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| 8-K - INERGETICS INC | v177265_8k.htm |
Exhibit
99.1
Beverage
Industry Expert Ken Sadowsky Rejoins Millennium Biotechnologies' Board of
Directors
Senior
Beverages Advisor for Verlinvest Rejoins Board Following Company's Capital
Restructuring
PARAMUS,
N.J., March 8, 2010 (GLOBE NEWSWIRE) -- Millennium Biotechnologies Group Inc.
(OTCBB:MBTG
- News),
a leader in targeted product development for the Clinical Nutrition and Sports
Supplement Markets, announced today that Ken Sadowsky, a distinguished expert
and veteran of the Beverage Industry, has rejoined the Company's board of
directors.
Mr.
Sadowsky resigned from the Company's board in March 2009. Mr. Sadowsky's
position as a note holder and board member, had a foreclosure taken place, would
have represented a potential conflict of interest. Since then, Millennium
Biotechnologies has converted over 93% of its outstanding debt to equity,
eliminating the then threat of foreclosure and potential conflict of interest,
now positioning the Company for growth.
Ken
Sadowsky is the Senior Beverages Advisor for Verlinvest, a Brussels-based
holding company established by the founding family of Interbrew, currently known
as Anheiser Busch InBev. Additionally, Mr. Sadowsky sits on the board of
directors of All Market Inc., makers of Vita Coco coconut water, and Hint Inc.,
makers of Hint Water based in San Francisco.
New
York-based Vita Coco, which has turned down multimillion-dollar investments from
beverage industry giants, expected to log $40 million in sales this year and has
been valued at between $120 and $140 million by industry analysts. The leading
brand of coconut water recently made headlines by attracting "significant
investments" by celebrities such as Madonna, Matthew McConaughey and Demi
Moore.
"I am
very excited to rejoin the board of Millennium Biotechnologies. With a new
capital structure and greatly increased product recognition, this is a pivotal
and promising time for the Company. I plan to use my industry knowledge,
contacts and specific experience in launching beverage product lines worldwide
to promote the growth of Millennium Biotechnologies' Surgex line of superior
nutritional sports supplements," commented Ken Sadowsky.
Mark
Mirken, CEO of Millennium Biotechnologies, stated, "The Company is extremely
pleased to welcome back Ken Sadowsky as a member of our board. His expertise in
functional beverages and well-established relationships with key financing
contacts in the industry are extremely important in continuing the successful
commercialization of our Surgex product lines. Recent transactions with
competitive brands have given us a better valuation model for our proprietary
and medically validated sports nutritional products."
For more
information about the Company's products, please visit Resurgex
and Surgex
Sports.
About
Millennium Biotechnologies Group, Inc.
Millennium's
six marketed products form an advanced line of nutritional formulas. Resurgex
Select (R) is a whole foods-based, calorically dense, high-protein nutritional
formula developed for cancer patients undergoing chemotherapy or radiation
treatments. Resurgex (R) and Resurgex Plus(R) are specialized, anabolic
nutritional supplements rich in antioxidants that provide nutritional support
post-treatment. Millennium also created Surgex (TM) sports nutrition formula to
address the nutritional concerns of professionals, Olympic, and amateur elite
athletes. These athletes often experience similar symptoms post-workout to those
battling immuno-compromised conditions, such as fatigue, loss of lean muscle,
oxidative stress, and reduced immune function.
Resurgex
Essential(TM) and Resurgex Essential Plus (TM) are comprehensive, calorically
dense formulas that meet and succeed the nutritional requirements of the
assisted living community.
Safe
Harbor Statement
This
press release contains "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of1934. All statements, other than statements of historical fact,
including, without limitation, those with respect to the objectives, plans and
strategies of the Company and SPI set forth herein and those preceded by or that
include the words "believes,'' "expects,'' "given,'' "targets,'' "intends,''
"anticipates, "plans,'' "projects,'' "forecasts'' or similar expressions, are
"forward-looking statements". Although the Company's management believes that
such forward-looking statements are reasonable, it cannot guarantee that such
expectations are, or will be, correct. These forward-looking statements involve
a number of risks and uncertainties, which could cause the Company's future
results to differ materially from those anticipated. The Company assumes no
obligation to update any of the information contained or referenced in this
press release.
Contact:
Seal
Point Consulting, LLC
Investor
Contact
267-364-5407
Investors@sealpointconsulting