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MIRAMAR, FL, July 13, 2022 (GLOBE NEWSWIRE) -- Stemtech Corporation (“Stemtech”) (OTCQB:STEK), was notified by OTC Markets at close of business Friday July 8th regarding a certain stock promotion which relates to our company’s stock. This press release is made by the Board to publicly comment on this Notice received by OTC Markets.
At close of business this past Friday, July 8th, OTC Markets notified our Company of a foreign stock promotion which we were unaware of, and provided Stemtech Corporation with a copy of an article from a UK web site called “World Finance”, which emphatically predicted share price appreciation in the Stem Cell arena in general, and our Company in particular. This promotion apparently based their material solely upon the past history of one of our Directors from publicly available material. Neither the Board nor our sole IR specialist, Winthorp Capital, have any knowledge of or involvement with said unknown third-party promotion; and would have remained ignorant of it but for the notice received from OTC Markets.
According to the copy of the promotion provided for review by OTCMarkets, the web site publishing the stock promotion was www.world-financial-times.com. The Company has reviewed said release and determined that the information posted was obtained from public information, the Company’s website and possibly certain filings by the Company with the SEC. The statements regarding the potential meteoric rise in our share price is specious and baseless, and by any objective standard should be ignored. In spite of the fact that the Company wholly disavows any knowledge of or connection to this release, the facts disclosed therein regarding our CEO’s business accomplishments are in fact accurate. Neither the Company or any its Officers or third-party consultants had any knowledge of, or were involved in any way, with this promotion.
The Company was queried as to the increased trading activity of July 8th, for which we have no explanation other than the possibility that this advertisement may have affected the market price.
After internal inquiry, there have been no sales or purchases of the company’s securities in the last 90 days by management, directors, officers, control persons, or any third-party service providers.
Regarding additional debt information requested by OTC Markets Group, the Company has issued several Convertible Notes that allow for a discount to current market rates at the time of issuance, as disclosed in our previous SEC filings, to wit:
At the time of the merger between this issuer and the new management in August, 2021, by agreement of all then existing debt holders and old management, all pre-existing debts were converted out to 6,000,000 shares, which equates to $0.09 per share. This was fully disclosed in our 8K of August 20th, 2021 and exhibits thereto.
As for currently existing debts, there are several Convertible Notes to two SIPC licensed Funds and several related people, none of which has been converted to date. These Notes include: 1) a Convertible Note of $568,182.00 to MCUS, LLC of 09/13/21; see our 8K filed 09/10/21. 2), a $455,555 Convertible Note to Leonite Fund I, LP of 09/01/21, see our 8K of 09/10/21. 3) A Convertible Note of $25,000 to our CEO Charles Arnold executed on 12/10/20, no call date, no interest, if converted to be at a 33% discount to market. 4) A $25,000 Convertible Note to our Independent Director Darryl Green of 12/10/20, no call date, no interest, if converted to be at a 33% discount to market. 5) A $100,000 Convertible Note to Greg Guy of 12/10/20, if converted to be at a 33% discount to market. 6) A $25,000 Convertible Note to our Independent Director Darryl Green of 01/07/21, if converted to be at a 33% discount to market.
In short, the Board of Directors wishes to emphatically clarify that neither it nor any of its officers, IR firm, controlling shareholders or any known affiliate have directly or indirectly been involved in any way, nor had any knowledge of this promotional piece. We wish to again to point out the last sentence of our “Forward Looking Statement” which is attached to every press release we issue -
“Stemtech Corporation would like to remind the investing public that the only announcements, filings or information about Stemtech Corporation which are condoned by the Company must emanate from the Company itself and bear our name as its source.”
About Stemtech Corporation
Stemtech Corporation, a leading nutraceutical 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 founded in 2005. From 2010 through 2015, Stemtech International, Inc., was recognized four separate times on the Inc. 5000 Fastest-Growing Companies list. In 2018, the Company underwent an extensive executive reorganization, and continued operations under new leadership. Stemtech specializes in creating products and formulas that are patent protected in the U.S. and in select international markets. The Company’s patented formulas help the release, circulation and migration of the body’s adult stem cells from its bone marrow. The Company markets its products under the following brands: RCM System, stemrelease3™, Stemflo® MigraStem®, OraStem® (Oral Health Care), and D-Fuze™ (EMF Blocker). Its products are all-natural and plant-based and manufactured under cGMP (Current Good Manufacturing Practices) under the auspices of the Dietary Supplement Health and Education Act (DSHEA). For more information, please visit www.stemtech.com.
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 16th, 2022. 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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