VAUDREUIL-DORION, QC, Oct. 1 /CNW Telbec/ - Immunotec Inc. (TSX Venture Exchange: IMM), a Canadian based company and a leader in the wellness industry (the "Company") today announces the appointment of Patrick Montpetit to the position of Vice-President and Chief Financial Officer effective immediately. Immunotec today also announced that Richard Patte is retiring from the Company as Chief Financial Officer. Mr. Patte will remain as a director on the Board of the Company and will assist the transition on an advisory basis.
"On behalf of the entire management team and the Board, I would like to thank Richard for his contribution over the past eleven years with the Company and we are pleased that Richard has agreed to provide us with his continued support," said James A. Northrop, President and CEO of Immunotec Inc. "Patrick's extensive international and public company expertise will play an important role as we continue to pursue growth opportunities both locally and internationally and we welcome him to the team". On September 24, 2009, the Board of Directors approved the grant of 100.000 stock options to Mr. Montpetit under the Company's stock option plan at the price of $0.42, which represents the closing price of Immunotec shares as of the close of business on September 23, 2009.
Prior to joining the Company, Mr. Montpetit held a number of senior financial management positions, most recently as Vice-President, Finance and Chief Financial Officer of Bioniche Life Sciences Inc (TSX:BNC). His experience over the past fifteen years has been in the life sciences and biopharmaceutical industries where he was involved in raising over 250 million dollars in growth capital. During this time, he served as Chairman of the Quebec Biotechnology Association (BioQuebec) and as a director of the Montreal InVivo organization. Prior to Bioniche, Mr. Montpetit was the Director of Finance, Administration, Commercial Agreements and Alliances with DSM Biologics Inc., a multinational pharmaceutical company based in Montréal and the Netherlands. Mr. Montpetit is a Chartered Accountant (CA) combined with a specialty in corporate finance (CF) from the Canadian Institute of Chartered Accountants.
Immunotec operates its business from a 37,000 square foot facility located in Vaudreuil-Dorion, Quebec, Canada, has a manufacturing facility located in Blainville, Quebec, Canada, a distribution centre located in Swanton, Vermont, USA and a service office in Dublin, Ireland. Immunotec is engaged primarily in the development and marketing of natural health products, dietary supplements, food, vitamins and personal care products, some of which are manufactured on its behalf by third parties. Immunotec's products are distributed through a network marketing system in Canada, the United States and most recently in the Republic of Ireland and the United Kingdom where operations began in June 2009. The Company's products are sold in other countries under exclusive distributorship agreements.
The Company files its consolidated financial statements, its management and discussion analysis report, its press releases and such other required documents on the SEDAR database at www.sedar.com and on the Company's website at www.immunotec.com. The common shares of the Company are listed on the TSX Venture Exchange under the ticker symbol IMM.
The TSX Venture does not accept responsibility for the adequacy or
accuracy of this release.
SOURCE IMMUNOTEC INC.
For further information: For further information: James A. Northrop, Chief Executive Officer, (450) 510-4454