MERIDIAN, Idaho, Aug. 7 /PRNewswire-FirstCall/ -- Southridge Technology Group, Inc. and RxElite Holdings, Inc., its wholly owned operating subsidiary, a developer, manufacturer, and marketer of specialty generic prescription drug products, announced that Mark Auerbach and Peter Williams recently joined Southridge as members of its Board of Directors.
"Mark and Peter are well-known for their success and experience in the pharmaceutical industry and we are honored to have them join our team," commented Daniel Chen, Chairman and CEO. "I look forward to Mark and Peter's help in growing RxElite and for their commitment to corporate governance and compliance oversight for the benefit of our shareholders."
Mark Auerbach was a board member at Par Pharmaceuticals, a manufacturer and marketer of generic and branded pharmaceuticals, from 1990 to 2006, with his last position as Executive Chairman of the Board. During Mr. Auerbach's tenure as a board member, Par grew its annual sales to over $500 million. He currently serves as Chairman of the Board at Neuro-Hitech, Inc., a biopharmaceutical company, and as a director and Chairman of the Audit Committee at Optimer Pharmaceuticals, as well as serving the Boards of several early stage companies. Mr. Auerbach was a partner and the CFO of Central Lewmar LP, a national fine paper merchant with sales of approximately $700 million, from 1992 to 2005.
Peter Williams also served on the Board at Par Pharmaceuticals beginning in 2003, where he was a member of the Audit Committee and Chairman of the Corporate Governance & Nominating Committee. He retired from the law firm of Clifford Chance Rogers & Wells in 2002, where he was a senior partner at the firm and its predecessor Rogers & Wells. He remained as a consultant to the firm until 2003, when he became a Senior Counsel to the firm of Winston & Strawn LLP. Since leaving Winston & Strawn in 2006, Mr. Williams has been an independent consultant, international advisor and served on the board of the New York based Special Situations Fund, where he is Chairman of the Independent General Partners; and on the International Advisory Committee of RWE/Thames Water. Mr. Williams is active in corporate governance matters and is a member of the National Association of Corporate Directors, the Institute of Directors in London and the Institut Francais des Administrateurs in Paris, where he is a founding member of the International Committee.
About RxElite Holdings, Inc.
RxElite Holdings, Inc. develops, manufactures, and markets generic prescription drug products in specialty generic markets. These markets include products in the areas of anesthesia, sterile liquid dose drugs (including respiratory inhalation drugs, ophthalmics, and injectable drugs), and transdermal patch products.
The full details of the transactions described in this press release can be found in our filings with the Securities and Exchange Commission.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 involving known and unknown risks, delays, and uncertainties that may cause the our actual results or performance to differ materially from those expressed or implied by these forward-looking statements. These risks, delays, and uncertainties include, but are not limited to: risks associated with the uncertainty of future financial results, our reliance on our sole supplier, the limited diversification of our product offerings, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements.
Contact: Corporate Information Ph: (208) 288-5550 Toll Free: (800) 414-1901 Fax: (208) 288-1191 Investor Relations Craig Bird, 215-885-4981 CHBird@segue.biz Segue Ventures LLC
RxElite Holdings, Inc.CONTACT: Craig Bird of Segue Ventures LLC, +1-215-885-4981,CHBird@segue.biz, for RxElite Holdings, Inc.
Web site: http://www.rxelite.com/
