SOURCE: Health Enhancement Products, Inc.

December 04, 2006 08:30 ET

Health Enhancement Products Finalizes Settlement With the SEC and Undergoes Management Change

Thomas Ingolia, PhD to Take Over as CEO and Chairman, Effective Immediately

SCOTTSDALE, AZ -- (MARKET WIRE) -- December 4, 2006 -- Health Enhancement Products, Inc. (OTCBB: HEPI) today announced the resignation of Howard R. Baer as Chairman and CEO of the company, in compliance with the recent settlement with the SEC. Thomas Ingolia will take over duties as Chairman of the Board and CEO.

After earning his doctorate in Biochemistry at U.C./Berkeley, Mr. Ingolia spent 13 years at Eli Lilly, beginning as a research scientist and moving rapidly up the management ranks to CEO of Sphinx Pharmaceuticals -- a technology acquisition that Ingolia targeted, evaluated and managed for Lilly. From there, Mr. Ingolia moved into biotech, with senior executive positions at Ontogeny (now Curis) and Microbia in Cambridge, Massachusetts, and Prolexys in Salt Lake City, Utah. In August 2005, Mr. Ingolia became CEO of Medisyn Technologies, Inc., an early stage biotechnology company focused on discovering new treatments for cancer.

In addition to Mr. Ingolia, Janet Crance, the Company's Chief Accounting Officer, and John Gorman, the Company's Director of Sales, have been appointed directors of the Company.

Mr. Baer, the founder of the company, stated: "It's quite a relief to have the SEC investigation finally resolved. The Company can now focus all of its resources on the execution of its business plan. Tom Ingolia, our incoming CEO, has been on our science board for close to two years and has been involved in our most recent clinical trials and ongoing testing to find our active ingredient. Tom has a wealth of experience in the biotech and pharmaceutical industries, including raising capital in early stage companies. I'm very pleased with the new management team and I feel I couldn't be leaving the company in more capable hands."

Tom Ingolia stated: "I am delighted and honored to be asked to join the Board of Health Enhancement Products and serve as CEO. These are very exciting times at HEPI. The Company's recent clinical trials suggest that its ProAlgaZyme product has great potential to help people and also to achieve commercial success. I am looking forward to doing all I can to help manage the development and growth of HEPI for our customers and investors."

About Health Enhancement Products, Inc.

Health Enhancement Products Inc. is a nutraceutical company engaged in the development of a supplementary health-enhancing product using only pure, all-natural ingredients. The company's sole product is ProAlgaZyme, a phytopercolate that is produced from an algae grown in 100% distilled water.

The algae from which ProAlgaZyme is derived produces a phytopercolate which is drawn off, filtered, tested and bottled for consumption. One clinical study indicated that ProAlgaZyme has potential weight loss properties, as well as the potential to improve serum glucose management, when combined with a diet low in refined carbohydrates and a light exercise regimen. Preliminary results from the Company's most recent clinical trials, involving overweight/obese persons with metabolic syndrome, indicate that ProAlgaZyme has the potential to reduce cholesterol levels and c-reactive protein, a marker of inflammation.

Except for any historical information, the matters discussed in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve risks and uncertainties. A number of factors could cause actual results to differ from those indicated in the forward-looking statements, including clinical trial results being different than the Company's anecdotal results and the company's ability to fund its operations and market and sell its ProAlgaZyme product. Such statements are subject to a number of assumptions, risks and uncertainties. Readers are cautioned that such statements are not guarantees of future performance and that actual results or developments may differ materially from those set forth in the forward-looking statements. The company undertakes no obligation to publicly update or revise forward-looking statements, whether as a result of new information or otherwise.

Contact Information

  • CONTACT:
    Health Enhancement Products, Inc.
    Thomas Ingolia
    Chief Executive Officer
    480-385-3800