HOUSTON, Sept. 8, 2005 (PRIMEZONE) -- Bio-One Corp. (Pink Sheets:BICO) announced today that Fred Zeidman has been named Chief Restructuring Officer of the Company. Mr. Zeidman's most recent successes include acting as Chairman of Seitel, Inc. and overseeing the restructuring of Seitel, Inc. in Chapter 11, and the recovery of nearly a quarter of a billion dollars in damages for the shareholders of AremisSoft.
"Mr. Zeidman's skills are exactly what the shareholders of Bio-One need. We are fortunate to have his services for the Company in this critical period," stated John Ruddy, Director of Bio-One Corporation. Fred Zeidman added, "Bio-One has a significant, multi-million dollar investment in Interactive Nutrition International, Inc. (INII). The Company intends to vigorously protect the interests of its shareholders and creditors in INII."
Seitel is a leading provider of seismic data and related geophysical expertise to the petroleum industry. Their products and services are used by oil and gas companies to assist in the exploration for and development and management of oil and gas reserves.
AremisSoft Corporation was a publicly traded company involved in software manufacturing that was the victim of a massive fraud at the hands of its former executive, which caused over $500 million in shareholder losses. As Trustee appointed by the United States District Court of the District of New Jersey, Mr. Zeidman has been charged with investigating and recovery damages on behalf of the former shareholders. To date the trustees have recovered in excess of $240 million.
About Fred S. Zeidman -- Fred was appointed Chairman of the United States Holocaust Memorial Council by President George W. Bush in March 2002. The Council, which includes 55 Presidential-appointed members and ten members from the U.S. Congress, is the governing board of the United States Holocaust Memorial Museum. A prominent Houston-based business and civic leader, Mr. Zeidman is Chairman of the Board of Seitel, Inc. and Chairman of the Board of Corporate Strategies, Inc. In 2004 he joined Greenberg Traurig as Senior Managing Director of Governmental Affairs. Mr. Zeidman also currently serves as a director of Prosperity Bank in Houston. Mr. Zeidman holds a Bachelor's degree from Washington University in St. Louis, and a Master's in Business Administration from New York University.