BURLINGTON, ON, Nov. 30, 2015 /CNW/ - EcoSynthetix Inc. (TSX: ECO) ("EcoSynthetix" or the "Company"), a renewable chemicals company that produces a portfolio of commercially proven bio-based products, today announced changes to the composition of its Board of Directors, which take effect January 1, 2016.
Mr. Jeffrey Nodland will be joining the Company's Board of Directors as an independent member. Mr. Nodland is President and CEO of KIK Custom Products, one of North America's largest custom manufacturers of both national and retailer- branded consumer products, with annual sales of more than $2.0 billion. Mr. Nodland's career spans more than 30 years in specialty chemicals and coatings manufacturing, serving in executive leadership positions at companies such as Valspar Corporation, Hexion Specialty Chemicals, Inc., Resolution Performance Products, and McWhorter Technologies, a specialty chemicals company acquired by Eastman Chemical. In addition, Mr. Nodland has previously served on the Board of Directors of chemical companies, trade organizations and non-profits.
"We are pleased to welcome a business leader of Mr. Nodland's calibre to our Board of Directors," stated Jeff MacDonald, CEO of EcoSynthetix. "He will bring significant value to the Company based on his track record in leading and growing companies, as well as his deep experience in end markets that are of strategic importance to EcoSynthetix. Jeff is well versed in engaging with a diverse stakeholder base, and will further strengthen our corporate governance capabilities."
"I am delighted to be joining an organization with such extraordinary potential," stated Mr. Nodland. "I have looked closely at the Company's technology, target markets and strategy, and look forward to applying my experience to work with the Board and management teams to help EcoSynthetix in achieving its growth objectives."
The Company further announced that Dr. David Colcleugh, currently Chairman of the Board, and Mr. John Varghese, Independent Director, will be resigning from the Board. Mr. John Barker, who has been an independent Board member since 2008, will become Chairman of the Board.
"We are very grateful to Dave and John for the valuable contributions they made to the development of EcoSynthetix over the past several years," stated John Barker. "On behalf of the Board, I would like to welcome Mr. Nodland and look forward to working with him as we build toward long term growth in the business."
About EcoSynthetix Inc. (www.ecosynthetix.com)
EcoSynthetix offers a range of engineered biopolymers that replace the non-renewable chemicals used to manufacture many products, such as paper and packaging, personal care products, insulation and wood composites. Our flagship products, EcoSphere® biolatex® and DuraBindTM biopolymers, provide a sustainable alternative that reduces a customer's carbon footprint, decreases overall material costs and improves performance. The company is publicly traded on the Toronto Stock Exchange (T:ECO).
Certain statements in this Press Release constitute "forward-looking" statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, objectives or achievements of the Company, or industry results, to be materially different from any future results, performance, objectives or achievements expressed or implied by such forward looking statements. The forward-looking statements in this Press Release include, but are not limited to, statements regarding the Company's expected product pipeline, plans to expand the Company's business into new markets, the Company's ability to achieve organizational efficiencies, and other statements regarding the Company's plans and expectations in 2015. These statements reflect our current views regarding future events and operating performance and are based on information currently available to us, and speak only as of the date of this Press Release. These forward-looking statements involve a number of risks, uncertainties and assumptions and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such performance or results will be achieved. Those assumptions and risks include, but are not limited to, the Company's ability to successfully allocate capital as needed and to develop new products, as well as the fact that our results of operations and business outlook are subject to significant risk, volatility and uncertainty. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including the factors identified in the "Risk Factors" section of the Company's Annual Information Form dated March 31, 2015. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described in this Press Release as intended, planned, anticipated, believed, estimated or expected. Unless required by applicable securities law, we do not intend and do not assume any obligation to update these forward-looking statements.
SOURCE EcoSynthetix Inc.
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