IRVINE, Calif.--(BUSINESS WIRE)--March 25, 2003--Naturade Inc. (OTCBB:NRDC), a leading marketer of soy protein products under the Naturade Total Soy(R) brand name, today announced the appointment of Stephen Kasprisin as chief financial officer.
He will report to CEO Bill Stewart and will assume responsibility for overall financial management of the organization, including accounting and controllership, treasury functions and banking relationships.
Kasprisin, who succeeds former CFO Larry Batina, brings more than 20 years of experience in progressive leadership roles to Naturade, including financial management of consumer products sold to the food and drug trade and in manufacturing businesses.
He previously held CFO positions with Acorn Products Inc., in Columbus, Ohio; with Outsource Merchandising Corp. in Commerce, Calif.; and, most recently, with Clinicon Corp. in Carlsbad, Calif. He is a certified public accountant, with Big Four audit experience at Coopers & Lybrand (PricewaterhouseCoopers).
"Mr. Kasprisin's experience in public reporting and SEC filing and his success in completing nine acquisitions and three divestitures will be of significant value as we seek to grow our business through either a merger or acquisition," said Stewart. "He will be an asset in providing financial modeling and entrepreneurial insight to the daily decision-making process at Naturade."
Kasprisin was brought to Naturade after a thorough search and interview process conducted by Tomilee Gill, president of Executives Unlimited Inc. (EUI), in Long Beach, Calif. EUI is a premier provider of highly accomplished senior level executives worldwide through its regional offices in New Jersey, Connecticut, Chicago and California.
With headquarters in Irvine, Naturade -- since 1926 -- has been committed to marketing innovative natural products to improve the health and well being of consumers. Well-known for its 50 years of leadership in soy protein, Naturade is the number one brand name of natural soy protein powders sold in food, drug and mass merchandise stores.
Its premier product, Naturade Total Soy, is a complete line of ready-to-drink, bars and shake mix meal replacement products sold at major supermarkets and drug, health food, club and mass merchandise stores throughout the United States. The company's other products include, Power Shake(R), Quick Fizz(TM) and Aloe Vera 80(R). For more information, visit www.naturade.com.
Note: The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. The statements contained in this news release that are not historical facts are forward-looking statements based on the company's current expectations and beliefs concerning future developments and their potential effects on the company, including, without limitation, statements concerning the company's strategies and initatives to improve business results. There can be no assurance that future developments affecting the company will be those anticipated by the company. Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the company) and are subject to change based upon various factors. These factors include the impact of government regulations, less stable demand in the mass market, variability of quarterly earnings, business interuption due to terrorism, ability to continue as a going concern and potential future earnings losses, dependence on key customers, dependence on current and ongoing financing, dilution due to future equity sales, technological changes, dependence on third-party manufacturers, pricing pressures and other competitive factors, dependence on qualified personnel, product liability exposure, inability to identify strategic growth partners, instability of the dietary supplement industry, impact of adverse publicity, limited success of new products, insufficient protection of intellectual property, stock price volatility and close control of company stock. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For a more detailed discussion of some of the ongoing risks and uncertainties of the company's business, see the company's filings with the Securities and Exchange Commission.