Botaneco Appoints Permanent CFO and Announces Bank Approval of New Financing
QUEBEC, Oct. 24, 2012 /CNW/ - Botaneco Corp. ("Botaneco" or the "Company") (TSXV: BOT), a leading natural specialty ingredients company providing key ingredients to the food and personal care industries is pleased to announce the appointment and promotion of Ms. Karyn Sheridan, CA, to become its permanent CFO starting November 1st 2012. Ms. Karyn Sheridan is the current part-time controller for the Company's wholly owned subsidiary Natunola Health Inc. base in Winchester, Ontario.
"I have worked with Karyn for the past 12 years" states Dr. Nam Fong Han, President and CEO, "and am glad that she has been able to rearrange her own private professional practice to be even more involved as the permanent CFO in Botaneco going forward. I look forward to continue working with Karyn to lead the Company through the restructuring period".
Karyn is a chartered accountant and was an audit manager for KPMG before she started her own professional corporation. Besides filling the part-time controller role for Natunola Health Inc. for the past 12 years she has also provided a broad range of services to businesses including biotechnology, agricultural, construction, transportation, food services and medical services, Karyn also participated on a team of the Company executives which raised $3.5 million in financing in 2011.
Karyn is replacing the interim CFO Mr. Dan McCrimmon, who has been on loan from Avrio Capital Inc. to the Company during the restructuring period. The Company is very thankful to both Dan and Avrio Capital Inc., the Company's largest shareholder, for their help during the last few weeks. The appointment and promotion of Karyn to the permanent CFO position will bring increased stability and continuity to the Company.
The Company is also pleased to announce that it has renewed its existing Bank term loan of $507,000 for a fixed five year term and has received approval of an additional bank loan of $300,000. "We are very thankful for our bank's supports and trust in our business and new management. With this financing now in place, we are confident that we are on the right track regarding the restructuring plan" states Dr. Nam Fong Han, President & CEO, "This will greatly help in achieving the growth we foresee at our food and cosmetic divisions".
The appointment of Ms. Karyn Sheridan remains subject to TSX Venture Exchange approval.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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