Business News
Nutrition 21 Appoints Michael A. Zeher President & Chief Executive Officer
2008-07-15 06:30:00
Strong Domestic & International Management Experience
PURCHASE, N.Y., July 15 /EMWNews-FirstCall/ -- Nutrition 21, Inc.
(Nasdaq: NXXI) announced today that the Board of Directors effective July
14, 2008 appointed Michael A. Zeher as President & Chief Executive Officer
and as a member of the Board.
Michael A. Zeher comes to Nutrition 21 with a distinguished record of
consumer product success spanning more than 35 years in the health and
personal care sectors. Mr. Zeher most recently served as President and
Chief Executive Officer of Nutritional Laboratories International, Inc.,
recognized by Dun & Bradstreet and Entrepreneur Magazine as one of the
fastest growing privately-held companies in the U.S. Prior to joining
Nutritional Labs, Mr. Zeher was President and Chief Operating Officer of
Pharmaceutical Formulations, Inc., a publicly-traded contract manufacturer
of over 100 different types of solid-dose branded and private label
over-the-counter pharmaceutical products. He also led the integration and
growth of the company's branded division platform, Konsyl, Inc., a premium
marketer of OTC and nutraceutical products in the digestive health
category. He has also served as President and Chief Executive Officer of
Lander Co., Inc., a privately-held global manufacturer and marketer of
personal care products. Earlier in his career Mr. Zeher held various
management positions of increasing responsibility at industry leaders such
as Johnson & Johnson and Marion Merrill Dow. Mr. Zeher is a graduate of Old
Dominion University with a Bachelor of Arts degree in Business
Administration.
"I am delighted to join the team at Nutrition 21," said Mr. Zeher. "I
believe this company is uniquely positioned to grow into a thriving and
profitable business providing products to support active, healthy lives and
improved cognitive function. Nutrition 21 has a history of developing
efficacious products by effectively combining research, biotechnology, and
strategic marketing partnerships. We will look to leverage that tradition
with a strong corporate structure, financial discipline, a vision dedicated
to taking this company to the next level of its development, and in
creating sustainable shareholder value."
"Nutrition 21 is indeed fortunate to introduce Mike Zeher as its new
President and Chief Executive Officer," said John Gutfreund, Chairman of
the Board of Directors of Nutrition 21, Inc. "Mike's extensive experience
in the nutritional supplement industry will enable him to set a clear
course for the Company in the future. Mike also knows well how to manage
and motivate a small, entrepreneurial organization to get the maximum value
out of every employee. Under his leadership, the Board fully expects that
the Company will enjoy renewed growth, both in revenues and in profits."
Peter Mann, a member of Nutrition 21's Board of Directors added, "I
would like to take this opportunity to publicly thank Mike Fink and Gerry
Butler for the exceptional job they have done as interim Co-CEO's. Mike and
Gerry arrived on the job in late March 2008 and immediately set the Company
on a new and exciting path. Under their leadership, Nutrition 21 is now
focused on delivering positive EBITDA while continuing to grow top-line
revenues in its key business segments. We are all deeply grateful for their
contributions. Mike and Gerry will continue as executive officers in their
new positions as Co-COOs and will work closely with Mike Zeher in his new
position as President and CEO. I am also delighted that Mike Zeher is
joining NXXI. I have known Mike for many years, and he is an individual
with exceptional values and uniquely strong character."
In connection with the Company's hiring of Mr. Zeher, he was awarded an
inducement grant of an option to purchase 1,000,000 shares of common stock
at $0.36 per share. The option vests (i) one-third on each of the first
three anniversaries of July 14, 2008 provided Mr. Zeher is then employed by
the Company, or (ii) if earlier, on his death or permanent disability while
employed. The option will expire on the earlier of 89 days after
termination of employment or July 13, 2018.
About Nutrition 21
Nutrition 21, Inc. (NASDAQ: NXXI), headquartered in Purchase, NY, is a
nutritional bioscience company and the maker of chromium picolinate-based
and omega-3 fish oil-based supplements with health benefits substantiated
by clinical research. Nutrition 21 holds more than 30 patents for nutrition
products and uses. Nutrition 21's portfolio of health and wellness brands
include: Chromax(R), Core4Life Advanced Memory Formula(TM), Diabetes
Essentials(TM), Iceland Health(R) Maximum Strength Omega-3 and Iceland
Health(R) Joint Relief. The company also manufactures private label
supplements and ingredients for third parties. Nutrition 21 distributes its
products nationally through more than 29,000 major food, drug and super
center retailers as well as internationally. For more information please
visit http://www.nutrition21.com.
Safe Harbor Provision
This press release may contain certain forward-looking statements. The
words "believe," "expect," "anticipate" and other similar expressions
generally identify forward-looking statements. Readers are cautioned not to
place undue reliance on these forward-looking statements, which speak only
as of their dates. These forward-looking statements are based largely on
the Company's current expectations and are subject to a number of risks and
uncertainties, including without limitation: the effect of the expiration
of patents; regulatory issues; uncertainty in the outcomes of clinical
trials; changes in external market factors; changes in the Company's
business or growth strategy or an inability to execute its strategy due to
changes in its industry or the economy generally; the emergence of new or
growing competitors; various other competitive factors; and other risks and
uncertainties indicated from time to time in the Company's filings with the
Securities and Exchange Commission, including its Form 10-K/A for the year
ended June 30, 2007. Actual results could differ materially from the
results referred to in the forward-looking statements. In light of these
risks and uncertainties, there can be no assurance that the results
referred to in the forward-looking statements contained in this press
release will in fact occur. Additionally, the Company makes no commitment
to disclose any revisions to forward-looking statements, or any facts,
events or circumstances after the date hereof that may bear upon
forward-looking statements.
Contact: For Investor Inquiries:
Joe Diaz
Lytham Partners, LLC
602-889-9700
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