BioNeutral appoints Chairman of its Audit and Executive Compensation Committees

Published: Dec 18, 2012

MORRISTOWN, N.J., Dec. 17, 2012 /PRNewswire/ -- BioNeutral Group, Inc. (OTCBB: BONU) a specialty life science technology based company is proud to announce today that the Board of Directors of BioNeutral has appointed Robert Machinist as Chairman of its audit committee, and Ben Hanafin as Chairman of its executive compensation committee.

Mr. Machinist is currently Chairman of the Board of Advisors of MESA, a merchant bank specializing in media and entertainment industry transactions, a position that he has served in since 2002. Mr. Machinist is also a partner in Columbus Nova, a private investment fund. Prior to 2002, Mr. Machinist served as Managing Director and Head of Investment Banking for the Bank of New York and its Capital Market's division. For 12 years prior to his time at the Bank of New York, Mr. Machinist was President of Patricof & Company Capital Corp., a diversified venture capital and investment banking company with a multinational investment banking business. Patricof & Co. was sold to the Bank of New York in 1998. Prior to Patricof, Mr. Machinist held a number of senior positions at several investment businesses. Mr. Machinist served until December 2009 as Non-Executive Chairman of New Motion, Inc. and as a member of its Board of Directors and its Audit and Compensation Committees. He also serves on the Board of Directors of CIFC Corp. and is Chairman of CIFC's Audit Committee. He is also a member of the Board of Directors of United Pacific Industries, a publicly listed Hong Kong company where he also serves as Chairman of the Audit Committee and serves on the Compensation and Nominating and Corporate Governance Committees. Mr. Machinist also serves as Vice-Chairman of Maimonides Hospital Medical Center, serves on their Board of Directors and as Chairman of its Investment Committee. Mr. Machinist is also involved in philanthropic activities including serving as Chairman of the America Committee for the Weizmann Institute of Science and as a Trustee of Vassar College.

Ben N. Hanafin has been the President of Carova Management, LLC since 1997. Carova is an executive management firm specializing in interim CEO assignments, executive coaching and strategic planning facilitation. At Carova, he has acted as interim CEO and provided consulting services to numerous companies including Strato, Inc. and AL Systems, Inc. Prior to Carova, he was the President of PyMaH Corporation, a medical device developer where he increased annual sales from $6 million to $35 million. Mr. Hanafin was with PyMaH for over 20 years, the last nine of them as President. He serves as a Trustee to several charitable organizations.

"Both Bob and Ben have the backgrounds and depth of financial and executive planning experience which are ideal fits to lead these two critical committees at our board level," says Mark Lowenthal, President, CEO and member of the Board of Directors of BioNeutral. "As BioNeutral continues to grow, it's imperative that our board be comprised of experienced professionals who can assume the necessary leadership roles and guide the company through various growth opportunities and situations. The entire board looks forward to having Bob and Ben lead our audit and executive compensation committees."

About BioNeutral Group, Inc.

Headquartered in Morristown, New Jersey with lab facilities at the New Jersey Institute of Technology in Newark, BioNeutral Group, Inc., is a specialty technology-based life-science company that has developed a technology platform that neutralizes harmful environmental contaminants, toxins and dangerous micro-organisms including bacteria, viruses, mold, fungi and spores. BioNeutral's products, Ygiene® and Ogiene®, kill germs and clean surfaces with a dramatic increase in speed and power over their rivals in the marketplace. BioNeutral's proprietary platform technology has been proven effective in surface, water and airborne applications. Its antimicrobial line of products under the Ygiene® brand have been approved by the EPA for sale in the United States and has previously been approved for sale in Germany and it is also permitted to be sold in the UK, France and Sweden. Auto Neutral is a registered trademark of BioNeutral Group, Inc. For more information on BioNeutral, including a listing of company products, leadership and background please visit

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Forward-Looking Statements: This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those described in the Company's filings with the Securities and Exchange Commission. BioNeutral routinely tests its formulations against those of its competitors. The results are published to let shareholders know how the Company's technology compares with known formulations in the market place. Any product claim for antimicrobial activity requires approval from the EPA or FDA, depending upon where and how the formulations are used. The EPA has approved and registered the Company's data and findings specific to Ygiene-206. BioNeutral's antimicrobial formulations will be marketed under the brand name Ygiene® and are available for sale in the United States.

SOURCE BioNeutral Group, Inc.

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