American CryoStem Announces the Conversion of Debenture into Equity and Sale into the Market
The debt issuance has been executed in accordance with the terms of the Debenture contained in the Company's 10-Q through the issuance of common shares in order to preserve cash available to fund ongoing operations.
As the US economy improves and physicians' offices re-open the Company foresees its cGMP laboratory processing cellular samples by late summer despite the Covid-19 pandemic and its associated shutting down of the American economy.
EATONTOWN, NJ / ACCESSWIRE / June 29, 2020 / American CryoStem Corporation (OTC PINK:CRYO) a leading strategic developer, marketer and global licensor of patented adipose tissue-based cellular products and technologies for the Regenerative and Personalized Medicine industries today announced that $168,000 of the Company's convertible debt that was recorded in the March 31, 2020 10-Q balance sheet of CRYO has been successfully converted into equity. John Arnone CEO of CRYO stated, "This debt conversion and subsequent sale into the marketplace relieves significant overhang pressure that we believe has depressed our stock price."
The Company is projecting that its revenue and margins will begin to resume this summer despite the economic downturn during 2020 and as certain Company initiatives come to fruition the Company will be in a position to raise institutional capital late 2020. Additionally, the Company believes that its Investigational New Drug (IND) may be approved in 2020.
The volatility of the market is unprecedented and the Company will act to preserve and continue to grow shareholder value.
This press release may contain forward-looking statements, including information about management's view of American CryoStem Corporation's ("the Company") future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this press release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of the Company, its subsidiaries and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on the Company's future results. The forward-looking statements included in this press release are made only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, the Company undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by American CryoStem Corporation.
SOURCE: American CryoStem Corporation