Organicell Regenerative Medicine Inc., Biotech Products Services and Research, Inc. Update for Shareholders
BOCA RATON, Fla., Jan. 30, 2019 /PRNewswire/ -- Biotech Products Services and Research, Inc. operating as Organicell Regenerative Medicine Inc. (OTC: BPSR), today is providing its shareholders with an update on the Company's progress.
As previously announced, on April 23, 2018, Management and Business Associates, LLC, a company controlled by Mr. Manuel Iglesias, acquired 51% of the Company and Mr. Iglesias became our Chief Executive Officer. Under our new CEO, we began R&D efforts that now focus on the use of exosomes and other micro vesicles to develop stem cell-based therapeutics.
Mr. Iglesias brings extensive industry experience and relationships to the Company. Prior to joining the Company, he was the Co-Founder, CEO and Chairman of the Board of Hygea Holdings Corp., a diversified healthcare holding company that owns physician practices, ancillary services companies (e.g., pharmacies, therapies and diagnostic facilities), independent physician associations (IPAs), and other medical service entities that provide seamless care to commercial, Medicare and Medicaid patients. He founded Hygea in 2007 and during his time as CEO and President grew the Hygea model to over $300 million in revenue in 2017. Mr. Iglesias still currently serves as the Co-Chairman of the Board of Hygea, having relinquished his other roles upon becoming our CEO.
Under Mr. Iglesias' direction, we intend to become a leading supplier of services, products and therapies for the regenerative health care sector, including expansion into the rapidly growing area of stem cell-based therapeutics. We will seek to do clinical studies and certifications for specific disease states using our newly developed products through the expedited FDA program for regulatory approval for regenerative medicine advance therapies ("RMAT"). We believe that the products we intend to develop will be more effective compared to traditional stem-cell therapies being offered today.
As part of the new strategy the Company changed its name to "Organicell Regenerative Medicine Inc." The Company continues to trade under the Biotech Products Services and Research Inc. name and the "BPSR" symbol until the name change is effectuated by FINRA.
Since Mr. Iglesias became CEO, and under the guidance of Chief Financial Officer Ian Bothwell, the Company began bringing its SEC filings up-to-date. The Company filed its annual report on Form 10-K on November 1, 2018 and has begun preparing its 2018 10-Q and 10-K filings. While those reports are being compiled and the audit of fiscal 2018 is being completed, the Company intends to file reports on OTC Markets to provide a level of transparency.
Last May, the Company had announced that the approval of a reverse split. At this time the Board has determined that it will indefinitely postpone any reverse split of the stock.
The Company looks forward to an exciting 2019 as the Company begins executing its new business plan and brings its SEC filings up-to-date.
Media Contact: David Zirulnikoff, 305-244-3725