Bacterin Receives Acceptance of Plan to Regain Compliance from NYSE MKT
BELGRADE, MT, June 25, 2013-- Bacterin International Holdings, Inc. (NYSE MKT: BONE), a leader in the development of revolutionary bone graft material and coatings for medical applications, today announced that that the NYSE MKT LLC (the “Exchange”) notified the Company that it accepted the Company's plan to regain compliance with the continued listing requirements of the Exchange.
On May 13, 2013, the Company received notice from the NYSE MKT that the Company was not in compliance with Sections 1003(a)(iii) and 1003(a)(ii), regarding stockholder’s equity of less than $6 million and net losses in five of its most recent fiscal years and stockholders‘ equity of less than $4 million and net losses in three of its four most recent fiscal years, respectively.
The Company submitted its plan of compliance on June 12, 2013, and on June 21, 2013, the Exchange notified the Company that it accepted the Company's plan of compliance and granted the Company an extension until November 13, 2014 to regain compliance with the continued listing standards. The Company will be subject to periodic review by Exchange Staff during the extension period.
"Our recent financing has helped the company to increase shareholders’ equity in the short term and the company hopes to execute its plan to grow the top-line and to achieve positive EBITDA in the second half of 2013," commented John Gandolfo, interim co-CEO and Chief Financial Officer of Bacterin International. "We are also making solid progress with our search for a new CEO and have already begun to interview candidates."
On June 10, 2013, the Company completed a private placement of approximately $4.85 million from new and existing investors.
About Bacterin International Holdings
Bacterin International Holdings, Inc. (NYSE MKT: BONE) develops, manufactures and markets biologics products to domestic and international markets. Bacterin's proprietary methods optimize the growth factors in human allografts to create the ideal stem cell scaffold to promote bone, subchondral repair and dermal growth. These products are used in a variety of applications including enhancing fusion in spine surgery, relief of back pain, promotion of bone growth in foot and ankle surgery, promotion of cranial healing following neurosurgery and subchondral repair in knee and other joint surgeries.
Bacterin's Medical Device division develops and licenses coatings for various medical device applications. For further information, please visit www.bacterin.com.
Important Cautions Regarding Forward-looking Statements
This news release contains certain disclosures that may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to significant risks and uncertainties. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "continue," "efforts," "expects," "anticipates," "intends," "plans," "believes," "estimates," "projects," "forecasts," "strategy," "will," "goal," "target," "prospects," "potential," "optimistic," "confident," "likely," "probable" or similar expressions or the negative thereof. Statements of historical fact also may be deemed to be forward-looking statements. We caution that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others: the Company's ability to meet its existing and anticipated contractual obligations, including financial covenant and other obligations contained in the Company’s secured lending facility; the Company’s ability to manage cash flow and achieve profitability; the Company's ability to develop, market, sell and distribute desirable applications, products and services and to protect its intellectual property; the ability of the Company's sales force to achieve expected results; the ability of the Company's customers to pay and the timeliness of such payments; the Company's ability to obtain financing as and when needed; changes in consumer demands and preferences; the Company's ability to attract and retain management and employees with appropriate skills and expertise; the Company’s ability to attract and retain a well qualified Chief Executive Officer; the Company’s ability to successfully conclude government investigations; the impact of changes in market, legal and regulatory conditions and in the applicable business environment, including actions of competitors; and other factors. Additional risk factors are listed in the Company's Annual Report on Form 10-K and Quarterly Report on Form 10-Q under the heading "Risk Factors." The Company undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.
Investor Contact:
COCKRELL GROUP
Rich Cockrell
877-889-1972
investorrelations@thecockrellgroup.com
cockrellgroup.com
