Press Release: Dr. Paul D'Sylva Joins Commonwealth Biotechnologies as CEO and Director
Dr. Paul D'Sylva Joins Commonwealth Biotechnologies as CEO and Director RICHMOND, Va. -- Commonwealth Biotechnologies, Inc. is pleased to announce that Dr. Paul D'Sylva has been appointed as a Director and Chief Executive Officer of CBI. His appointment at CBI follows CBI's acquisition of Mimotopes Pty. Ltd. for which Dr. D'Sylva served as Managing Director and as a member of its Board of Directors. Dr. Richard Freer, Chairman and COO of CBI, said, "We are very pleased to have Dr. D'Sylva join the senior management team at CBI. His experience and training are completely complementary to the current management teams at CBI and Mimotopes. As importantly, he is high energy and focused on growth. That is exactly the path the Board of Directors endorses and expects the company to follow." Dr. D'Sylva said, "While the challenges are formidable, I believe the management teams and scientists at CBI and Mimotopes represent an outstanding assembly of talent that can provide a solid base for our growth strategy. I am very pleased to have the opportunity to lead this effort at CBI." CBI has entered into an employment agreement with Dr. D'Sylva. This agreement was filed as an exhibit to CBI's Current Report on Form 8-K filed with the Securities and Exchange Commission on February 28, 2007. As part of the compensation payable by CBI to Dr. D'Sylva, CBI issued 60,000 restricted shares of common stock to Dr. D'Sylva. Provided Dr. D'Sylva remains employed by CBI, these restricted shares will vest and no longer be subject to transfer restrictions in accordance with the following schedule: (i) 20,000 shares on December 15, 2007; (ii) 10,000 shares on January 15, 2008; (iii) 10,000 shares on January 15, 2009; (iv) 10,000 shares on January 15, 2010; and (v) 10,000 shares on January 15, 2011. Please refer to the agreement as filed for further information. About CBI CBI specializes in life sciences R&D outsourcing and offers cutting-edge expertise and a complete array of the most current synthetic and analytical technologies in the areas of bio-defense, laboratory support and contract research. CBI is well positioned to compete in the global market for drug discovery outsourcing with an experienced management team and highly trained scientific staff located in a world-class laboratory in Richmond, Virginia. For more information, visit www.cbi-biotech.com. About Mimotopes Mimotopes Pty. Ltd., a wholly owned subsidiary of CBI, is a global leader in high quality research-grade peptide products and applications for the drug discovery industry. Mimotopes' patented synthesis technologies, state-of-the-art facilities and highly experienced staff make it one of the leading research grade peptide synthesis companies in the world. In 2006, Mimotopes developed significant partnerships with key life science companies Invitrogen and Genzyme. For more information, visit www.mimotopes.com. For information on the Mimotopes - Genzyme Pharmaceuticals strategic alliance, visit www.peptidechain.com. Any statements contained in this release that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties as identified in CBI's filings with the Securities and Exchange Commission. Actual results, events or performance may differ materially. No statement herein should be considered an offer of any securities. Readers are cautioned not to place undo reliance on these forward-looking statements, which speak only as the date hereof. Specifically, there can be no guarantee that Mr. Hagan's appointment will result in additional contract signings or revenues for CBI. A number of factors, including customer demand, industry trends, armed conflict, and terrorist activities could alter trends referenced herein. CBI undertakes no obligation to publicly release the results of any revisions to these forward looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.