The appointment of Hiral Patel as BioProgress' new Group Finance Director will take effect from 14 August 2006. Hiral joins the Company from Grant Thornton, a leading financial and business adviser, where he was a Client Service Director. Hiral worked for Grant Thornton for ten years, during which time he was involved with a wide range of businesses, focusing particularly on AIM-listed companies and international groups. He also has experience of SEC reporting requirements. Hiral Patel has intimate knowledge of the activities of BioProgress through Grant Thornton's role as the Company's auditors.
Hiral Patel said "I am delighted to have the opportunity to work with Richard Trevillion and the rest of the BioProgress team at this exciting stage of the group's development."
Richard Trevillion said "I'm delighted to welcome Hiral to the board as our CFO. Hiral has known the Company intimately for three years and has already worked closely with the team. His arrival strengthens our resources at the operational level and validates our approach, which is crucial as BioProgress continues to grow rapidly across all business areas. Hiral's familiarity with the Company is a real asset as momentum increases in the delivery and realisation of our strategic business model for the benefit of all of our shareholders."
There are no disclosures required to be made in relation to Hiral Patel under Schedule Two paragraph (g) of the AIM Rules.
For further information contact:
BioProgress plc Richard Trevillion, CEO 01223 394250 Steve Martin, Commercial Development Director
Northbank Communications Gemma Bradley 020 3008 7555 Justine Lamond Sue Charles
About BioProgress plc
BioProgress plc is an innovative specialty pharmaceutical and healthcare business based around its platform technologies in polymer and film systems. Listed on London's AIM in May 2003 and on US NASDAQ in October 2004, the company has over 80 patents granted or in application within 31 patent families and has product development agreements and strategic alliances with several global companies. As a virtually integrated business, BioProgress has acquired sales and marketing resources within Europe and the US as a launch mechanism for its own pharmaceutical products. The business continues to develop innovative delivery mechanisms using its XGEL(tm) polymer technology, replacing the need to use animal-derived gelatine in pharmaceutical and healthcare products. For further information please go to http://www.bioprogress.com/
Forward-Looking Information
The Ordinary Shares of BioProgress plc are registered under the US Securities and Exchange Act of 1934. To the extent that this announcement contains certain 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, this paragraph applies. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained in the forward-looking statements. The forward-looking statements in this release include statements addressing future financial and operating results and the timing and benefits of the reorganisation. Detailed information about factors pertinent to the business of the company that could cause actual results to differ is set forth in the Company's filings with the Securities and Exchange Commission. The Company is under no obligation to (and expressly disclaim any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. This announcement is for information only and does not constitute an offer or invitation to acquire or dispose of any securities or investment advice. The distribution of the announcement and/or issue of securities in certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes are required to inform themselves about and to observe such restrictions.
