ST. PETERSBURG, Fla.--(BUSINESS WIRE)--May 29, 2002--Nutraceutical Clinical Laboratories International, Inc. (OTCBB:NCCL) today announced the appointment of Gary L. Harrison as Chairman and Chief Executive Officer, William J. Catacosinos as Vice Chairman, and the addition of three new outside directors to its board. Paul Simmons, the Company's founder, remains a member of the board and will focus on special projects.
Mr. Harrison, the Company's President, joined NCLII two months ago. He will retain the title of President, as well as Chairman and Chief Executive Officer. Prior to coming to NCLII, Harrison served as President and Chief Operating Officer of Mrs. Smith's Bakeries, the frozen and specialty baking operations for Flowers Foods (NYSE:FLO). Mr. Harrison held various management positions at Flowers over a 40 year career.
William J. Catacosinos is the Managing Partner of Laurel Hill Capital Partners, LLC, a private equity investment firm. Dr. Catacosinos also serves as the Chairman, President and CEO of TNP Enterprises, Inc., the parent of Texas-New Mexico Power, an electric utility located in Fort Worth, Texas. He joined the board of NCLII last month.
In addition, the Company announced the appointment of Phil E. Pearce, Robert Gillham, and George J. Sideris to the NCLII board of directors. Mr. Pearce will chair the audit committee, and Mr. Sideris will chair the compensation committee.
"We are putting in place a professional management team and an experienced board of directors to provide the Company with the managerial talent and the business guidance it needs to become a much larger company," said Gary L. Harrison, Chairman and Chief Executive of the Board of Nutraceutical Clinical Laboratories International, Inc. "We will soon announce a new organizational structure to achieve our business objectives," Harrison continued.
"Gary Harrison brings extensive executive experience in the food and baking business to the Company and will provide the leadership the organization needs at this juncture in its growth," said William J. Catacosinos, Vice Chairman of the Board. "Phil Pearce, Robert Gillham, and George Sideris will bring valuable business acumen and judgment to guide the Company," added Dr. Catacosinos.
Phil E. Pearce was formerly a member of the Board of Governors of the New York Stock Exchange (NYSE) and Chairman of the Board of Governors of the National Association of Securities Dealers (NASD). He served as a senior executive and member of the board of E.F. Hutton. He is currently managing director of Phil E. Pearce & Associates Financial Consultants and a director on the boards of several public companies including, Xybernaut Corporation, Starbase, Imaging Diagnostic Systems, New York International Commerce Group and Bravo Foods International Corporation. He is a graduate of the University of South Carolina and the Wharton School of Investment Banking at the University of Pennsylvania.
Robert Gillham, until his retirement last year, was Managing Director and head of the Global Power and Environmental Group of Chase Securities, Inc. Mr. Gillham is widely regarded as a leading banker to the utility industries. He served two terms as a member of the Advisory Council to the Board of Directors of the Institute of Nuclear Power Operations. Mr. Gillham is a graduate of Harvard University and a veteran of the US Army.
George J. Sideris was a Senior Vice President, Chief Financial Officer and member of the board of directors of the Long Island Lighting Company. Earlier in his career he was Executive Vice President and member of the board of directors of Qualpeco Services, Inc, and Vice President and Chairman of the Board of US Industries, Inc. Mr. Sideris is a graduate of New York University.
Nutraceutical Clinical Laboratories International, Inc. trades on the OTC market under the symbol "NCCL" and can be found on the Internet at: nasdaq.com, cnbc.com, pinksheets.com, and otcquote.com. Additional Company Information may be found at Nutraceutical Clinical Laboratories International, Inc.'s web site: http://www.nutradata.com.
Cautionary Statement for Purposes of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995: All statements, other than historical facts, included in the foregoing news release regarding the Company's business strategy and plans of management for future operations are "forward looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These statements, which include, but are not limited to, words such as "expect," "anticipate," "plan," "estimate," "project" and "intend" are based on management's beliefs and assumptions, and on information currently available to management. Forward-looking statements involve certain known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. These factors include, among others, the Company's ability to successfully implement its business plan; any uncertainties relating to business and economic conditions in markets in which the Company operates; any uncertainties relating to customer plans and commitments; the timely development and market acceptance of the Company's products and technologies; possible product defects and product liability, dependence on intellectual property rights, the highly competitive environment in which the Company operates and other risks detailed from time to time in the Company's periodic reports filed with the United States Securities and Exchange Commission and other regulatory authorities.