BioStem Technologies Inc. Completes Two-Year Audit, Prepares for Uplisting to Senior Exchange

Strategic Audit Completion Set to Enhance BioStem Technologies' Market Position and Shareholder Value

POMPANO BEACH, Fla., April 24, 2024 (GLOBE NEWSWIRE) -- BioStem Technologies Inc. (OTC: BSEM), a leading regenerative medicine company focused on the development, manufacture, and commercialization of placental derived biologics, today announced the successful completion of comprehensive audits for fiscal years 2022 and 2023. This completion is a significant step in the company’s strategy to uplist to a senior stock exchange.

The primary purpose of this audit was to strategize BioStem's process and timing for transitioning to a fully reporting company with the Securities and Exchange Commission (SEC), focusing on its near-term fundraising plans. The successful audit is a strategic move toward uplisting to a senior exchange, which the company anticipates will help to further validate its market position, attract a broader investor base, and enhance shareholder value.

Jason Matuszewski, CEO of BioStem Technologies, stated, "Completing this rigorous two-year audit underscores our dedication to transparency and regulatory compliance. 2023 was a pivotal year for BioStem, marked by robust revenue growth, particularly in Q4, establishing a solid foundation for the company's future expansion. We are excited about the next phase, which includes our plans to uplist and become a fully reporting company with the SEC. We believe these efforts will further solidify our position in the market and serve as a stepping stone toward driving sustained growth and innovation in the MedTech industry.”

In 2023, BioStem Technologies Inc. demonstrated significant financial and operational progress. The company reported a remarkable year-over-year net revenue increase of 1,355% to $11.5 million in the fourth quarter, with the gross profit margin reaching 95% of revenue, up from 84% the previous year. Operationally, BioStem expanded its capabilities by acquiring assets from Auxocell Laboratories, launching AmnioWrap2 nationwide with Venture Medical LLC, initiating a clinical trial for diabetic foot ulcers (DFU), and securing commercialization agreements for Avenova Allograft with NovaBay. The company’s products also gained listings with the U.S. Department of Defense and Veterans’ Administration, achieved CMS reimbursement for Vendaje AC and AmnioWrap2, and strengthened its leadership by appointing two new board members.