Botaneco Makes Major Leadership Changes
September 03 2012 - 2:28AM
PR Newswire (Canada)
QUEBEC, Sept. 6, 2012 /CNW/ - Botaneco Corp. ("Botaneco") , a
leading natural specialty ingredients company providing key
ingredients to the food and personal care industries, today
announces that it has made the following decisive changes to its
management and board structure with immediate effect. This will
address the need to become internally cash flow positive without
having to seek outside equity funding or partnerships until the
Corporation's true worth is appreciated by the marketplace. Mr.
David Edwards is appointed as Chairman of the Board ("Chair") in
place of Dr. Nam Fong Han who steps down to meet governance and
regulatory requirements. Dave joined the Board of Botaneco on
October 7, 2011 as an independent director in connection with the
2011 Natunola Health Inc. ("Natunola") merger with Advitech which
became Botaneco. He brings broad business and financing experience
to the Board, gained over the past 40 years both in Canada and
internationally. His background will greatly strengthen Botaneco's
efforts to explore all internal and external avenues for growth.
Dr. Nam Fong Han is appointed as Chief Executive Officer ("CEO") of
the Corporation and will also remain Chief Operating Officer
("COO"). Dr. Han was instrumental in starting and running Natunola
until the merger with Advitech and so brings a wealth of
operational and technical experience to the Corporation . The Board
also mandated the constitution of a Restructuring Committee,
reporting to the Board of Directors, which is mandated to take the
short-term actions required to effect the turn-around. The
Committee will be headed by David Edwards and initial include Dr.
Han and Murray Bruce, the Chief Financial Officer ("CFO"). The
Board of Directors has also agreed that Avrio can nominate an extra
Board member in return for its agreement to provide tangible
funding support and/or facilitation during the restructuring
period. Ron Gordon has tendered his resignation as a board member
in part to assist in this regard. The Board thanks Ron for his
valuable advice and support over the past few years. "Together with
AVAC and AgeChem, our major funding partners in Botaneco, we are
pleased that the Board is taking the decisive steps necessary for
long-term survival and growth." stated Aki Georgacacos, a Partner
at Avrio Capital, which is the Corporation's largest shareholder.
"I am looking forward to this challenge with high hopes of
successfully bridging the gap to internal profitability and growth"
states David Edwards, Chair, who a significant Botaneco
shareholder. "I have been involved in many corporate activities
over the years and must say that I have seen few cases where the
difference between the long-term potential, now beginning to be
realized, and the current situation is so stark. I would like to
thank Ms Michelle Scarborough as the outgoing CEO for her untiring
efforts during the past months, particularly in equity fund
raising, which have unfortunately not proved positive given
marketplace conditions and internal challenges. We hope she can
continue to assist us once the real value of the Corporation is
recognized." "I am glad to be a part of the challenge ensuring
long-term corporate stability" states Dr. Nam Fong Han CEO who is
also a major shareholder. "This will greatly help in achieving
significant growth at Natunola Division particularly with the
recent announcement of our partnership with a major multinational
nutritional company, as announced in the Press Release of August
23, 2012." About Botaneco Corp. Botaneco Corp is a world
leader in the development of natural specialty ingredients and
technologies that meet tomorrow's needs, today. The Company's true
expertise is turning Mother Nature's energy source, the Seed, into
high value proprietary ingredients sold into food and personal care
products worldwide. Headquartered in Calgary, Alberta, the
company operates two state of the art manufacturing sites in
Alberta and Ontario with a robust research and development
capability. The Company has developed, patented and commercialized
a suite of technologies, and has over 200 customers today.
The company has been awarded the Canadian Agri-Food Award of
Excellence for its flaxseed technology marketed in the natural food
industry. Botaneco holds patents for its Hydresia Oleosome,
Vegetable Oil Gel, Whey Protein and Flaxseed De-hulling technology.
Neither TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release. Botaneco Corp. CONTACT: Murray BruceCFOBotaneco
Corp.(403) 668-4612brucem@botaneco.caKevin Richardson, PhDPresident
& CEONewplanet Inc(204) 899-3868Kevin@newplanetinc.ca
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