NORTH VANCOUVER, April 16 /PRNewswire-FirstCall/ - Chromos Molecular Systems Inc. ("Chromos" or the "Company"; TSX: CHR) today provided an update on its on-going restructuring efforts.
The Board of Directors of Chromos today announced that Mr. Alistair Duncan has stepped down as President and Chief Executive Officer, effective immediately. He has also resigned as a Director of Chromos. Mr. Duncan, a founder of the Company, served as President and CEO since 1998.
Mr. Roger Flowerdew, C.A., a current member of the Board of Directors, will serve as CEO and President. Mr. Flowerdew will remain as a Director of the Company. Mr. Flowerdew brings executive experience in the North American bio-technology industry and extensive experience in corporate finance to the Company.
The Board of Directors would like to thank Mr. Duncan for his dedication and contributions of the past number of years.
Chromos' Chief Financial Officer, Mr. Jeff Charpentier, is serving the Company on a part-time basis as well as being engaged on a full-time basis with another company.
The Company also announced that it has brought its regulatory filings up to date. These filings include all financial statements through to the audited December 31, 2007 financial statements together with all related MD&A, and both the 2006 and 2007 Annual Information Forms and other required corporate filings. The regulatory filings can be accessed at http://www.sedar.com.
The Company continues to be subject to cease trade orders issued by
various provincial securities commissions as a result of its failure to
timely file financial statements and other documents. With the regulatory
filings now being brought up to date, the Company expects to shortly make
applications for revocations of the outstanding cease trade orders.
Although the Company believes the regulatory filings are up to date and
complete, there can be no assura
|SOURCE Chromos Molecular Systems Inc.|
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