SANTA ANA, Calif., June 3, 2011 /PRNewswire/ -- AquaStar Holdings, Inc. (Pink Sheets: RPPR) is pleased to announce that the Company's wholly-owned subsidiary, SUTIMCo, Inc., has retained the services of Mr. Ed Ellsworth as Vice President of Business Development. Mr. Ellsworth will assist with the development and positioning of the numerous University conceived technologies that SUTIMCo manages. Mr. Ellsworth, who comes to SUTIMCo straight from Beckman Coulter (NYSE: BEC), will be immediately tasked with the development of the Capwave Enzyme-Linked Immuno-Sorbent Assay (ELISA) platform technology.
Mr. Ellsworth brings more than 20 years experience in the diagnostic and life science industry with a focus on commercializing and advancing technology across the life science continuum. Mr. Ellsworth has numerous years with Beckman Coulter, a leader in the Biotechnology Industry with over $3.7 billion in revenue for 2010, where most recently he was responsible for operational marketing and business management of the immunochemistry, hematology, chemistry and rapid diagnostic testing products for the channel business. In addition, Mr. Ellsworth directed the distributor partnership corporate accounts group delivering over $100 million in revenue.
"SUTIMCo is in the forefront of bringing exciting new technologies to market. I'm delighted to be on the team and I look forward to working with SUTIMCo management," stated Ed Ellsworth, Vice President of Business Development of SUTIMCo, Inc.
"Ed's appointment further deepens our understanding of the diagnostic and life science industry and will be a tremendous contribution as we develop our client companies," stated Malcolm Lennie, President of AquaStar Holdings, Inc. "He comes with extensive, real-life understanding of technology commercialization that will be a valuable asset to the Company."
For more information on SUTIMCo, its portfolio companies, and University partners, please visit; http://www.suti.com
About AquaStar Holdings, Inc.:
AquaStar Holdings, Inc. is a holding company, which utilizes a unique and established platform to launch new technology enterprises based on world-class university research discoveries. AquaStar Holdings, through its wholly owned subsidiary SUTIMCo, Inc., provides experienced management to early stage companies, reducing risk and assuring the know-how in launching and growing a new company. In addition to this skilled management team, AquaStar Holdings can avail itself of the encyclopedic, informal knowledge of the inventor, his experience and his research team.
Safe Harbor: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby. The Company is a development stage company who continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results
SOURCE AquaStar Holdings, Inc.