MUNDELEIN, Ill., Aug. 18, 2014 /PRNewswire/ -- Z Trim Holdings, Inc. ("ZTH") (OTC Markets: ZTHO), a AgriTech company providing value-added ingredients to a variety of industries, today announced that it has promoted Controller, John Elo, to Chief Financial Officer effective August 18, 2014.
Prior to joining the company in 2012, Mr. Elo spent over 25 years in corporate finance management at prominent food manufacturing, retail sales and financial services firms. He is a Certified Public Accountant and received his undergraduate degree in accounting and economics at Benedictine University. Mr. Elo will take over from current CFO and Chief Legal Officer, Brian Chaiken, who is returning to Florida with his family.
"It has been exciting to see the progress this company has made over the last 8 years," said outgoing CFO/CLO Brian Chaiken, "and I'm more confident than ever that it will continue to grow and ultimately realize its tremendous potential."
"Since coming to Z Trim, I've been most impressed by the dynamism of this small firm," said incoming CFO John Elo. "Its total focus on innovation sets it apart from the competition and I look forward to taking on this new role and helping the company move forward."
"We appreciate Brian Chaiken's years of dedicated service to the company and are sorry to see him go," said Steve Cohen, Z Trim's CEO, "but we are fortunate to have a worthy successor in John Elo, who will be a terrific addition to our management team as we continue to develop and commercialize Z Trim's unique products and technologies."
ABOUT Z TRIM®
Z Trim Holdings, Inc. (www.ztrim.com) is a AgriTech company that owns existing, and has developed new, products and processes to make use of biomass for uses in the food and industrial markets. The Company's food division currently sells a line of products to the food industry that can help food manufacturers reduce their costs and help them solve many production problems. The Company's revolutionary technology provides value-added ingredients across virtually all food industry categories. The Company's all-natural products, among other things, help to reduce fat and calories, add fiber, provide shelf-stability, prevent oil migration, and add binding capacity – all without degrading the taste and texture of the final food products. Perhaps most significantly, Z Trim's products can help extend finished products, and thereby increase its customers' gross margins. The Company's industrial division, opened in 2012, sells eco-friendly ingredients to oil drilling, hydraulic fracturing, petroleum coke, steel/aluminum, paper and other industries. The Company's industrial ingredients are highly functional in applications for adhesives, binders, viscofiers and emulsifiers.
Forward-Looking Statements and Risk Factors
Certain statements in this press release are "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 statements involve a number of risks, uncertainties and other factors that could cause actual results, performance or achievements of Z Trim Holdings to be materially different from any future results, performance or achievements expressed or implied by these forward−looking statements. Other factors, which could materially affect such forward−looking statements, can be found in our filings with the Securities and Exchange Commission at www.sec.gov, including risk factors relating to our history of operating losses, that our auditors have expressed substantial doubt regarding our ability to continue as a going concern, the fact that we may dilute existing shareholders through additional stock issuances, and our reliance on our intellectual property. Investors, potential investors and other readers are urged to consider these factors carefully in evaluating the forward−looking statements and are cautioned not to place undue reliance on such forward−looking statements. The forward−looking statements made herein are only made as of the date of this press release and we undertake no obligation to publicly update such forward−looking statements to reflect subsequent events or circumstances.
SOURCE Z Trim Holdings, Inc.