FOR
IMMEDIATE RELEASE
Investor
Contacts:
|
|
Richard
T. Schumacher, President & CEO
|
Pressure
BioSciences, Inc.
|
R.
Wayne Fritzsche, Chairman
|
(508)
230-1828 (T)
|
Pressure
BioSciences, Inc. Announces Changes to its Board of Directors
South
Easton, MA, September 17, 2009 – Pressure BioSciences, Inc. (NASDAQ: PBIO)
(“PBI” and the “Company”) today announced that Mr. P. Thomas Vogel has resigned
as a member of the Company’s Board of Directors, and Mr. Alan D. Rosenson has
been elected to fill the newly created vacancy, each effective Tuesday,
September 15, 2009.
Mr. Vogel
served as a director of the Company since January 2004. He will
remain associated with PBI, providing consulting services on an as needed basis
until September 15, 2011.
At a
meeting of the Board of Directors held on September 15, 2009 subsequent to
receiving Mr. Vogel’s letter of resignation, the Board voted unanimously to
elect Mr. Rosenson to fill the Class II vacancy created by Mr. Vogel’s
resignation. Mr. Rosenson was also appointed to the Audit,
Compensation, and Nominating Committees.
R. Wayne
Fritzsche, Chairman of the Board, said: “We are thrilled to have Alan Rosenson
join our Board. Given Alan’s experience in assisting other growing
technology companies, and his demonstrated interest in working with PBI, the
Board has been considering him as a potential new director for the past several
months. Prior to Tom’s resignation, we uniformly determined that Alan
would add a valuable new dimension to the make-up of our Board and would bring
new talent and vision to assist us in achieving our strategic
objectives. With Tom’s resignation, the Board concluded that it was
an opportune time to elect Alan to the Board.”
Mr.
Fritzsche continued: “Tom Vogel has served the stockholders of the Company with
commitment, integrity, and wisdom for many years. We look forward to
Tom’s continued service to the Company in his new consulting
capacity. We thank him for his valuable service as a director and
wish him well as he moves on to a new chapter in his life.”
Mr. Vogel
said: “I have had the privilege to serve the stakeholders of PBI during nearly
six years of significant corporate development and sustained
growth. Unfortunately, my recent move to Arizona, combined with my
responsibilities to a growing family business, make it impossible for me to
continue my duties as a director. However, I am comfortable that I am
leaving at a time when PBI is well positioned for significant short and long
term success.”
Mr. Vogel
continued: “All things considered, this was an appropriate time to step down,
knowing that a person of Alan’s experience, knowledge, and drive was prepared to
fill my Class II vacancy. Furthermore, since the Board has asked me
to provide consulting services on an as needed basis for the next two years, I
will be able to continue to provide counsel to management and the Board during
what I believe will be a very exciting and rewarding time for the
Company.”
Mr.
Rosenson commented: “I have spent most of my professional life working with and
investing in technology companies. To that end, I have been intrigued with the
Company’s core technology since I was first introduced to PBI in
2008. Quite frankly, after lengthy due diligence, I came to the
conclusion that pressure cycling technology (“PCT”) is one of the most
remarkable and exciting technologies I have encountered. I am honored
for the opportunity to join the Board of PBI, to continue Tom’s fine work, to
bring my perspective and experience to the Board, and to work with the other
members of the Board and the entire PBI management team to achieve the success
that all stakeholders of the Company deserve.”
Mr.
Rosenson currently serves as President of ALJAR Investments, Inc, which he
founded in 1994, and through which he manages stock and bond portfolios for
private clients. In 1987, Mr. Rosenson founded Consulting
Innovations, Inc., an information systems firm, that currently provides
consulting services and technology training to high-level executives and
business owners. Mr. Rosenson has been a volunteer for various
charities, including Omni Youth Services, since 1990. Mr. Rosenson
earned his B.A. degree from Indiana University with honors, and his MBA degree
from Washington University in St. Louis.
About
Pressure BioSciences, Inc.
Pressure
BioSciences, Inc. (PBI) is a publicly traded company focused on the development
of a novel, enabling technology called Pressure Cycling Technology
(PCT). PCT uses cycles of hydrostatic pressure between ambient and
ultra-high levels (up to 35,000 psi and greater) to control bio-molecular
interactions. PBI currently holds 13 US and 6 foreign patents
covering multiple applications of PCT in the life sciences field, including
genomic and proteomic sample preparation, pathogen inactivation, the control of
chemical (primarily enzymatic) reactions, immunodiagnostics, and protein
purification. PBI currently focuses its efforts in the development
and sale of PCT-enhanced enzymatic digestion products designed specifically for
the mass spectrometry marketplace, as well as sample preparation products for
biomarker discovery, soil and plant biology, forensics, histology, and
counter-bioterror applications.
Forward
Looking Statements
Statements
contained in this press release regarding the Company's intentions, hopes,
beliefs, expectations, or predictions of the future are "forward-looking''
statements within the meaning of the Private Securities Litigation Reform Act of
1995. Forward looking statements include statements regarding the achievement of
the Company’s goals and objectives and the potential of the Company’s pressure
cycling technology. These statements are based upon the Company's current
expectations, forecasts, and assumptions that are subject to risks,
uncertainties, and other factors that could cause actual outcomes and results to
differ materially from those indicated by these forward-looking statements.
These risks, uncertainties, and other factors include, but are not limited to
possible difficulties or delays in the implementation of the Company's
strategies that may adversely affect the Company's continued commercialization
of PCT, and the Company’s sales force may not be successful in selling the
Company’s PCT product line because scientists may not perceive the advantages of
PCT over other sample preparation methods. Further, the Company
expects that it will need additional capital to fund its continuing operations
beyond the second quarter of 2010. Additional risks and uncertainties
that could cause actual results to differ materially from those indicated by
these forward-looking statements are discussed under the heading "Risk Factors"
in the Company's Annual Report on Form 10-K for the year ended December 31,
2008, and other reports filed by the Company from time to time with the SEC. The
Company undertakes no obligation to update any of the information included in
this release, except as otherwise required by law.
Visit
us at our website http://www.pressurebiosciences.com