MONTREAL, QUEBEC--(Marketwired - Sept. 2, 2015) - BIOflex Technologies Inc. (TSX VENTURE:BFT) (the "Company" or "BIOflex") is pleased to announce the appointment of Mr. Michel Timperio to the board of directors. Mr. Andre Godin, Chairman stated: "We are very pleased to welcome Michel to the board of BIOflex Technologies. Michel brings a wealth of experience in sales, marketing and business and strategic development which will greatly benefit the Company." Mr. Godin added: "We believe that we now have a well-rounded team at the board level with the combined experience to provide the right challenge and strategic direction to our management team". The Company would like to thank the outgoing directors, Messrs. Wayne Cockburn and Michael Newman, for their contributions to the Company.
Mr. Michel Timperio currently holds the position of Vice-President of Global Sales at Neptune Technologies & Bioressources Inc. He has been employed by Neptune since 2010, but was a member of the board of directors from 2000 to 2008. Mr. Timperio has many years of experience in sales. He obtained his Bachelor of Commerce at Concordia University in Montreal, Quebec. With a natural entrepreneurial character, he launched his own distributing business. Many years later, Mr. Timperio built a start-up venture in residential construction from 2001-2010. He has worked for large corporations, including Armstrong World Industries and Reichhold Chemicals, where he held senior management business development positions. Mr. Timperio has also had a political career from 1982-2000 at the City of Longueuil, a large suburb of Montreal, where he was part of the leading council for many years.
The Company also announced strategic changes to the management team with the appointment of Ms. Leena Lakdawala as Chief Executive Officer of the Company. Mr. Godin stated: "the board of directors is indeed very pleased with the appointment of Leena as CEO. Leena brings extensive executive management experience in public and private companies and we believe she has the right profile to provide the right strategic direction to BIOflex and ensure the execution of the Company's business plan." The Company is pleased that its outgoing CEO, Mr. Wayne Cockburn, will continue to assist the Company in its business development activities on a consulting basis.
The executive management team of the Company now consists of Ms. Leena Lakdawala, CEO, and Mr. William Waks, CFO. The new appointments are effective immediately, but remain subject to satisfactory review and approval by the TSX Venture Exchange (the "Exchange").
The Company further announces that an aggregate of 1,550,000 incentive stock options (the "Options") have been granted to certain senior officers and directors of the Company pursuant to the terms of the Company's incentive stock option plan. The Options are exercisable to acquire common shares of the Company for a period of 10 years from the date of grant at a price of $0.15 per share. The foregoing Options vest in equal tranches over a period of 18 months.
About BIOflex Technologies Inc.
BIOflex Technologies manufactures and distributes patented magnetic devices designed for the consumer market seeking relief from pain. The patented product line consists of more than 20 products for the knees, elbows, ankles, back and shins. The company is currently developing other products including a line of sleep and wellness products, all designed to treat pain and enhance physical well-being. The Company intends to sell its products through several channels including direct, web-based sales; corporate partnerships; television shopping channels; retail distribution; internet catalogs; and through a network of distributors worldwide. Several of the Company's products are registered with the FDA as Class I medical devices.
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the business and operations of the Company. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the ability of the Company to execute and achieve its business objectives. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.