LOS ANGELES--(BUSINESS WIRE)--May 5, 2003--Health Sciences Group, Inc. (OTCBB:HESG), an integrated provider of innovative products and services to the nutraceutical, pharmaceutical, and cosmeceutical industries, announced that William T. Walker, Jr., a former member of the American Stock Exchange Advisory Committee, has been appointed to the company's Board of Directors.
Walker is the founder of Walker Associates, a corporate finance consulting firm that acts as advisor to corporations and investment banks. He has been involved in numerous public offerings, raising hundreds of millions of dollars. Earlier, Walker was Executive Vice President and Manager of Investment Banking for Bateman Eichler, Hill Richards, a major Los Angeles-based investment banking firm. As a principal and major stockholder of Bateman, he directed its merger into the Kemper Insurance Group.
Walker has served on the boards of many private and public companies. He currently chairs the board of SupraLife International and its subsidiaries, and serves as a director of King Thomason Group, Stone Mountain Financial Systems, Digid Technologies and Desert Health Products. He has served as a board member of the Securities Industry Association, a Governor of the Pacific Coast Stock Exchange, a member of the American Stock Exchange Advisory Committee, President of the Bond Club of Los Angeles, and Chairman of the California District Securities Industry Association.
After graduating from Culver Military Academy and Stanford University and serving in the United States Air Force, Walker completed his training at the New York Institute of Finance.
Bill Glaser, Health Sciences Group Co-chairman and President, said, "Bill Walker is widely respected for his expertise in mergers and acquisitions, corporate financing and all aspects of investment banking. He brings to our board 50 years' experience in the capital markets industry, unparalleled insight gained from participation on numerous corporate boards and major stock exchanges, and specific knowledge of the global nutraceuticals industry, in which Health Sciences Group is preparing to play a significant role."
"I am proud to associate myself with this extraordinarily growth-oriented young company and its two exceptional co-chairmen -- Bill Glaser and Fred E. Tannous," Walker said. "I look forward to drawing on my knowledge and contacts to help Health Sciences Group achieve its aggressive objectives."
Fred E. Tannous, Co-chairman and Chief Executive Officer, noted, "Health Sciences Group is intent on increasing its revenues through internal growth and strategic accretive acquisitions. In just the last 15 months, we completed three acquisitions, growing revenues from zero to more than $20 million. We believe that Bill Walker will play a pivotal role in helping our company reach its full potential."
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. Subsidiaries include Quality Botanical Ingredients, a leading manufacturer and contract processor of bulk botanical materials and nutritional ingredients for the nutraceutical, pharmaceutical and cosmetic industries; 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.
CONTACT: Health Sciences Group, Inc., 310/242-6700 Bill Glaser, President Fred E. Tannous, Chief Executive Officer