New Name Reflects Company's Promising Future and Strengthened Leadership, Governance and Financial Controls
ST. PETERSBURG, Fla., June 6 -- Preservation Sciences, Inc. (OTC Pink Sheets: NCCL), a preservative products company formerly known as Nutraceutical Clinical Laboratories International, Inc., announced today that shareholders approved its name change at its 2003 Annual Meeting of Shareholders on June 4. The new name reflects Preservation Sciences' promising future and its strengthened leadership, governance and financial controls.
"The year 2002 saw a new beginning for our company," said Gary L. Harrison, Chairman and Chief Executive Officer of Preservation Sciences. "We enhanced our leadership, governance and financial controls, and also achieved the first commercial shipment of our NuPreserv(TM) product. While we still face some significant hurdles, the future of our company is very positive. We are happy that our shareholders approved our new name, and we are excited to communicate and work with our customers, investors and each other as Preservation Sciences well into the future."
Preservation Sciences also announced that shareholders at its Annual Meeting ratified Pender Newkirk & Company, a Certified Public Accounting firm based in Tampa, Florida, as its independent auditor. Pender Newkirk recently completed an audit of Preservation Sciences' 2001 and 2002 financial results. The completed audit was presented at Preservation Sciences' Annual Meeting, and parties interested in reviewing it should contact Patricia Koepke at 1-888-645-1010 for a copy.
Shareholders also elected the entire slate of nominees for Preservation Sciences' Board of Directors. The Company's Board includes the following individuals:
* Gary L. Harrison, Chairman and Chief Executive Officer
* William J. Catacosinos, Ph.D., Vice Chairman
* Robert Gillham
* Richard Goldfarb, MD
* Kathy A. Joiner
* Philip E. Pearce
* George J. Sideris
About Preservation Sciences, Inc.
Incorporated in 1999, Preservation Sciences, Inc., formerly Nutraceutical Clinical Laboratories International, Inc., is a company that researches, manufactures and markets preservative products. Based in St. Petersburg, Florida, the Company focuses on developing, manufacturing and marketing NuPreserv(TM), a preservative that extends the shelf life of food products and beverages. More information about Preservation Sciences is available on the Company's Web site at www.nutradata.com.
CAUTIONARY NOTE: Statements contained in this press release that are not historical facts are forward-looking statements as the term is defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to risks and uncertainties which could cause actual results to differ from the forward-looking statements contained in this release and which may affect the Company's prospects in general.