Fero Industries Appoints Lopez to Board of Directors
CALGARY, Alberta--(BUSINESS WIRE)--Sep 7, 2010 - Fero Industries, Inc. (FROI - OTCBB) (the "Company") is pleased to announce that Mr. Luis Manuel Ornelas Lopez has agreed to joined its Board of Directors, effective September 1, 2010.
Since 2005, Mr. Lopez has been Managing Director of Pharmaroth Latin America S.A. de C.V., the recently acquired 98% owned Mexican operating subsidiary of the Company.
"Luis has been involved with Sucanon® since its earliest stages of development and has been a key factor in securing the Company's exclusive distribution agreement for Sucanon® with Merck S.A. de C.V. in Mexico," said Mr. Kyle Schlosser, President and CEO of Fero Industries. "I am personally very excited to have Mr. Lopez join the board and strengthen our growing team of industry experts. His intimate knowledge of the original development of Sucanon® and his experience with the with the product since its inception adds great strength to the Company's operations going forward. We look forward to working closely with him to expand Sucanon® sales in Mexico and around the world."
Prior to his involvement with Sucanon®, Mr. Lopez was employed for four years as the Commercial Manager of an established Mexico City based pharmaceutical and medical manufacturing company. Mr. Lopez is also a recognized teacher and lecturer at the University and Post Doctorate level, current teaching at Anahuac Sur University and University of London in Mexico. He received his Masters in Business Administration (2008) and a Law Degree (1999) from the Business University ISEC in Mexico City.
Sucanon® is one of only three approved drugs in the $5.6 billion dollar market for a class of diabetic medications called "Insulin Sensitizers". Pre-clinical and clinical studies in show that Sucanon® and other insulin sensitizer's lower a patient's blood sugar by increasing the muscle, fat and liver's sensitivity to the body's own naturally produced insulin.
Sucanon® is currently approved as an Over-The-Counter ("OTC") remedy for Type II diabetes by regulatory authorities in Mexico and will be distributed under an exclusive agreement with Merck S.A. de C.V. in Mexico. Merck S.A. de C.V. is the Mexico and Latin America sales and marketing organization of German pharmaceutical and chemical giant, Merck KGaA ($9.9 billion in 2009 sales - Frankfurt Stock Exchange: MRK).
For further information regarding Sucanon®, please visit the Fero Industries Inc. website at www.feroindustries.com
About Fero Industries Inc.
Fero Industries, Inc. (OTCBB: FROI) is focused on diabetes prevention and treatments. The Company has acquired the rights to Sucanon®. 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, distribution of Sucanon® globally.
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."
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