Immunotec Inc.
TSX VENTURE : IMM

Immunotec Inc.

August 23, 2010 17:00 ET

Immunotec Appoints New Executive Chairman of the Board

VAUDREUIL-DORION, QUEBEC--(Marketwire - Aug. 23, 2010) - Immunotec Inc. (TSX VENTURE:IMM), a Canadian based company and a leader in the wellness industry (the "Company"), today announced, the appointment of one of its directors, Robert "Bob" M. Henry as its new Executive Chairman of the Board of Directors to replace the position left vacated by Mr. Alex Konigsberg, who passed away earlier this month.

Mr. Henry, 63 is an experienced and accomplished leader in Multi Level Marketing. Previously, Mr. Henry served in a number of senior management positions, most recently, from 2004 to mid 2008, as CEO and Director of Arbonne International Inc, a US based Network Marketing Company with sales reaching approximately US$800,000 dollar at the time. From 2000 to 2003, he was CEO and Director of Mannatech, Incorporated (Nasdaq: MTEX), where he successfully turned around this company and returned it to profitability. He also held senior executive positions in many successful corporations, namely at Amway Corporation, Avon Products, Gryphon Investments and Hosiery Corporation of America. Mr. Henry served on many boards of directors of private and public companies, namely Purity Products, McCaffrey & McCall, Inc., Saatchi & Saatchi DFS, Inc. and National Media Corp. (NYSE). Mr. Henry holds a license from the New York Bar Association, a Juris Doctor from Brooklyn Law School in New York as well as a Bachelor of Science in Accounting from Hunter College in New York.

"One of my top priorities will be to assist management in pursuing growth opportunities both in the United States and internationally, especially in today's challenging economic conditions ", said Mr. Henry."I also wish to work on turning the Company around and increase shareholder value after a difficult year in fiscal 2009".

On August 19, 2010, the Board of Directors approved the grant of options to Mr. Henry entitling him to acquire up to 250,000 common shares of the Company (the "Shares") at an exercise price of $0.355, being the closing price, the Company's Shares on the TSX-Venture Exchange on August 18 2010, the trading day preceding the grant.

About Immunotec Inc.

Immunotec is a Network Marketing Company involved in the direct selling of scientifically validated natural health products and dietary supplements. The Company offers a lucrative business opportunity to its independent distributors. This business model provides Immunotec's network of people with an opportunity to earn a steady and recurring income, directly based on their level of involvement and performance. Individual distributors build their business by conveying product information and selling product to customers and by building teams of distributors to expand geographic penetration and market coverage to larger populations of customers.

Headquartered with manufacturing facilities near Montreal, Canada, the Company also subcontracts certain distribution logistics and capacity to support its activities in the United States, Europe, Mexico and The Caribbean.

The Company files its consolidated financial statements, its management and discussion analysis report, its press releases and such other required documents on the SEDAR database at www.sedar.com and on the Company's website at www.immunotec.com. The common shares of the Company are listed on the TSX Venture Exchange under the ticker symbol IMM.

"The TSX Venture does not accept responsibility for the adequacy or accuracy of this release."

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this news release are forward-looking and are subject to numerous risks and uncertainties, known and unknown. For information identifying known risks and uncertainties and other important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the heading Risks and Uncertainties in Immunotec's most recent Management's Discussion and Analysis, which can be found at www.sedar.com. Consequently, actual results may differ materially from the anticipated results expressed in these forward-looking statements.

Contact Information

  • Immunotec Inc.
    Patrick Montpetit
    VP and Chief Financial Officer
    450-510-4527