LOS ANGELES, Jan 28, 2004 (BUSINESS WIRE) -- Health Sciences Group, Inc. (OTCBB: HESG), an integrated provider of innovative products and services to the nutraceutical, pharmaceutical, and cosmeceutical industries, announced today the hiring of Allan Himmelstein as President of its QBI division. Mr. Himmelstein is expected to spearhead the Company's efforts to develop and launch its new products.
"Allan is one of the premiere executives in the industry and we are very excited to have him on board. He has the industry knowledge, creativity, vitality and leadership qualities that make him the ideal candidate for this position," said Fred E. Tannous, Co-Chairman and CEO of Health Sciences Group. "Allan's extensive experience in managing all aspects of business operations is a significant asset to us. We look forward to his leadership as we continue to streamline our operations and expand our presence in the industry through the launch of new and innovative products."
"I'm very pleased to be part of a young and aggressive company with tremendous growth opportunities," said Himmelstein. "Today, there is a growing consumer demand for nutritional products that are backed by scientific studies. This demand creates a unique opportunity for companies operating in our industry. I believe Health Sciences is uniquely positioned to take advantage of this opportunity and become a leading supplier of science-backed ingredients for nutritional supplements as well as foods and beverages. I'm looking forward to working with QBI and the Health Sciences team to build significant shareholder value."
Mr. Himmelstein has over 30 years of management experience in the food, chemical, and nutritional supplement industries. He is a seasoned executive with experience in all facets of business operations including executive management, production, sales, marketing and finance. Prior to joining QBI, Mr. Himmelstein served as President of Martin Bauer Group, US operations of Martin Bauer GmbH, the largest botanical company worldwide. Previously, he was Vice President of Sales & Marketing of SpiceTec, a division of ConAgra, where he was responsible for streamlining operations and growing revenues by over 30%. Also, as Vice President of Genarom International, ConAgra's flavor division, Mr. Himmelstein was instrumental in making improvements in all aspects of the business including achieving FDA and USDA compliance. His other previous positions include serving as President of Dohler Savory Flavors, an international flavor manufacturer for the meat, cheese, and beverage industries; National Sales Manager of Rohm Tech, Inc., US operations of Rohm GmbH, a billion dollar chemical company; and in various other sales capacities at Kraft Foods. Mr. Himmelstein holds a Bachelors of Science degree from the University of Maryland.
"We are honored to have Allan as part of our management team," said Bill Glaser, Co-Chairman and President of Health Sciences Group. "Allan is well known and highly respected in our industry. For more than three decades, he has worked with industry leaders to significantly expand their product sales and make significant improvements in their respective businesses. We look forward to working with Allan to expand our product offerings and build the value of our company."
About Health Sciences Group, Inc.
Health Sciences Group, Inc., is an integrated provider of innovative products and services in the nutraceutical, pharmaceutical, and cosmeceutical industries offering value-added ingredients, bioactive formulations, and proprietary technologies used in nutritional supplements, functional foods and beverages, and skin care products. Its largest division is Quality Botanical Ingredients (QBI), a leading manufacturer, contract processor and supplier of bulk botanical materials and nutritional ingredients to the food, nutraceutical, pharmaceutical, cosmetic and pet food industries. QBI processes more than 500 herbs, dried fruits and vegetables, nutraceuticals and an extensive selection of concentrated herbal extracts, as well as standardized herbal extracts of guaranteed potency, in addition to various bioflavonoids, antioxidants and beehive products. In business for 20 years, QBI uses cryogenic (cold) processing at its New Jersey facility, and operates in accordance with voluntary food safety guidelines (called Good Manufacturing Practices) originally published by the U.S. Food & Drug Administration in 1997.
Its XCEL Healthcare division is a fully licensed, specialty compounding pharmacy delivering full service pharmacology solutions to customers with chronic ailments that require long-term therapy; and its BioSelect Innovations division develops and sells innovative, science-based products based on proprietary technologies in the areas of topical/transdermal drug delivery, cosmeceuticals, and integrative medicine to a global network of customers who manufacture and distribute compounded pharmaceuticals, functional foods, skin care products and cosmetics.
For more information, visit www.HealthSciencesGroup.com.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including without limitation, the independent authority of the special committee to act on the matters discussed, the successful negotiation of the potential acquisition and disposal of transactions described above, successful implementation of the company's business strategy and competition, any of which may cause actual results to differ materially from those described in the statements. In addition, other factors that could cause actual results to differ materially are discussed in the Company's most recent Form 10-QSB and Form 10-KSB filings with the Securities and Exchange Commission.