PARAMUS, N.J., July 1, 2010 (GLOBE NEWSWIRE) -- Inergetics, Inc. (OTCBB:NRTI), a leader in targeted product development for the Clinical Nutrition and Sports Supplement Markets, today announced the appointment of Michael C. James as the Company's Chief Financial Officer.
Michael James will assume full leadership and responsibility over the Company's financial activities and will be a key member of Inergetics' management team, participating in overall corporate strategic planning. He succeeds former CFO, Frank Guarino, who will now serve as Inergetics' Director of Operations. Mr. James has played a key role in Inergetics' financial operations and restructuring efforts since joining its Board of Directors in September 2009.
Mr. James has several years of expertise in corporate finance, recently serving as CEO of Nestor, Inc. where he successfully completed a financial restructuring of the Company prior to its sale in September 2009 from the Receiver's Estate in Superior Court of the State of Rhode Island. He also served on Nestor's Board of Directors from 2006 to 2009 and has been the Managing Partner of Kuekenhof Capital Management, LLC, a private investment management company, for the past ten years where he serves as Managing Director of Kuekenhof Equity Fund, L.P. and Kuekenhof Partners. Michael is also a director of Guided Therapeutics, Inc. where he serves as Chairman of the Compensation Committee and serves on the Audit Committee.
Commenting on his appointment as Inergetics' Chief Financial Officer, Michael James stated, "I am very pleased to become the CFO of Inergetics. This is a very exciting time for the Company as Management has created tremendous revenue generating opportunities over the past six months. As a corporation it is critical that we implement the most sound and effective financial strategies and capital structure to facilitate the completion and continuous success of these opportunities to maximize both short and long term shareholder value."
"We are very excited to welcome Michael in his new role as our CFO. His expertise leading capital management firms and successfully guiding public companies through extreme financial turmoil make him a tremendous asset to the Company," commented Mark Mirken, CEO of Inergetics.
Mirken continued, "Our ability to transition Frank's responsibilities to Director of Operations is extremely fortunate based on his decade of experience with the Company. His intimate knowledge of our products, processes and producers will be exceptionally valuable as we commercialize our product lines for both domestic and international production."
During his career, Michael James has served as a Partner at Moore Capital Management, Inc., a premier private investment management company as well as Chief Financial and Administrative Officer at Buffalo Partners, L.P., a private investment management company and Treasurer and CFO of National Discount Brokers. Mr. James began his career in 1980 as a staff accountant with Eisner, LLP.
To learn more about Inergetics, visit www.inergetics.com.
About Inergetics, Inc.
Inergetics, Inc. is a leading developer of nutritional supplements for the Clinical Health and Sports Supplement markets. The Company has established a line of Resurgex products consisting of proprietary nutritional formulas that are used by a wide range of clinical patients and consumers. Resurgex™ products provide comprehensive nutritional support for actively treated cancer patients as well as those in post-treatment care and elderly members of the assisted living community. Inergetics has also developed Surgex™ sports nutrition formula to meet the nutritional needs of professional, Olympic, and amateur elite athletes that experience post-workout symptoms such as fatigue, loss of lean muscle, oxidative stress, and reduced immune function.
Resurgex Essential™ and Resurgex Essential Plus™ are comprehensive, calorically dense formulas that meet and exceed the nutritional requirements of the assisted living community.
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of1934. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of the Company and SPI set forth herein and those preceded by or that include the words ``believes,'' ``expects,'' ``given,'' ``targets,'' ``intends,'' ``anticipates, "plans,'' ``projects,'' ``forecasts'' or similar expressions, are "forward-looking statements". Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. The Company assumes no obligation to update any of the information contained or referenced in this press release.