IRVINE, Calif., Jan. 3, 2014 /PRNewswire/ -- ChromaDex® Corporation (OTCQB: CDXC) ("ChromaDex" or the "Company"), an innovative natural products company that provides proprietary, science-based solutions and ingredients to the dietary supplement, food and beverage, animal health, cosmetic and pharmaceutical industries, announced today an addition to its board of directors with the appointment of Steve Allen as an independent director.
Allen, age 64, has extensive experience in negotiating merger and acquisition deals and coordinating related due diligence. He has many years of experience handling both in and out-licensing agreements with technology providers and branded companies.
Allen retired from Nestle in December 2009 after a 30-year career in sales, marketing and general management. In 2002, he joined the Mergers and Acquisitions group of Nestle. He was heavily involved in their venture capital investments (Nestle has over $800 million invested in a variety of venture funds) as well as out licensing technologies.
He is currently non-executive Vice-Chairman of 6 Pacific Group (http://www.6pacificgroup.com), a Los Angeles based boutique advisory and investment firm, which assists food and beverage companies with capital formation, acquisitions and divestitures. Recently the firm represented New Chapter in the sale to Procter & Gamble -- one of the most significant acquisitions in the supplement business in recent years.
Allen co-founded and is a member of the Screening Committee of Nutrition Capital Network (http://www.nutritioncapital.com), a business that brings together entrepreneurs and investors in the nutrition and food industries. The major global food and beverage companies (e.g. Coca-Cola, Unilever, General Mills, PepsiCo, Campbell's, Amway, Hershey's and Nestle) are cornerstone investors in Nutrition Capital Network and attend the three meetings each year where exciting new investment and partnering opportunities are presented.
Allen is also the Managing Partner of California Agricultural Orchards LLC, which owns almond properties in the Central Valley of California and is President of the Board of the North American Foundation for the University of Leeds (http://www.leeds.ac.uk) where he obtained a B.Sc. with Honors.
Commenting on the appointment, Allen stated, "I have known of and followed ChromaDex for years, and am proud to join its Board of Directors. The Company and its management have an excellent reputation within the nutritional supplement industry and the accomplishments in their ingredient technologies business, in such a short time frame, is nothing short of outstanding. I feel my experience, skill sets and industry contacts are very well suited for this appointment. I look forward working with Frank Jaksch and entire ChromaDex team."
Frank Jaksch, Jr., CEO and co-founder of ChromaDex, commented, "It is with great pride and enthusiasm that I welcome Steve as a ChromaDex director. His tremendous insight and experience in the nutritional industry will be a great asset to both our Board and management team."
ChromaDex also announced the resignation of Curtis Lockshin from its Board of Directors. The total number of board members remains at nine, of which the majority are independent.
ChromaDex® is an innovative natural products company that discovers, acquires, develops and commercializes proprietary-based ingredient technologies through its unique business model that utilizes its wholly owned synergistic business units, including ingredient technologies, natural product fine chemicals (known as "phytochemicals"), chemistry and analytical testing services, and product regulatory and safety consulting (as Spherix Consulting). The company provides seamless science-based solutions to the nutritional supplement, food and beverage, animal health, cosmetic and pharmaceutical industries. The ChromaDex ingredient technologies unit includes products backed with extensive scientific research and intellectual property. Its ingredient portfolio includes pTeroPure® pterostilbene; ProC3G™, a natural black rice containing cyanidin-3-glucoside; PURENERGY™, a caffeine-pTeroPure co-crystal; and NIAGEN™, its recently launched branded nicotinamide riboside, a novel next-generation B vitamin. To learn more about ChromaDex, visit www.chromadex.com.
Any statements that are not historical facts contained in this release are forward-looking statements. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements involve risks and uncertainties, including but not limited to those relating to product and customer demand, market acceptance of our products, the effect of economic conditions both nationally and internationally, ability to protect our intellectual property rights, impact of any litigation or infringement actions brought against us, competition from other providers and products, risks in product development, our ability to raise capital to fund continuing operations, the ability to complete transactions, and other factors discussed from time to time in the Company's Securities and Exchange Commission filings. The Company undertakes no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made except as required by law.
ChromaDex Investor Contact:
The Del Mar Consulting Group, Inc.
Robert B. Prag, President
Alex Partners, LLC
Scott Wilfong, President
Laura Kelly, Executive Assistant