Continues Efforts to Enhance Governance and Corporate Leadership
ST. PETERSBURG, Fla., Dec. 3 /PRNewswire-FirstCall/ -- Nutraceutical Clinical Laboratories International, Inc. (OTC Pink Sheets: NCCL), a company that researches, manufactures and markets preservatives and nutraceutical products, today reported revenues of $1.2 million and $3.8 million, respectively, for the third quarter and nine months ended September 30, 2002. The Company did not record any revenues for the comparable year-ago periods. NCCL has not had earnings to date. Commencing in the first quarter of 2003, the Company plans to report its financial results on a quarterly basis.
"Our preservative products hold a good deal of promise for applications in a variety of industries," said Gary L. Harrison, Chairman and Chief Executive Officer of NCCL. "While we pursue the many opportunities before us, we also are fully committed to adhering to the highest standards of corporate governance and financial reporting."
Mr. Harrison indicated that NCCL is working with the Certified Public Accounting firm of Pender Newkirk & Company to conduct a comprehensive audit of the Company's 2001 and 2002 financial results. "We expect to announce the findings of this audit by the end of March 2003," said Mr. Harrison. The Company also plans to hold its annual shareholder meeting after the completion of the audit. NCCL will provide more details about this meeting during the first quarter of 2003.
NCCL also has retained Kramer Levin Naftalis & Frankel LLP as its legal counsel. Kramer Levin is a world-class, full-service law firm with offices in New York and Paris. The firm has extensive experience guiding entrepreneurs and growing businesses across a range of industries to realize their goals.
These initiatives follow a series of governance and leadership enhancements implemented this year by NCCL, including:
* Gary L. Harrison was named Chairman and Chief Executive Officer of the
Company. Prior to joining NCCL in March 2002, Mr. Harrison served as
President and Chief Operating Officer of Mrs. Smith's Bakeries, the
frozen and specialty baking operations for Flowers Foods (NYSE: FLO).
* William J. Catacosinos, Ph.D. became Vice Chairman of the Company's
Board of Directors. Dr. Catacosinos is the Managing Partner of Laurel
Hill Capital Partners, LLC, a private equity firm that has invested in
NCCL. He also serves as the Chairman, President and Chief Executive
Officer of TNP Enterprises, Inc., the parent company of Texas-New
Mexico Power, an electric utility based in Fort Worth, Texas. Dr.
Catacosinos formerly served as Chairman and Chief Executive Officer of
Long Island Lighting Company (LILCO) from 1984 to 1998.
* Philip E. Pearce, Robert Gillham and George J. Sideris joined NCCL's
Board of Directors. Mr. Pearce, formerly a member of the Board of
Governors of the New York Stock Exchange and Chairman of the Board of
Governors of the National Association of Securities Dealers, chairs the
Company's Audit Committee. Mr. Sideris, most recently a Senior Vice
President and Chief Financial Officer of LILCO, heads up NCCL's
Compensation Committee. Mr. Gillham, a graduate of Harvard University
and a U.S. Army veteran, is currently the Vice Chairman of investment
banking firm Scott-Macon Ltd. Prior to that, he was most recently the
Managing Director and head of the Global Power and Environmental Group
of Chase Securities, Inc.
* Emery Ellinger, III became President and Chief Operating Officer of
NCCL's Preservatives Division. Before joining the Company in August
2001, Mr. Ellinger was the President of EGrowth Capital, LLC, an
investment banking firm that assisted high growth companies in finance,
operations and strategy.
* Richard Goldfarb, MD, a Board Certified Fellow in the American College
of Surgeons and a member of the Company's Board of Directors, was
appointed President and Chief Operating Officer of NCCL's Medical
* James A. Orchard, a Certified Public Accountant, was named NCCL's Chief
Financial Officer. He most recently was the Chief Operating Officer
and Chief Financial Officer of Omnia Group, Inc., a firm based in
Mr. Harrison said: "We have assembled a first-rate leadership team of proven executives, and I look forward to continue working with them to execute our strategic plan, grow our preservative products business and position our company for an exchange listing."
About Nutraceutical Clinical Laboratories International, Inc.
Incorporated in 1999, Nutraceutical Clinical Laboratories International, Inc. is a company that researches, manufactures and markets preservatives and nutraceutical products. Based in St. Petersburg, Florida, the Company has a Preservatives Division and a Medical Division, which includes the wholly-owned subsidiary Health Care Direct Services, Inc. (HCD). The Preservatives unit focuses on manufacturing and marketing NuPreserv(TM), a preservative that extends the shelf life of food products and beverages. The Medical unit focuses on developing NuPreserv's medical applications and manufacturing and distributing HCD's nutraceutical products to more than 20,000 independent and chain-store pharmacies across the U.S. More information about Nutraceutical Clinical Laboratories is available on the Company's Web site at http://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.