Enzymotec Chief Financial Officer to Step Down
June 28 2017 - 7:30AM
Enzymotec Ltd. (Nasdaq:ENZY) (“Enzymotec” or the “Company”), a
developer, manufacturer and marketer of innovative bio-active lipid
ingredients and medical foods, today announced that Mr. Oren Bryan,
will be stepping down from his position as Vice President and Chief
Financial Officer in order to pursue other business interests. Mr.
Bryan, who has been with the Company since 2008, will remain in his
position until the Company appoints a successor and completes the
transition.
“During his nine year tenure, Oren has made
significant contributions to the Company in his role as chief
financial officer. He has built a strong infrastructure in finance,
and helped the Company evolve its capital structure and capital
allocation approach to support our future objectives and growth
trajectory,” commented Erez Israeli, Enzymotec’s President and
Chief Executive Officer. “I thank him for his years of service to
the Company and am confident in our finance organization’s ability
to smoothly manage through this leadership transition to our next
chief financial officer, whom we intend to appoint in the near
future.”
About Enzymotec Ltd.
Enzymotec is a leading global supplier of
specialty lipid-based products and solutions. The Company develops,
manufactures and markets innovative bio-active lipid ingredients,
as well as final products, based on sophisticated processes and
technologies.
Forward Looking Statements
This press release may contain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, Section 21E of the Securities Exchange Act of
1934, as amended and the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995, that are based on our
management’s beliefs and assumptions and on information currently
available to our management. Forward-looking statements include all
statements that are not historical facts and can be identified by
terms such as “anticipates,” “believes,” “could,” “seeks,”
“estimates,” “expects,” “intends,” “may,” “plans,” “potential,”
“predicts,” “projects,” “should,” “will,” “would” or similar
expressions that convey uncertainty of future events or outcomes
and the negatives of those terms. Forward-looking statements
include information concerning our possible or assumed future
results of operations, business strategies, financing plans,
competitive position, industry environment, potential growth
opportunities, potential market opportunities and the effects of
competition. Such statements involve a number of known and unknown
risks and uncertainties that could cause our future results,
performance or achievements to differ significantly from the
results, performance or achievements expressed or implied by such
forward-looking statements. Some of the important factors that
could cause or contribute to such differences include the
following: a high proportion of the sales of the INFAT® product is
to our customers who then use it in their infant formula products
sold to end users in China and therefore our revenues are subject
to the effects of Chinese market trends and competition from
locally produced products that are not subject to import taxes; we
are subject to a degree of customer concentration and our customers
do not enter into long-term purchase commitments with us; new
Chinese regulations relating to infant formula came into force on
October 2016 and others are constantly evaluated, affecting the
ability of our customers to market infant nutrition products
containing INFAT®, which could adversely affect our revenues and
results of operations; we rely on our Swedish joint venture partner
to manufacture INFAT®; growth in the Chinese economy has moderated
and this slowdown and related volatility could adversely impact
demand for our products in China; the demand for products based on
omega-3, and, in particular, premium products such as krill oil,
has declined in the past and may continue to decline, which,
together with a significant increase in capacity by competing
manufacturers, may continue to cause intense competition and price
pressures; Chinese regulations relating to infant formula are under
re-examination, and any regulatory changes affecting the ability of
our customers to market infant nutrition products containing INFAT®
could adversely affect our business; our inventories include
sensitive compounds which may face spoilage or obsolescence; our
inability to manage our inventory levels, in particular our high
level of inventory relative to sales of our products, may have an
adverse effect on our profitability; a significant portion of the
sales of our INFAT® product is to a small number of customers and
if such customers were to suffer financially or reduce its use of
INFAT® our business could be materially adversely affected; the
demand for premium products based on omega-3, and, in particular,
krill oil, has declined in the past and may decline in the future,
which may result in intense competition and price pressure;
variations in the cost of raw materials for the production of our
products may have a material adverse effect on our business,
financial condition and results of operations; our offering of
products as "medical foods" may be challenged by regulatory
authorities; the outcome of the Company's discussions with the FDA
relating to the Import Alert; our product development cycle is
lengthy and uncertain, and our development or commercialization
efforts for our products may be unsuccessful; we are dependent on a
single facility that houses the majority of our operations, and
disruptions at this facility could negatively affect our business,
financial condition and operations; we depend on third parties to
obtain raw materials, in particular krill, necessary for the
production of our products and if we cannot secure sufficient
supply sources at competitive prices or need to utilize a greater
percentage of frozen krill than anticipated with current inventory
levels, our gross profits from the sale of krill oil will be
adversely affected; we anticipate that the markets in which we
participate will become more competitive due in part to business
combinations among existing competitors, the arrival of new
competitors and technological developments; our results are subject
to quarterly fluctuations; we may have to pay royalties with
respect to sales of our krill oil products in the United States or
Australia, and any infringement of intellectual property of others
could require us to pay royalties; unfavorable publicity or
consumer perception of our products, such as krill oil, the
supplements that contain them as ingredients and any similar
products distributed by other companies could have a material
adverse effect on our reputation, the demand for our products and
our ability to generate revenues; we are generally reliant upon
third parties for the distribution or commercialization of our
products; we may not be able to maintain or increase market
acceptance for our products; we are subject to risks relating to
the operation and expansion of our production or processing
facilities and capabilities; our ability to obtain krill may be
affected by conservation regulation or initiatives; disruption to
our IT system could adversely affect our reputation and have a
material adverse impact on our business and results of operations;
we are not able to predict the results of clinical trials, which
may prove unsuccessful or be delayed by certain factors; if we are
unable to maintain manufacturing efficiency and quality and meet
our customers’ needs, our financial performance could be adversely
affected; we could be subject to product liability lawsuits, which
could result in costly and time-consuming litigation and
significant liabilities; our dependence on international sales,
which expose us to risks associated with the business environment
in those countries; and other factors discussed under the heading
"Risk Factors" in our annual report on Form 20-F for the year ended
December 31, 2016 filed with the Securities and Exchange Commission
on March 16, 2017.
You should not put undue reliance on any
forward-looking statements. Although we believe that the
expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee that future results, levels of
activity, performance and events and circumstances reflected in the
forward-looking statements will be achieved or will occur. These
forward-looking statements are made only as of the date hereof, and
the Company undertakes no obligation to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise.
Company Contact
Enzymotec Ltd.
Oren Bryan
Chief Financial Officer
Phone: +972747177177
ir@enzymote.com
Investor Relations Contact (U.S.)
The Ruth Group
Tram Bui / Alexander Lobo
Phone: 646-536-7035 / 7037
tbui@theruthgroup.com
alobo@theruthgroup.com
ENZYMOTEC LTD. (NASDAQ:ENZY)
Historical Stock Chart
From Sep 2024 to Oct 2024
ENZYMOTEC LTD. (NASDAQ:ENZY)
Historical Stock Chart
From Oct 2023 to Oct 2024