentum out of 700+ top Global MLM companies by Business For Home independent MLM publication, January 23, 2023. Stemtech will conduct Field Leadership Business Academies in Aguas Calientes, Mexico May 25 - 27, and in Las Vegas, NV on June 1 - 3.
This announcement contains forward-looking statements within the meaning of the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements include but are not limited to statements identified by words such as 'believes,' 'expects,' 'anticipates,' 'estimates,' 'intends,' 'plans,' 'targets,' 'projects' and similar expressions. The statements in this release are based upon the current beliefs and expectations of our company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Numerous factors could cause or contribute to such differences, including, but not limited to, results of clinical trials and/or other studies, the challenges inherent in new product development initiatives, the effect of any competitive products, our ability to license and protect our intellectual property, our ability to raise additional capital in the future that is necessary to maintain our business, changes in government policy and/or regulation, potential litigation by or against us, any governmental review of our products or practices, as well as other risks discussed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our latest 10-Q Report filed on May 15, 2023. We undertake no duty to update any forward-looking statement, or any information contained in this press release or in other public disclosures at any time. Finally, the investing public is reminded that the only announcements or information about Stemtech Corporation which are condoned by the Company must emanate from the Company itself and bear our name as its Source.
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SOURCE: Stemtech Corporation
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