DENVER, Sept. 29, 2005 (PRIMEZONE) -- Chelsea Management Group Inc. (Other OTC:CLMP) is pleased to announce the appointment of Mr. Ivan Cavric to oversee and manage all subsidiary operations. His responsibilities will include ensuring that subsidiary companies operate independently and to develop corporate infrastructures so the companies operate as stand alone businesses.
Mr. Cavric is a restructuring specialist and has many years experience in starting and developing new businesses. His responsibility will be to organize and lead our subsidiary division into the future with the resources and knowledge needed to affect sustainable growth.
Peter Johansen, CEO of Chelsea commented, "I am pleased to announce the first management specialist hired by Chelsea to work on developing the subsidiary division as a group of independent operating companies. Mr. Cavric's many years of management experience as a restructuring and management specialist are vital assets to Chelsea at this point in our development. More of the management team will be announced as appointments are made."
Chelsea Management Group is a start-up and early-stage venture capital firm focused on the health and life sciences industry. Formed in 2002, Chelsea searches for the winners of tomorrow -- entrepreneurs whose ideas and talents qualify them to pursue large market opportunities successfully. We seek opportunities across a broad spectrum including biotechnology and pharmaceuticals, medical devices, services and healthcare/life sciences information technology. On a selective basis, we also consider later-stage health and life sciences investments where we can uniquely apply Chelsea's industry and capital markets experience.
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