TAMPA, Fla., Aug. 24, 2016 (GLOBE NEWSWIRE) -- Trxade Group, Inc., (OTCQB:TRXD), a web-based market platform with 6,200 registered independent pharmacy customers that enables its customers to quickly source and purchase pharmaceuticals, accessories and services from a wide range of manufacturers and drug distributors today announced the appointment of Michael Peterson to the Company's Board of Directors. With this addition, the Trxade Group Board of Directors now comprises four directors; two of whom are independent directors.
"We welcome Mr. Peterson to the Board of Directors and as Audit committee Chairman and look forward to working with him to build shareholder value," said Suren Ajjarapu, Chairman of the Board. "We are committed to fostering long-term growth and we believe we have the resources and leadership in place to achieve this goal. We also believe that Trxade Group will benefit from having access to Mr. Peterson's expertise and experience and are excited about this new relationship."
"Trxade Group is a leader in Pharmaceutical Trading platforms with innovative, market-leading technologies, and the Company is well-positioned to take advantage of multiple opportunities," said Donald Fell, Chairman of the Nomination Committee. "As a member of the Board and Audit Committee Chairman, Mr. Peterson will work with the other directors and the management team to enhance the value of the Company for all shareholders. Mr. Peterson’s involvement on past boards has often created meaningful value for all shareholders. We hope this will continue with Trxade Group." Mr. Fell added, "Given his experience and deep knowledge in public companies as a CFO, I believe that Mr. Peterson will be an extremely valuable resource to the Company going forward."
About Michael Peterson
Mr. Peterson currently serves as the President and CEO of Pedevco Corp (NYSE:PED), a public company engaged primarily in the acquisition, exploration, development and production of oil and natural gas shale plays in the US. Mr. Peterson assumed the role of CEO in May 2016 after having served as CFO between July 2012 and May 2016, and as Executive Vice President from July 2012 to October 2014, and President since October 2014. Mr. Peterson joined Pacific Energy Development as its Executive Vice President in September 2011, and served as a director from May 2008 to December 2011. Mr. Peterson previously served as a director (from May 2006 to July 2012) of Aemetis, Inc. (formerly AE Biofuels Inc.), a Cupertino, California-based global advanced biofuels and renewable commodity chemicals company (AMTX), and as Chairman and Chief Executive Officer of Nevo Energy, Inc. (NEVE) (formerly Solargen Energy, Inc.), a Cupertino, California-based developer of utility-scale solar farms which he helped form in December 2008 (from December 2008 to July 2012). In addition, in February 2006, Mr. Peterson founded and served as managing partner of California-based Pascal Management, a manager of hedge and private equity investments. From 2005 to 2006, Mr. Peterson served as a managing partner of American Institutional Partners, a venture investment fund based in Salt Lake City. From 2000 to 2004, he served as a First Vice President at Merrill Lynch, where he helped establish a new private client services division to work exclusively with high net worth investors. From September 1989 to January 2000, Mr. Peterson was employed by Goldman Sachs & Co. in a variety of positions and roles, including as a Vice President with the responsibility for a team of professionals that advised and managed over $7 billion in assets.
Mr. Peterson received his MBA at the Marriott School of Management and a BS in statistics/computer science from Brigham Young University.
About Trxade Group, Inc.
Headquartered in Tampa, Florida, Trxade Group, Inc. (OTCQB:TRXD) is a web based market platform that enables trade among healthcare buyers and sellers of pharmaceuticals, accessories and services. Founded in 2010, Trxade Group currently operates the trading platform with 6200 registered members. Trxade Group also distributes directly private label pharmaceuticals thru their 100% subsidiary Westminster Pharmaceuticals to these registered members. For additional information please visit us at http://www.trxadegroup.com.
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