Immunotec Announces New President & CEO
VAUDREUIL-DORION, QC, Oct. 11 /PRNewswire-FirstCall/ - The Board of Directors of Immunotec Inc. is very pleased to announce the appointment of Mr. James A. Northrop as President and Chief Executive Officer, effective November 5, 2007.
A member of the Board of Directors of Immunotec Inc., Mr. Northrop is a seasoned chief executive with a record of success in rapid growth situations, Mr. Northrop has impressive experience in the direct selling, consumer packaged goods, cosmetics, fashion and retail industries. He is well-known for his ability to see the essence of a business and position it for future growth. Mr. Northrop has acted as Chairman, Chief Executive Officer and President for a number of companies, including 11 years as the Chairman/CEO of Princess House, a direct sales company where his leadership significantly impacted profitability through development of the Hispanic market, expansion of the product line and establishment of a strong trust relationship with its more than 15,000 independent field representatives.
Recognizing the impressive foundation laid by his predecessor, Mr. Northrop will implement his proven strategy of building on the existing culture of an organization, while adding the functional expertise needed to fuel sales and promote network growth. A former Chairman of the U.S. Direct Selling Association Board of Directors, Mr. Northrop has extensive connections within the direct selling industry and a deep-seated understanding and appreciation for this powerful business model.
Immunotec's Board of Directors has approved the granting of 700,000 stock options to Mr. Northrop under Immunotec's stock option plan, at a price of $0.66 per share. The closing price of Immunotec shares was $0.66 per share on October 10, 2007.
About Immunotec
Immunotec operates out of a 37,000 square foot facility located in Vaudreuil-Dorion, Quebec, Canada as well as a distribution centre located in Swanton, Vermont, USA. Immunotec is engaged primarily in the development and marketing of dietary supplements, food, vitamins, personal care products and natural health products, many of which are manufactured on its behalf by third parties. Immunotec's products are distributed and sold in Canada and the United States through a network marketing system and in other countries under exclusive distributorship agreements.
CONTACT: Media contact: Richard Patte, Executive Vice-President, (450)
510-4445, rpatte@immunotec.com