SCOTTSDALE, Ariz., Mar 3, 2005 (BUSINESS WIRE) -- Health Enhancement Products, Inc. (HEPI) announced today that it has appointed Thomas D. Ingolia, President and CEO of Prolexys Pharmaceutical, Inc., to chair and recruit the members of a new advisory board for HEPI. The Advisory Board will identify and recruit new candidates for HEPI's Board of Directors, as well as a replacement for HEPI's outgoing Chairman and CEO, Howard R. Baer. In addition, the Advisory Board will search out possible joint venture partners to further the research, development and marketing of the Company's primary product, ProAlgaZyme. Steve Rittmanic, President of Nutrifab, was also appointed to the advisory board.
Howard R. Baer, Chairman and CEO stated, "The Company is in discussions with the Securities and Exchange Commission concerning a consensual resolution of the SEC's investigation of the Company. While the terms of such resolution have not yet been finalized, the Company anticipates that I will be resigning my positions with the Company in connection with the final resolution. In order to provide for an orderly transition to new executive management, I have appointed Mr. Ingolia as Chairman of an Advisory Board that will, among other things, work to identify and recruit a replacement for me, and, in addition, to bring in other, more qualified persons to manage the development of the Company."
Mr. Ingolia joined Prolexys as President and Chief Executive Officer in June of 2003. Prior to joining Prolexys, he was President and COO of Microbia, and prior to that he was the first employee and later COO of Ontogeny. At Ontogeny, now known as Curis (CRIS), he helped with the formation and subsequent management of the Company, developed strategic partnerships, and participated in several rounds of financing. He began his industry career with Eli Lilly and Company (LLY), where he spent 13 years in a wide variety of management roles, including Research, Process Development, Marketing, and Technology Management. His academic training includes a Ph. D. in Biochemistry from the University of California, Berkeley, and postdoctoral training at the University of California, San Francisco and at the University of Wisconsin. He received an M.B.A degree from Indiana University and a B.S. degree in Chemistry from the University of Illinois. Mr. Ingolia has 31 publications and 11 issued patents.
Mr. Ingolia stated, "It is an honor to be asked to assist in the evolution of HEPI, and I am looking forward to my involvement with the Company. I am impressed with the plan HEPI has put together and with the great opportunities afforded by its technology and business. In particular, the natural ProAlgaZyme product that HEPI has discovered is as promising as any I have seen in my decades of previous experience in this area. It will be a pleasure to participate in the next steps in the development of these products."
Steve Rittmanic has an extensive background in new product development. Prior to forming NUTRIFAB, he was Director of Product Development for Protient Ingredient Technologies, Inc., where, among other positions, he developed ingredients now used under exclusive contract by one of the worlds top consumer products companies. Before that, he held positions with Rexall Sundown, Inc., including as Director of Functional Foods Development and as a Research and Development Scientist. Mr. Rittmanic brings extensive contacts in the natural products industry that will be very helpful in HEPI's ongoing product development efforts.
Mr. Rittmanic stated, "ProAlgaZyme is poised to be the next 'blockbuster' botanical supplement. I have been involved in the scientific review and promotion or debunking of many compounds and combination products over the past several years at many of the major supplement companies. The great weight of existing clinical evidence and uncorroborated testimonials strongly support further research. Furthermore, efforts are underway to further characterize the composition of ProAlgaZyme, for potential future medical applications. The inflammation and pain relief category of dietary supplements is one of the main targets of marketers, just as it is a focal point for natural-products and synthetic-chemistry research at pharmaceutical companies. The well-publicized side effects of recently released prescription medications further supports the intensified exploration of ProAlgaZyme, not only to determine its efficacy in current use, but also to discover potential uses for relief and prevention of pain and inflammation, including both oral and topical applications."
About Health Enhancement Products, Inc.
Health Enhancement Products, Inc. (HEPI) is a nutraceutical company directed specifically at the development and marketing of supplementary health-enhancing products using only pure, all-natural and herbal extracts. In particular, Health Enhancement's products use beneficial herbal extracts, vitamins, minerals, and botanical extracts in varying combinations to address common or specific illnesses.
The Company's primary product is ProAlgaZyme, an immune system enhancing water that is produced from an algae grown in 100% distilled water. The algae produces an enzyme as a means of protecting itself from exposure to outside disease and harmful bacteria. The enzyme is then drawn off, filtered, tested and bottled for consumption. 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, including activities, events or developments that the company expects, believes or anticipates will or may occur in the future. 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 product, the ability of the company to meet its financial projections, and general economic conditions. 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.