SCOTTSDALE, Ariz., Jun 29, 2005 (BUSINESS WIRE) -- Health Enhancement Products, Inc. (HEPI) announced that Michael S. Tempesta, PhD, was appointed President of the Company. During his first 90 days, the company expects that Dr. Tempesta will devote approximately half-time to Health Enhancement Products, Inc. The company also received an injection of equity capital at the time of Dr. Tempesta's acceptance of the position.
Dr. Tempesta has had extensive experience in the area of natural products and pharmaceuticals. In 1990 Dr. Tempesta founded Shaman Pharmaceuticals, an ethno botanical drug discovery and development company, and was Chief Scientific Officer from March 1990 until December 1994. In 1995, Dr. Tempesta founded NatProd Consulting Services, of which he is president. NatProd provides consulting services to biotech and pharmaceutical companies. From March 1995 until January 1997, Dr. Tempesta was Chief Science Officer of Larex, Inc., a developer and manufacturer of natural additives in the cosmetic and nutritional areas. From March 1997 to January 1999, he was Senior VP of Pharmaprint, Inc., where he was responsible for developing the Centrum Herbal line for American Home Products. He also assisted in marketing Centrum to potential customers such as CVS, Wal-Mart and Safeway. Since 1996, Dr. Tempesta has been Independent General Partner for Technology Funding, a venture capital fund focused on biomedical and computer technology. In 2001, Dr. Tempesta founded and became Managing Partner of Phenolics, LLC, a company that develops biologically active ingredients for the drug and consumer health care markets. Since February 2005, Dr. Tempesta has served as Treasurer of the International Organization for Chemical Sciences in Development, a non profit organization focused on advancing science in developing countries.
Dr. Tempesta stated, "It is with great enthusiasm that I join HEPI as its President. Preliminary clinical and pharmacological evaluations of ProAlgaZyme (PAZ), its sole product, look promising, and I am excited about the opportunities that exist to advance HEPI's efforts in product development, expand its market potential, increase its production capacity and efficiency, as well as to partner with well established consumer health care groups. My experience in pharmaceutical and consumer heath care, company financing, partnering and technology platform development, should enable me to contribute meaningfully to the realization of HEPI's potential."
The Company also announced that Janet Crance, CPA, was appointed principal accounting officer of the company. Ms. Crance is the principal of Janet L. Crance, P.C., and is a certified public accountant. She has substantial experience in financial reporting and SEC compliance matters.
Chairman Howard R. Baer stated, "This is a very exciting time for the company and its future. The acceptance of the presidency by Dr. Tempesta is further testimony to the potential of ProAlgaZyme product. Dr. Tempesta's long, successful history in developing new products should speed up our testing process and clinical trials, hopefully bringing the product to market in a timely fashion."
About Health Enhancement Products, Inc.
Health Enhancement Products, Inc. (HEPI) is a nutraceutical company engaged in the development of supplementary health-enhancing products using only pure, all-natural ingredients.
The company's sole product is ProAlgaZyme, an immune system enhancing water that is produced from an algae grown in 100% distilled water. Recent studies performed by the company have indicated that ProAlgaZyme supports a compromised immune system.
Except for any historical information, the matters discussed in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve risks and uncertainties. A number of factors could cause actual results to differ from those indicated in the forward-looking statements, including the company's ability to fund its operations and market and sell its ProAlgaZyme product. Such statements are subject to a number of assumptions, risks and uncertainties. Readers are cautioned that such statements are not guarantees of future performance and that actual results or developments may differ materially from those set forth in the forward-looking statements. The company undertakes no obligation to publicly update or revise forward-looking statements, whether as a result of new information or otherwise.