Biostem U.S. Corporation Suspends Operations
July 17 2013 - 6:52PM
Marketwired
Biostem U.S. Corporation (BOSM) (PINKSHEETS: HAIR) today announced
that it has suspended all operations, terminated its last full time
employee, ceased recruiting medical affiliates, shut down its
website and ceased all marketing efforts as a result of its
financial condition.
Currently, the Company's liabilities exceed its assets. As of
May 31, 2013, the Company's assets are $3,636 and its liabilities
are $917,298. Further, its operating expenses exceed its nominal
revenues. For the year ended February 28, 2013, the Company had
revenues of $3,185.
At the current time, the Company has depleted its cash. It owes
money to its professional advisors for services previously
provided, and going forward does not expect to be able to pay the
significant expenses relating to being a reporting company,
including legal and accounting expenses related to the preparation
and filing of its SEC reports.
The Company has not filed its Annual Report on Form 10-K for the
year ended February 28, 2013 or its Quarterly Report for the
quarter ended May 31, 2013, and does not believe it will be in a
position to do so in the future. If the Company does not file its
periodic reports with the SEC, it will affect its stockholders'
ability to access trading information about its Common Stock and
the Company will not qualify for quotation on the OTCQB.
Since approximately June 11, 2013, the OTC Markets discontinued
the display of quotes on www.otcmarkets.com for the Company's stock
and labeled the stock as Caveat Emptor (Buyer Beware).
The Company does not believe it is in a position to obtain
additional financing at this time in an amount and on terms that
would allow it to successfully pursue it business plans. The
Company is not currently undertaking any capital raising
efforts.
Historically, the Company has financed itself primarily through
loans from its directors and equity investments from its directors
and a limited number of third party investors. Current loans
payable exceed $559,626. If any such loan were called, the Company
currently would be unable to satisfy such loan. The Company's
directors have no obligation to continue to finance the Company.
The Company's current officers and directors have never received
any compensation from the Company and have never sold any shares of
the Company or otherwise financially gained from their affiliation
with the Company.
As of July 17, 2013, there are 10,313,866 shares of the
Company's common stock issued and outstanding. The Company's
officers and directors currently own, collectively, a total of
75,724 shares, representing 0.7% of the total outstanding
shares.
This Press Release contains forward-looking statements (within
the meaning of the Private Securities Litigation Reform Act of
1995) that are based on current expectations, estimates, forecasts,
and projections about us, our beliefs, and assumptions made by us.
In addition, we may make other written or oral statements, which
constitute forward-looking statements, from time to time. Words
such as "may," "expects," "projects," "anticipates," "intends,"
"plans," "believes," "seeks," "estimates," variations of such
words, and similar expressions are intended to identify such
forward-looking statements. Similarly, statements that describe the
Company's future plans, objectives or goals also are
forward-looking statements. These statements are not guarantees of
future performance and are subject to a number of risks and
uncertainties. The Company's actual results may differ materially
from what is expressed or forecasted in such forward-looking
statements, and undue reliance should not be placed on such
statements.
Contact Information John Satino CEO 855-BIO-STEM