PharmaPrint Inc. (OTC Bulletin Board: PPRT) today announced that the Board of Directors has appointed Mr. Steven A. Bowman as its interim Chief Executive Officer. Mr. Bowman is presently a senior partner and co-founder of an independent consulting firm specializing in providing financial advisory services to corporate clients.
Mr. Bowman has over twenty years of domestic and international marketing, distribution and manufacturing experience having served as an executive, financial and operational officer for various consumer product companies. Prior to entering the corporate environment, Mr. Bowman was a Certified Public Accountant with a national accounting firm. Mr. Bowman earned his Bachelor of Science degree in accounting.
“I was attracted to the Company because of its proprietary PharmaPrint(TM) Process technology,” said Mr. Bowman. “The technology is broadly applicable providing multiple avenues for commercial applications. The immediate challenge, however, is to strengthen the financial stability of the Company through restructuring existing debt and raising additional equity and/or debt capital to fund sales and marketing efforts for new revenue distribution channels,” he added.
PharmaPrint Inc. uses its PharmaPrint(TM) Process technology to develop high-quality dietary supplements and functional foods from botanical sources. The Company’s core technologies were developed based on empirical data suggesting that the health benefits and safe usage of certain plant-derived therapeutics might be the result of the natural combination of multiple molecules found in the plant extract and that single molecules, in isolation, may not replicate the natural plant’s effectiveness. The PharmaPrint(TM) Process technology enables the Company to identify, quantify and standardize the bioactives within plant sources that are believed to provide therapeutic benefits and produce products having consistent batch-to-batch quantities of these bioactives.
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The statements contained in this release, which are not historical facts, contain forward-looking information with respect to plans, projections and/or future performance of the Company, the occurrence of which involves certain risks and uncertainties detailed in the Company’s Registration Statement on Form S-3 dated July 6, 1999, Quarterly Report on Form 10-Q for the period ended December 31, 1999, and Annual Report on Form 10-K for the year ended March 31, 1999, any or all of which have in the past and could in the future affect the ability of the Company to achieve its anticipated results and could cause actual results to differ materially than those discussed herein: the Company’s ability to both reduce current amounts owed its significant vendors and to pay such amounts over an extended period of time; the Company’s ability to obtain future collaborative relationships to sell its products including new distribution channels; future capital needs of the Company and ability to raise such capital; and general economic and business conditions. This information is available from the SEC or the Company.