EATONTOWN, N.J., July 29 /PRNewswire-FirstCall/ -- Osteotech, Inc.
(Nasdaq: OSTE) announced today that after nearly sixteen years of service,
Michael J. Jeffries has decided to retire as Osteotech's Executive Vice
President, Chief Financial Officer and as a member of the Board of Directors
effective December 31, 2005.
Mr. Jeffries stated, "It is with mixed emotions that I am announcing my
retirement. I am very grateful for having had the opportunity to help
Osteotech to grow from $2 million in revenues when I first joined the Company
to nearly a $100 million revenue based leader in the orthobiologics industry,
today. However, the time has come for me to pursue all those things that I
have never had time for and to spend more time with my wife who has made many
sacrifices over the years to support my career."
Mr. Jeffries continued, "Osteotech is an exciting Company in a rapidly
growing segment of the orthopaedic industry. With its innovative
technologies, the Company will continue to be a leader in bringing new
products and technologies to the market. I will greatly miss the excitement
and challenge of helping the Company meet its goals, but even more important,
I will miss working with all my colleagues at Osteotech who strive every day
to improve the Company's performance."
Richard W. Bauer, Osteotech's Chief Executive Officer stated, "Mike will
be greatly missed at Osteotech. He's not only a friend to many in the Company
and industry, but also a tireless executive who has worked long and productive
hours on behalf of Osteotech, its employees and shareholders. I will
personally miss Mike's advice and counsel, both as CFO and as a member of the
Board, and I wish him the very best as he begins a new and exciting stage of
his life."
Mr. Bauer concluded, "As part of the ongoing succession planning conducted
by Osteotech's Board of Directors, Mike's successor will be announced
shortly."
Certain statements made throughout this press release that are not
historical facts contain forward-looking statements (as such are defined in
the Private Securities Litigation Reform Act of 1995) regarding the Company's
future plans, objectives and expected performance. Any such forward-looking
statements are based on assumptions that the Company believes are reasonable,
but are subject to a wide range of risks and uncertainties and, therefore,
there can be no assurance that actual results may not differ materially from
those expressed or implied by such forward-looking statements. Factors that
could cause actual results to differ materially include, but are not limited
to, differences in anticipated and actual product and service introduction
dates, the ultimate success of those products in the marketplace, the
continued acceptance and growth of current products and services, the impact
of competitive products and services, the availability of sufficient
quantities of suitable donated tissue and the success of cost control and
margin improvement efforts. Certain of these factors are detailed from time
to time in the Company's periodic reports (including the Annual Report on Form
10-K for the year ended December 31, 2004, and the Form 10-Q for the quarter
ended March 31, 2005 filed with the Securities and Exchange Commission. All
information in this press release is as of July 29, 2005 and the Company
undertakes no duty to update this information.
Osteotech, Inc., headquartered in Eatontown, New Jersey, is a leading
provider of human bone and bone connective tissue for transplantation and an
innovator in the development and marketing of biomaterial and implant products
for musculoskeletal surgery. For further information regarding Osteotech or
this press release, please go to Osteotech's website homepage at
http://www.osteotech.com and to Osteotech's Financial Information Request Form
website page at http://www.osteotech.com/finrequest.htm.
SOURCE Osteotech, Inc.
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Related links:
http://www.osteotech.com
Company News On-Call:
http://www.prnewswire.com/comp/668050.html
CONTACT:
Michael J. Jeffries, Osteotech, Inc.,
+1-732-542-2800
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