SYDNEY, March 2, 2011 /PRNewswire/ -- Australia's leading natural products distributor, franchise retailer and producer of health, beauty and natural products, Healthzone Limited (ASX: HZL; OTCQX: HLTZY), today announced the appointment of Mr. Richard Eu as alternate Director to Director Mr. Ian Spence. Mr. Spence was appointed as the Eu Yan Sang International Ltd. (EYSAN: Singapore) Appointed Non-Executive Director to the Healthzone Ltd Board in November 2010. Richard Eu, is Group CEO of Eu Yan Sang International, a listed entity on the Singapore Stock Exchange and one of Asia's largest and most well respected Traditional Chinese Medicine companies. Eu Yan Sang International is also Healthzone's largest shareholder acquiring a 15% stake in the company as part of Healthzone's 2010 capital raise initiative.
Mr. Eu joined the Eu Yan Sang Group in 1989 and since 2002, he assumed the role of the Group CEO. He has been responsible for the overall corporate development and management of the Eu Yan Sang Group since 2001. Prior to this, he worked in merchant banking, investment management, stock broking, computer distribution and venture capital. Mr. Eu has a wealth of leadership and management expertise and has served at Haw Par Brothers International Ltd., Dataprep Group, Metro Holdings Ltd and Intervest Capital Management Pte Ltd. among many other companies. He has been a Director of China Cablecom Holdings Ltd. since May 2008. Also, he is an Independent Director of Broadway Industrial Group Limited and the Chairman of Harry's Holdings Limited. In 2003, he was a finalist in the coveted Ernst & Young "Entrepreneur of the Year" Award in Singapore under the Master Category.
Apart from his business interests, Richard is also involved in community projects and non-profit organizations such as the Singapore Institute of Management and the Hong Kong Singapore Business Association. He graduated with a Bachelor's degree in Law from London University, UK.
"Richard's credible wealth of experience in the sector and his relationships in the Asean region will significantly strengthen the Healthzone Board as we work together to execute and accelerate our regional growth initiatives", said Healthzone Executive Chairman Peter Roach.
Commenting on his new appointment Mr. Eu said, "I very much look forward to working with the Healthzone Board and to contribute to the implementation of the many various opportunities the rapidly expanding Asean and China wellness markets present for the Company in coming years"
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About Healthzone Limited
Healthzone Ltd operates a portfolio of distribution, consumer product and retail business and is the largest operator in the Australian Wellness sector with significant and growing Asian and China wellness market interests. Each business provides immediate opportunities for earnings growth through business development and integration. Healthzone's businesses are comprised of three principal activities; Health and Beauty distribution; Health and Beauty Products, and Health Food Retail. For further information please visit www.healthzone.com.au
About Eu Yan Sang
Eu Yan Sang International Ltd, engages in the manufacture, processing, distribution, retail, and sale of traditional Chinese and other medicine. The company engages in the import, distribution, and sale of honey products; manufacture, import, distribution, retail, and sale of bottled bird's nests, canned drinks, and packaged foods; and wholesale, import, and export of tea leaves. As of December 31, 2010, it operated a network of 175 retail outlets in China, Hong Kong, Macau, Malaysia, and Singapore. The company also operates a chain of approximately 21 traditional Chinese medicine clinics in Singapore and Malaysia; and 2 integrative medical centers in Hong Kong. The company was founded in 1879 and is based in Singapore. For further information please visit www.euyansang.com
SOURCE Healthzone Limited