EATONTOWN, N.J., Nov. 23 /PRNewswire-FirstCall/ -- Osteotech, Inc.
(Nasdaq: OSTE) announced today that Richard W. Bauer, Osteotech's Chief
Executive Officer, has decided to accelerate his previously disclosed
retirement plans and will retire at the end of December 2005. Mr. Bauer will
remain a Director of the Company after his retirement. Sam Owusu-Akyaw,
President and Chief Operating Officer, has been elected by the Board to the
position of President and Chief Executive Officer effective January 1, 2006
replacing Mr. Bauer as Chief Executive Officer. Osteotech also announced that
Donald D. Johnston is relinquishing his position as Chairman of the Board
effective immediately and will be retiring from the Board upon the expiration
of his term in June 2006. Replacing Mr. Johnston as Chairman is Kenneth P.
Fallon, III who has been a member of Osteotech's Board since June 1995.
Mr. Bauer stated, "When Sam Owusu-Akyaw joined Osteotech in July 2004 as
President and Chief Operating Officer in charge of our domestic business, we
were fortunate to add such an experienced executive to our management team and
equally fortunate that his joining the Company completed our succession
planning in anticipation of my eventual retirement. Sam has done a remarkable
job since he joined the Company. Sam and the rest of the Osteotech executive
team have put in place the strategies and plans to return the Company to
profitability. Although I'm retiring from my management responsibilities, I
look forward to assisting Sam and his management team, in any way I can, as a
member of the Osteotech Board."
Mr. Bauer continued, "Don Johnston will be greatly missed when he leaves
the Board in June 2006. His leadership, wisdom and guidance has been
invaluable over the last 15 years. At the same time, the Company is fortunate
to have Ken Fallon taking on the Chairman's responsibilities. Ken's breadth
of experience and 10 years serving on Osteotech's Board will be instrumental
as the Company continues to pursue its mission of maintaining a leading global
position as an orthobiologics Company."
Certain statements made in 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 the 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, the failure of the FDA to clear the Company's 510(k) submissions
for its Grafton(R) DBM and private label product lines, the continued
acceptance and growth of current products and services, differences in
anticipated and actual product and service introduction dates, the ultimate
success of those products in their marketplace, 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 each of the first three quarters of
2005) filed with the Securities and Exchange Commission. All information in
this press release is as of November 23, 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 of Osteotech,
+1-732-542-2800
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