CHANGES TO THE BOARD OF DIRECTORS OF NUTRI PHARMA ASA
05.04.2010 - Thorleif Krarup, chairman of the board of directors of Nutri Pharma ASA (ticker "NUT") has informed that he wishes to resign from his position as chairman of the board
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
Thorleif Krarup, chairman of the board of directors of Nutri Pharma ASA (ticker
"NUT") has informed that he wishes to resign from his position as chairman of
the board. He has stated the following reasons for doing so:
"Upon my entry to the board of directors and election as chairman, a material
condition expressed by me and in understanding with a clear majority of the
shareholders, was that I as chairman would have the opportunity to compose the
management of the company with the right qualifications, especially in the light
of the recent acquisition of Bionor Immuno AS and this company's pharmaceutical
development potential and intentions to enter into one or more partnership
agreements within a relatively near future. This condition can in my opinion not
be met, therefore I have notified the company of my wish to resign from the
board of directors."
Simultaneously, the company has been notified by board members Jan Gesmar-Larsen
and Aase Gundersen that they wish to resign from the board and they refer to the
statement given by Thorleif Krarup.
The company has already initiated a process to identify new board members who
are in possession of the required pharmaceutical expertise and has initiated
discussions with a number of attractive candidates who will be able to provide
valuable contributions towards the development of the company's research and
commercial position. The proposed new composition and members of the board will
be announced as soon as the parties have reached an agreement on the remaining
issues in that respect. The new board will be composed by a two-step process:
The company will call an extraordinary general meeting on 28 April 2010. The
current board will then be supplemented with 1-2 candidates, of which one is
former chairman Eric Cameron, who has accepted to serve as a member of the board
until the company holds its annual general meeting.
The annual general meeting will be held on 19 May 2010. A new complete board
will be presented to and composed by the annual general meeting.
The changes to company's financial calendar will be notified to Oslo Børs.
In addition to the composition of a new board, the company will initiate the
process of strengthening the pharmaceutical expertise in the company's
management. The progress of the company's research projects are solid and the
inclusion of additional management capability will ensure that the
ground-breaking development of new products are continued with considerable
intensity, in parallel with the ongoing evaluation of potential partners for the
commercialisation of such research.
To better reflect the scope of activities in the name of the company, the board
will propose to change the company's name to Bionor Pharma ASA.
Both the largest shareholders and the management stand behind the efforts
described herein, which together will form a strengthened platform for the
future development of the company.
For additional information, please contact:
Trond Syvertsen, CEO +47 23 01 09 60 /+ 47 91 72 14 57