MYOS RENS Technology Inc. Appoints Joseph Mannello as Permanent Chief Executive Officer
Mannello Foregoes Salary for Options Exerciseable at $4.00 per Share
CEDAR KNOLLS, N.J., Sept. 20, 2017 /PRNewswire/ -- MYOS RENS Technology Inc. ("MYOS" or "the Company") (NASDAQ: MYOS), a biotherapeutics and bionutrition company, today announced that it has entered into an employment agreement with Joseph Mannello to serve as its permanent Chief Executive Officer, effective August 24, 2017.
As part of his employment agreement, Mr. Mannello agreed to forego an annual salary (except for a legally required minimum amount) and instead received a stock option to purchase 300,000 shares of the Company's common stock at an exercise price of $4.00 per share, which option vests in eight quarterly installments.
Mr. Mannello previously served as the Company's interim CEO since September 2016, and had been a member of the Company's board of directors since December 2015. Mr. Mannello has an extensive background in the financial services industry, including serving as executive managing director at Brean Capital, and at a publicly-traded investment bank, Gleacher & Company.
"I want to thank the board of directors for its confidence in my leadership as we commence our next phase of growth and product development," said Mr. Mannello. "I am excited about our unique products, talented team members and dynamic partners."
"I'm dedicated to launching several key strategic initiatives in the coming months to enable MYOS to take advantage of the substantial market opportunities available to us, based on our ownership of Fortetropin®," Mr. Mannello added.
About MYOS RENS Technology Inc.
MYOS RENS Technology (MYOS), "The Muscle Company™", is a Cedar Knolls, NJ-based biotherapeutics and bionutrition company focused on developing products that improve muscle health and performance, and bringing them to market. MYOS is the owner of Fortetropin®, the world's first clinically demonstrated myostatin reducer. Myostatin is a natural regulatory protein, which inhibits muscle growth. Fortetropin® is a fertilized egg yolk based product manufactured via a proprietary process to retain and optimize its biological activity. Fortetropin® has been clinically shown to increase muscle size and lean body mass in conjunction with resistance training. MYOS believes Fortetropin® has the potential to redefine existing standards of physical health and wellness.
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 product and customer demand, market acceptance of our products, the ability to create new products through research and development, the successful results of strategic initiatives, the successful launch of our products, including Qurr® products, the success of our research and development, the results of the clinical evaluation of Fortetropin® and its effects, the ability to enter into partnership opportunities, the ability to generate the forecasted revenue stream and cash flow from sales of our products, the ability to achieve a sustainable, profitable business, the effect of economic conditions, the ability to protect our intellectual property rights, competition from other providers and products, the continued listing of our securities on the Nasdaq Stock Market, risks in product development, our ability to raise capital to fund continuing operations, 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.
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.
Porter LeVay & Rose
Michael Porter, President
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SOURCE MYOS RENS Technology
Released September 20, 2017