CALGARY, Alberta, Sept. 1, 2011 /PRNewswire/ -- Fero Industries, Inc. (OTCQB: FROI) (the "Company") is pleased to announce the appointment of Luis Manuel Ornelas Lopez to the position of President. Mr. Lopez replaces Kyle Schlosser, who had served as Company President and CEO since 2007.
Mr. Lopez is currently the Chief Operating Officer of the Company and the Managing Director of Pharmaroth Latin America S.A. de C.V. (the 98% owned Fero Industries operating subsidiary in Mexico) and a member of the Board of Directors of Fero Industries since September of 2010.
In this expanded role, Mr. Lopez will be tasked with developing and executing the Company's global business development strategy in addition to his current operational responsibilities related to all aspects of Sucanon® production, sales, marketing, and distribution.
"I am delighted to have been given the opportunity and responsibility to become even more involved with the global development and direction of the Company and Sucanon®," said Mr. Lopez, President and COO of Fero Industries. "The successful launch and marketing of Sucanon® in Mexico and continued positive patient feedback affirms my belief that both Fero and Sucanon® are well-positioned to quickly expand on a global scale to improve the lives of millions of type-2 diabetes sufferers worldwide."
Prior to his involvement with Sucanon®, Mr. Lopez worked for four years as the Commercial Manager of an established Mexico City based pharmaceutical and medical manufacturing company. Mr. Lopez is a recognized teacher and lecturer at the University and Post Doctorate level, current teaching at Anahuac Sur University and the University of London in Mexico. He received his Master's in Business Administration (2008) and a Law Degree (1999) from the Business University ISEC in Mexico City.
Mr. Lopez continued, "On behalf of the Board, I want to thank former Company President and CEO, Kyle Schlosser, for his tireless service and the long-term contributions he made to the development of the Company. His dedication and support are greatly appreciated. We wish him well."
Sucanon® is one of only three approved drugs in the multi-billion dollar market for a class of diabetic medications called "insulin sensitizers". Pre-clinical and clinical studies show that Sucanon® and other insulin sensitizers lower a patient's blood sugar by increasing the muscle, fat and liver's sensitivity to the body's own naturally produced insulin. Sucanon® has been approved for prescription sale in China and Peru. Sucanon® is also approved as an OTC treatment for type-2 diabetes by regulatory authorities in Mexico, and is distributed there under an exclusive agreement with Merck S.A. de C.V.
About Fero Industries Inc.
Fero Industries, Inc. (OTCQB: FROI) is focused on diabetes prevention and treatments. The Company holds the intellectual property and all exclusive world-wide rights related to the production, marketing, and distribution of Sucanon®, an oral treatment for type-2 diabetes. Sucanon® is a member of a class of diabetic medications called insulin sensitizers. Insulin sensitizers lower blood sugar by increasing the muscle, fat and liver's sensitivity to insulin. Insulin sensitizers are blood sugar normalizing or euglycemic drugs that help return the blood sugar to the normal range without the risk of low blood sugars. Fero's strategy is to increase awareness, acceptance, and distribution of Sucanon® globally.
For investor relations contact:
Paramount Advisors, LLC
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Fero Industries, Inc. (the Company) to be materially different from those expressed or implied by such forward-looking statements.
The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov under "Search for Company Filings".
|SOURCE Fero Industries, Inc.|
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