ALBANY, Ore., June 9 /PRNewswire-FirstCall/ -- Synthetech, Inc. (OTC Bulletin Board: NZYM) today announced that on July 1, 2008 Dr. Gregory R. Hahn will become Synthetech's President and Chief Executive Officer. Since September 2006, Dr. Hahn has served as Synthetech's President and Chief Operating Officer. Dr. Hahn will replace as Chief Executive Officer Dr. Daniel T. Fagan, who will continue as Synthetech's Chairman of the Board. Synthetech intends to leave vacant for the foreseeable future the position of Chief Operating Officer.
Dr. Hahn, who has over 22 years' of experience in the fine chemicals and pharmaceutical manufacturing industries, was hired by Synthetech in 2006 to play a key role in the company's turnaround. Immediately prior to joining Synthetech, Dr. Hahn worked for the FMC Corporation as the Organics Global Business Director for its Lithium Division, based in Charlotte, North Carolina. His experience previous to FMC was as Vice President, Sales, at Sigma Aldrich Fine Chemicals, St. Louis, Missouri, and as Marketing and Development Manager at Koch Chemical Company, Corpus Christi, Texas. Dr. Hahn received his Bachelor of Science in Chemistry from Pacific Lutheran University, Tacoma, Washington, and his PhD in Organic Chemistry from the University of California, Davis.
"We are excited that Greg will be serving as Synthetech's CEO, and see this role as a natural fit with his strong leadership, strategic and operational abilities and experience," stated Dr. Fagan. "In his time with Synthetech, he has made significant contributions in growing sales, implementing improved procedures and training programs, and moving us toward our goal of sustained profitability."
Dr. Hahn stated that he "looks forward to his increased role in leading Synthetech's execution of its growth plan, and in leveraging the company's many existing strengths in an effort to maximize shareholder value." He added that "although Synthetech faces some challenges, I have great confidence in the existing Synthetech team to continue to build on recent successes in the turnaround Dan has directed, and I express my appreciation to Dan for his effective and dedicated service to Synthetech as its CEO."
Synthetech, Inc. is a fine chemicals company specializing in organic synthesis, biocatalysis and chiral technologies. Synthetech develops and manufactures amino acid derivatives, specialty amino acids, peptide fragments, proprietary custom chiral intermediates and specialty resins, primarily for the pharmaceutical industry. Synthetech's products support the development and manufacture of therapeutic peptides and peptidomimetic small molecule drugs at every stage of a customer's clinical development pipeline, and are used as ingredients in drugs for the treatment of AIDS, cancer, cardiovascular and other diseases.
This press release contains "forward looking" statements within the
meaning of the Private Securities Litigation Reform Act of 1995. All
statements, other than statements of historical fact, are forward-looking,
including, without limitation, statements regarding: future company
results, including execution on Synthetech's growth plan; and the Chief
Executive Officer succession plan. Words such as "believe," "anticipate,"
"expect," "estimate," "project," "will be," "will continue," "will likely
result," or words or phrases of similar meanings identify forward-looking
statements. Forward-looking statements reflect management's current
expectations, plans or projections and are inherently uncertain and actual
results could differ materially from such expectations, plans or
projections. Investors are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this press
release. Risks and uncertainties that could cause actual results to differ
significantly from management's expectations include, but are not limited
to, the following: Synthetech's limited financial and other resources; the
uncertain market for Synthetech's products; potential loss of a significant
customer; customer concentration; potential termination or suspension by
customers of significant projects or orders; potential period-to-period
revenue or expense fluctuations; production factors and timely access to
raw materials; industry cost factors and conditions; competition;
government regulation; labor disputes; technological changes; and
international business risks. Investors are urged to read Synthetech's
filings with the Securities and Exchange Commission, including its Annual
Report on Form 10-K for the fiscal year ended March 31, 2008, for a further
description of risks and uncertainties related to forward-looking
statements made by Synthetech as well as to other aspects of Synthetech's
business. Those reports describe, some, but not all of the factors that
could cause actual results to differ significantly from management's
expectations. Additional risks and uncertainties not presently known to
Synthetech or which Synthetech currently deems immaterial also may impair
its business or operations. Synthetech does not intend to release publicly
any revisions to any forward-looking statements contained herein to reflect
events or circumstances after the date hereof or to reflect the occurrence
of unanticipated events.
Web site: http://www.synthetech.com
CONTACT: Gary Weber, CFO
PO Box 646
Albany, Oregon 97321
|SOURCE Synthetech, Inc.|
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