DOYLESTOWN, Pa., June 12 /PRNewswire-FirstCall/ -- The Quigley Corporation, (Nasdaq: QGLY), www.quigleyco.com, today announced the resignation of Guy J. Quigley as Chairman, President and Chief Executive Officer of the Company. The resignation is effective immediately, following a proxy contest which culminated on May 20 at the Company's annual meeting which favored dissident shareholder Ted Karkus and his proposed slate of directors. The Company has accepted the resignation of Charles A. Phillips, COO of The Quigley Corporation and Wendy D. Quigley, Accounting Operations Manager. Mr. Phillips and Ms. Quigley have been with the Company since its inception in 1989.
Guy J. Quigley founded The Quigley Corporation at his dining room table, self funding the company for its first six years without a salary. Mr. Quigley took the Company public in 1991 and established the COLD-EEZE(R) brand in 1992.
Under his leadership, COLD-EEZE has become the number three selling cough cold lozenge and the number one pharmacist recommended zinc cold treatment.
In 2001, he established Quigley Pharma Inc., with a focus on the research and development of naturally-derived compounds. As part of his strategic plan to develop the pharma operation, he oversaw its self-funding with the revenue generated by COLD-EEZE. Under his leadership, $28 million has been self-funded in Quigley Pharma since inception, without any dilution to shareholders.
Since that time, Quigley Pharma has brought two drug development programs to the position where they can begin to offer stockholders value. Findings of significantly improved nerve conduction in patients with Diabetic Peripheral Neuropathy demonstrate that the QR-333 compound has potential to generate value for stockholders. Conversations with four potential veterinary drug development partners regarding the QR-448 antiviral development program are ongoing and demonstrate another source of potential value for stockholders
Guy J. Quigley, Chairman, President and Chief Executive Officer stated, "Despite everything that has been said and done during the course of this proxy contest, my goal has been and continues to build stockholder value. I am very proud of our work over the past 20 years. COLD-EEZE is a highly-respected product and well-established household name and Quigley Pharma has several compounds which have reached a point of value inflection."
"The new Board is now tasked with the responsibility of rewarding stockholders who have patiently held their shares over the years, and refrain from rewarding only those who they bring to the table at the 11th hour to profit from the years of work and patience on behalf of the resigning Board, and the stockholders of The Quigley Corporation. We remain hopeful that the newly elected Board will convert value from the table that has been set for them. To ensure the Company continues to function in the wake of the new Board's unknown plans, I have asked our CFO, Gerard Gleeson to remain in charge until further announcements by the new Board of Directors."
About The Quigley Corporation
The Quigley Corporation (NASDAQ: QGLY, http://www.Quigleyco.com) is a diversified natural health medical science company. Its Cold Remedy segment is a leading marketer and manufacturer of the COLD-EEZE(R) family of lozenges, gums and sugar free tablets clinically proven to cut the common cold nearly in half. COLD-EEZE customers include leading national wholesalers and distributors, as well as independent and chain food, drug and mass merchandise stores and pharmacies. The Quigley Corporation has wholly owned subsidiaries; Quigley Manufacturing Inc. consists of two FDA approved facilities to manufacture COLD- EEZE(R) lozenges as well as fulfilling other contract manufacturing opportunities and Quigley Pharma Inc. (http://www.QuigleyPharma.com), which conducts research in order to develop and commercialize a pipeline of patented botanical and naturally derived potential prescription drugs.
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve known and unknown risk, uncertainties and other factors that may cause the Company's actual performance or achievements to be materially different from the results, performance or achievements expressed or implied by the forward-looking statement. Factors that impact such forward-looking statements include, among others, changes in worldwide general economic conditions, changes in interest rates, government regulations, and worldwide competition.
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|SOURCE Quigley Corporation|
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