LOS ANGELES--Oct. 15, 2003--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 two executives at its Quality Botanical Ingredients (QBI) division, as part of its re-alignment strategy to position the Company for the next phase of growth. Jacob M. Engel has joined the company as General Manager of Operations and Raymond C. Signore as Director of Sales & Marketing.
"As we continue to expand our business and leverage new opportunities in all divisions, our management team needs to be broadened," said Fred E. Tannous, Health Sciences CEO. "The first step was adding Jacob and Ray. Future refinements of our management team and structure are intended to provide greater management resources to support our long-term growth goals, which include entering new markets and introducing new products. Both Jacob and Ray have the requisite industry experience to seamlessly integrate their expertise with the rest of our senior management team, and we expect them to begin providing valuable contributions to QBI immediately."
Commenting on his new position, Mr. Engel stated: "I am thrilled to join QBI and be an instrumental part of the Health Sciences vision. QBI is a company with tremendous growth opportunities through its nascent line of new and innovative products, dedicated staff and one of the most unique, patented cryogenic milling processes in the industry. This is a great opportunity, and I look forward to drawing upon my previous industry experience and resources to further enhance QBI's position in the nutraceutical industry."
Mr. Engel brings nearly 25 years of industry experience. Most recently, he served as Director and Chief Operating Officer for Gel Spice Company, Inc. where he was responsible for all aspects of the business, including sourcing raw materials, crafting and implementing a vertically integrated product expansion strategy, and leading the sales organization, which grew revenues tenfold under his leadership while also doubling profit margins. Previously, he founded and served as Managing Director of Vegedex/SDA Spice Company, a leading provider of quality spice and herb products.
Mr. Signore brings over 30 years of experience in sales and sales leadership to QBI. He is expected to drive and deploy a strong sales force, further develop customer accounts in the proprietary nutraceutical and functional food marketplace, and expand QBI's presence nationally and world wide.
"In assuming responsibility of the company's sales and marketing efforts, Ray's proven track record in leading fast growth enterprises is a strong asset," said Joe Schortz, President & CEO of QBI. "Ray is credited with not only growing the annual sales of his previous company nearly tenfold from $2.5 million to $23 million in just seven years, but also creating a fresh corporate identity which leveraged the growing trends in the nutraceutical industry."
Prior to joining QBI, Mr. Signore served as Vice President of Sales & Marketing for Pure World Botanicals, a provider of nutritional supplements and botanical products, where he led the nutraceutical sales from start-up to $16 million in just three years. Previously, he worked for Meer Corporation as Product Manager where he was responsible for integrating, positioning and driving the growth of its nutraceutical and food extract business. Before that, Signore served as Vice President of Sales & Marketing for Botanicals International, Inc., where he helped T.J. Lipton and R.C. Bigelow drive their expansion into the US market. Mr. Signore holds a B.S. degree in marketing from C.W. Post College, Long Island University.
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 other divisions include XCEL Healthcare, a fully licensed, specialty compounding pharmacy delivering full service pharmacology solutions to customers with chronic ailments that require long-term therapy; and BioSelect Innovations, which 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.