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TSX VENTURE EXCHANGE: AVI
QUEBEC CITY, April 14 /CNW Telbec/ - Advitech Inc. ("Advitech" or the "Corporation") (TSX Venture Exchange: AVI) is pleased to announce the appointment of Mr. Christian Wutzke as Vice President and Chief Financial Officer of the Corporation effective April 1, 2010 and the appointment of Mr. Aki Georgacacos as Secretary of the Corporation effective April 1, 2010. Mr. Wutzke will lead the financial management and Mr. Georgacacos will lead the corporate and regulatory affairs of Advitech as the Corporation continues to integrate its operations following the merger of Advitech with Botenaco Specialty Ingredients Inc. ("Botaneco") on November 20, 2009.
Messrs. Wutzke and Georgacacos succeed Christian Labbe who joined Advitech in September 2007 and served as the Corporation's Chief Financial Officer and Secretary since January 2009, a period of significant product and market development. Further to the previous announcement concerning Mr. Labbe's resignation as an Officer of the Corporation effective March 31, 2010, Mr. Labbe also resigned as a Director effective April 5, 2010.
Chris Wutzke brings over 20 years of professional experience, including both Chief Financial Officer and Corporate Development Executive positions of private and publicly traded corporations and partnerships. Prior to joining Advitech, Mr. Wutzke was Vice President Corporate Development and Chief Financial Officer of a national health services company where he led the financial affairs of the company and focused on corporate finance and structuring initiatives to grow the company. Prior to that, Mr. Wutzke was a Vice President and Director with Deloitte & Touche Corporate Finance specializing in debt and equity financings, as well as mergers, acquisitions and divesture advisory services. Mr. Wutzke has led or facilitated over $120 million in financings and advised on over $200 million in mergers, acquisitions or divestiture transactions. Mr. Wutzke is also an Investment Director with Avrio Ventures, a national venture capital fund investing in food and agricultural technology companies, which has a significant equity interest in Advitech. Chris Wutzke is a Chartered Accountant, Chartered Financial Analyst charter holder and earned a Bachelor of Commerce degree from the University of Calgary.
Aki Georgacacos, who is also the Chairman of the Board of Directors of the Corporation, brings over 10 years of venture capital and corporate finance experience in the biotechnology and industrial life sciences industries. He is currently a Managing Director of Avrio Ventures, a venture capital fund focused on investing in food and agricultural technology companies. Prior to co-founding Avrio ventures in 2006, Mr. Georgacacos was a Managing Director of FCC Ventures where he led the majority of the fund's investments with a focus on industrial life sciences companies. Before he became a venture capitalist, Aki was a Vice-President at Deloitte & Touche Corporate Finance where he advised Canadian companies in the biotechnology, agri-food, distribution, and health care sectors on public and private placements, mergers and acquisitions, divestitures, and strategies for maximization of shareholder value. Aki is a Chartered Accountant, CFA charter holder and holds a Bachelor of Commerce degree from the University of Saskatchewan.
"We are pleased to welcome Chris to the management team and expand Aki's role with the company. These gentlemen have extensive financial and operational management experience that will add to the company's bench strength, which will be important as the company builds momentum following the merger of Advitech and Botaneco," said Michael Stangel, President and CEO of Advitech. "We would like to express our appreciation for Christian Labbe's dedicated service over the past two years and playing an important part in the evolution of the company."
Advitech, which includes its subsidiary Botaneco Specialty Ingredients Inc. since November 20, 2009, is a health sciences and technology company developing, manufacturing and marketing proprietary natural ingredients and formulations for oral and topical applications that have been clinically proven to be safe and effective for improving skin health and well being. The Corporation's products are based on three technological platforms which are: i) a superior multi-functional emulsification delivery system derived from plant seed oleosomes for formulation application in the topical cosmetic, OTC, Rx and natural personal care specialty ingredient markets, ii) XP-828L for immune mediated inflammatory disorders, and iii) IM for anti-aging and wound healing. Advitech produces Hydresia(TM), a natural plant derived specialty ingredient which offers immediate moisturization advantages, formulating cost savings and excellent product aesthetics in a variety of product applications, Dermylex(R) for the treatment of mild-to-moderate psoriasis, and Nudremyl(TM) which acts on skin reconstruction, cellular regeneration and skin structure. More information is available and can be accessed at www.advitech.com and www.botaneco.ca.
This press release contains forward-looking statements, which reflect the Corporation's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein.
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.
SOURCE ADVITECH INC.
For further information: For further information: Michael Stangel, President and CEO, Advitech Inc., (418) 948-4084, (215) 604-0631, firstname.lastname@example.org