CV Technologies (TSX:CVQ) today announced that Dr. Jacqueline Shan, currently its President, Chief Executive Officer and Chief Scientific Officer, has decided to relinquish the position of Chief Executive Officer in order to focus mainly on her role as Chief Scientific Officer. Accordingly, Dr. Shan becomes President and Chief Scientific Officer of CV Technologies as of October 1, 2008.
As the Board of Directors searches for a new CEO, Mr. Jack Moffatt will assume interim oversight responsibility for the day-to-day operations of CV Technologies, effective October 1, 2008. For the past several months, Mr. Moffatt has worked closely with the Company and has served in an advisory role to its Board of Directors. Mr. Moffatt was appointed to the Board of Directors effective today and was concurrently appointed as its Executive Chair. Dr. Shan will remain on the Board of Directors of the Company she cofounded in 1992.
"I am proud of CV Technologies' dramatic growth since I co-discovered and developed COLD-FX® and began pursuing my vision of commercial success. Today COLD-FX is Canada's #1 selling cold and flu remedy. From a scientific perspective, there is much more to do to ensure that CV Technologies achieves its full potential. While my five-year tenure as CEO has been satisfying in many respects, I believe that I can best drive our next wave of innovation by concentrating on the tremendous prospects for our science," Dr. Shan said.
"I return my primary focus to my scientific roots knowing that the Board supports my vision and that a realignment of responsibilities is the right strategic move - both to maximize shareholder value and to deliver the finest suite of products to enhance wellness for consumers, which is a key part of our mission. We have an ambitious pipeline of products in development and I am very excited about what we can accomplish as we move forward," said Dr. Shan. "I am confident that CV Technologies is well positioned to attract a CEO with the outstanding operational skills required to reach the next stage of corporate growth and I look forward to a smooth transition as we continue to build the excellence of our team."
Mr. Moffatt has an extensive background in packaged goods retailing and manufacturing in both Canada and the United States, and has held senior management positions in several other industries over the course of his career. He currently operates an advisory company specializing in corporate revitalization and strategic planning. Mr. Moffatt is a former Chairman and Chief Executive Officer of A&P Canada, and a former President of First National Supermarkets in New England. He holds an MBA degree from the University of Toronto.
ABOUT CV TECHNOLOGIES INC.
CV Technologies, co-founded in 1992 by Dr. Shan, strives to transform people's lives to be healthier and happier by focusing on prevention and recovery through the use of evidence-based naturally-derived health products. The Company's lead product COLD-FX® strengthens the immune system and is widely used as a leading over the counter (OTC) remedy for helping to prevent and relieve cold and flu infections. COLD-FX continues to rank as the number one selling cold and flu remedy in Canada (ACNielsen's MarketTrack Drug Service for Cold Remedies, Natural Supplements & Vitamins Categories for the 52 week period ending July 5, 2008).
Forward Looking Information
This news release contains certain forward-looking information within the meaning of applicable securities laws. The forward-looking information included in this document does not guarantee future performance and should not be unduly relied upon. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information including, without limitation, those comments relating to future products and product pipeline development and whether or not the Company will be able to attract a replacement CEO in a reasonable timeframe. The Company believes that the expectations and assumptions reflected in the forward-looking information contained herein are reasonable but no assurance can be given that these expectations and assumptions are correct or that any benefits may be derived from them. All forward-looking information is expressly qualified in its entirety by this cautionary statement. The Company assumes no duty to update or revise forward looking information, except as may be required pursuant to applicable laws. The Company is a 12g3-2(b) SEC registrant.