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8-K - CURRENT REPORT - ChromaDex Corp. | cdxc8k.htm |
Exhibit 99.1
ChromaDex
Appoints Frank Jaksch As Executive Chairman, Rob Fried as Chief
Executive Officer and Kurt Gustafson as Lead
Director
New
Management Structure Further Fuels Strategic Evolution into
Consumer-Focused Integrated Nutraceutical
Company
IRVINE, Calif., April 23, 2018 (GLOBE NEWSWIRE)
–ChromaDex Corp. (NASDAQ: CDXC), an integrated, science-based,
nutraceutical company devoted to improving the way people
age, today announced a new management structure including
the appointment of Frank Jaksch to Executive Chairman of the
ChromaDex Board of Directors, effective June 22, 2018 after the
2018 Annual Meeting of Stockholders.
Mr.
Jaksch succeeds Stephen Allen, the non-executive Chairman of the
ChromaDex Board, who on February 13, 2018, announced his intention
to retire at the end of his current term.
Mr.
Jaksch is a co-founder of the Company, and has served as the CEO
from 2000 to January 2012, and again as CEO since June 2012. Mr.
Jaksch has also served as a member of the Board since February
2000. Mr. Jaksch will continue to be an active part of the
executive management team on strategic and scientific advice and
guidance, new product development and represent the Company in its
relations with trade associations and others in the industry.
“In just the last few years, we have seen an explosion in the
amount of scientific research around NIAGEN® which is
incredibly important to the consumers’ understanding of
healthy aging and the role our TRU NIAGEN® product plays
in that process,” said Frank Jaksch. “We have had a
very successful transition to the TRU NIAGEN consumer product
business and we are still in the early stages of this tremendous
opportunity. I firmly believe this is the right time to make these
changes, as the Company continues to increase its presence in the
global market place .”
“We
are thrilled that both the Board and the Company will continue to
benefit from Frank’s immense scientific knowledge and decades
of experience in the nutraceutical industry as he continues to work
alongside the business, industry and science thought leaders on our
Scientific Advisory Board,” said Steve Allen.
ChromaDex
also announced that Rob Fried, the Company’s current
President and Chief Operating Officer, has been named CEO of the
company, effective after the June 22, 2018 Annual Meeting of
Stockholders. Mr. Fried will succeed Frank Jaksch as
CEO.
“Over
the last year, under Rob’s leadership, ChromaDex has evolved
from an ingredient company to a global, consumer brand organization
focused on developing and marketing products and technologies that
improve how people age,” said Steve Allen, “and the
Board of Directors thanks Frank for his years of leadership and
Frank’s commitment to collaborate with Rob during this period
to ensure a smooth transition.”
“In
2017, we made progress in our organizational shift, bringing new
and diversified expertise into the organization and launching TRU
NIAGEN in the U.S. and Hong Kong. I look forward to continuing to
work with the talented people at ChromaDex to build on our momentum
and broaden the body of clinical research around NIAGEN. We will
continue to focus on expanding our distribution into international
markets, leveraging our robust intellectual property and deploying
our strong balance sheet to deliver substantial global growth in
sales of TRU NIAGEN,” said Rob Fried.
In
addition, ChromaDex announced that the Board of Directors has
appointed Kurt Gustafson, a director of ChromaDex since 2016, as
Lead Independent Director, effective after the 2018 Annual Meeting
of Stockholders. Mr. Gustafson will also continue to be the
Chairman of the Audit Committee. “I look forward to working
with Frank and the rest of the board to guide the Company towards
its mission of healthy aging during this important phase of
growth,” said Kurt Gustafson.
About ChromaDex:
ChromaDex
Corp. is an integrated, global nutraceutical company devoted
to improving the way people age. ChromaDex scientists
partner with leading universities and research institutions
worldwide to uncover the full potential of NAD and identify and
develop novel, science-based ingredients. Its flagship
ingredient, NIAGEN® nicotinamide
riboside, sold directly to consumers as TRU NIAGEN®, is backed with
clinical and scientific research, as well as extensive IP
protection. TRU
NIAGEN®
is helping the world AGE BETTER®. ChromaDex
maintains a website at www.chromadex.com
to which ChromaDex regularly posts copies of its press releases as
well as additional and financial information about the
Company.
Forward-Looking Statements:
This
release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities and Exchange Act of 1934, as
amended, including statements related to the transitions of Mr.
Jaksch as Executive Chairman, Mr. Fried as Chief Executive Officer
and Mr. Gustafson as Lead Independent Director, whether ChromaDex
will broaden the body of clinical research around
NIAGEN®
and whether ChromaDex will expand distribution into international
markets and deliver substantial global growth in sales of TRU
NIAGEN®. Statements
that are not a description of historical facts constitute
forward-looking statements and may often, but not always, be
identified by the use of such words as "expects", "anticipates",
"intends", "estimates", "plans", "potential", "possible",
"probable", "believes", "seeks", "may", "will", "should", "could"
or the negative of such terms or other similar expressions. More
detailed information about ChromaDex and the risk factors
that may affect the realization of forward-looking statements is
set forth in ChromaDex's Annual Report on Form 10-K for
the fiscal year ended December 30,
2017, ChromaDex's Quarterly Reports on Form 10-Q and
other filings submitted by ChromaDex to the SEC,
copies of which may be obtained from the SEC's website
at www.sec.gov. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof, and actual
results may differ materially from those suggested by these
forward-looking statements. All forward-looking statements are
qualified in their entirety by this cautionary statement
and ChromaDex undertakes no obligation to revise or
update this release to reflect events or circumstances after the
date hereof. ChromaDex provided research materials and a
portion of the grant funding as a collaborator for the
study.
ChromaDex Media Contact:
Alex
Worsham, Director of Strategic Partnerships
949-648-3775
alexw@chromadex.com
ChromaDex Investor Relations Contact:
Andrew
Johnson, Director of Investor Relations
949-419-0288
andrewj@chromadex.com
END
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