MYOS RENS Technology Inc. Appoints Joseph Mannello as Interim Chief Executive Officer
Company Also Announces Election of Victor Mandel to Board of Directors
CEDAR KNOLLS, NJ -- (Marketwired) -- 09/07/16 -- MYOS RENS Technology Inc. ("MYOS RENS" or the "Company") (NASDAQ: MYOS), an emerging biotherapeutics and bionutrition company focused on the discovery, development and commercialization of products that improve human muscle health and performance, announced the appointment of Joseph Mannello as its interim Chief Executive Officer, effective September 1, 2016, and the election of Victor Mandel to its board of directors (the "Board").
"The Company has the potential to become a truly transformative presence in the bionutrition and biotherapeutics markets," Mr. Mannello stated. "The Company's management team and the Board are fully committed to achieving this goal, and I look forward to bringing my experience, leadership, and unique perspective to the Company as its interim chief executive officer."
Mr. Mannello has served as a member of the Board since December 2015 and as an independent management consultant since May 2015. He previously served as Executive Managing Director and a member of the Operating Committee of Brean Capital LLC and as Executive Managing Director and as the Head of Corporate Credit of Gleacher & Company, Inc. Mr. Mannello served as a Managing Director and the Head of the Corporate Fixed Income Division of BNY Capital Markets, Inc., and founded and served as the Chief Executive Officer of Mendham Capital Group, Inc. Mr. Mannello received a BA in Psychology from Rutgers University.
MYOS RENS also announced the election of Victor Mandel to the Board, filling a vacancy resulting from the recent resignation of Guiying Zhao. Mr. Mandel served as a director of MYOS RENS from December 2015 until March 2016. He is the founding partner of Criterion Capital Management, LLC and has over twenty-five years of experience in investments, corporate strategy and corporate governance. Mr. Mandel previously served as Co-Chairman of Ambac Financial Group, Inc. from May 2013 through December 2014 and as a director, chair of its Governance and Nominating Committee and member of its Audit and Strategy and Risk Policy Committees from May 2013 until May 2016. Additionally, he has previously served as a member of the board of directors and on the audit committees of Comsys IT Partners, Inc. (now a Manpower company), Broadpoint Gleacher Securities Group, Inc. (now Gleacher & Co., Inc.), and XLHealth Corp. (now a United Healthcare company). He previously served as the Chief Financial Officer of Circle.com and served as Executive Vice President, Finance and Development of Snyder Communications, Inc. from 1999 to 2000. From 1991 to 1999, Mr. Mandel served as vice president in the Investment Research department at Goldman Sachs & Co. Mr. Mandel holds an MBA in Finance from the Wharton School of Business at the University of Pennsylvania, an A.B. in Computer Science from Harvard University, and is a Chartered Financial Analyst.
About MYOS RENS Technology Inc.
MYOS RENS is an emerging biotherapeutics and bionutrition company focused on the discovery, development, and commercialization of products that improve muscle health and function essential to the management of sarcopenia, cachexia, and degenerative muscle diseases. MYOS RENS is the owner of Fortetropin®, the first clinically-proven, all natural myostatin-reducing agent. Myostatin is a naturally-occurring regulatory protein, which inhibits muscle growth and recovery. Medical literature suggests that lowering myostatin levels has many potential health benefits including increased muscle mass, healthy weight management, improved energy levels, stimulation of muscle healing, as well as treating sarcopenia, a condition of age-related loss of muscle mass.
To discover why MYOS RENS is known as "The Muscle Company™," visit www.myosrens.com.
Any statements in this release that are not historical facts 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 the successful continued research of Fortetropin® and its effects on myostatin inhibition, inflammatory cytokine levels and cholesterol levels, customer demand for our Rē Muscle Health™ and other products, market acceptance of our existing and future products in countries outside of the United States (such as Canada and China), the ability to create new products through research and development, growth in our revenue, the successful entry into new markets including the age management market, the ability to collect our accounts receivable from our distributors, our ability to raise capital to fund continuing operations, the ability to increase shareholder value, the ability to generate revenue and cash flow from sales of Fortetropin® and Rē Muscle Health™ products, the ability to achieve a sustainable profitable business, the effect of economic conditions, the ability to protect our intellectual property rights, the ability to maintain and expand our manufacturing capabilities and reduce the costs of our products, the ability to comply with NASDAQ's continuing listing standards, competition from other providers and products, risks in product development, and other factors discussed from time to time in our Securities and Exchange Commission filings. We undertake 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.
These statements have not been evaluated by the Food and Drug Administration. Our products are not intended to diagnose, treat, cure or prevent any disease.
Source: MYOS RENS Technology Inc.
Released September 7, 2016