Planned Directorate Changes
Michael Ashton to retire as CEO
Marella Thorell appointed COO in addition to remaining CFO
14 October 2014 – PuriCore plc (LSE: PURI), a global company focused on safe and effective protection against the spread of infectious pathogens, today announces that Michael Ashton has indicated to the Board that he wishes to retire as Chief Executive Officer by the Company's next Annual General Meeting, expected to be held in June 2015. The Board has initiated a search for his successor. Michael intends to remain with the Company as a Non-Executive Director.
PuriCore further announces that Marella Thorell, the Company's Chief Financial Officer, has also been appointed Chief Operating Officer. This role will involve an increased focus on the Company's operations and will drive the crucial areas of strategic planning and efficiency improvements.
A comprehensive strategic and operational review of the business is being conducted by the Board. As previously communicated, the Company will report the outcome of this review to shareholders later this quarter.
Charles Spicer, Non-Executive Chairman of PuriCore, said:
"We are very grateful to Michael for his significant contributions to PuriCore over the last few years, having stepped in to lead the Company at a challenging time in its evolution. He successfully restructured the convertible loan notes, completed an equity placing, and directed the turnaround and sale of the UK Endoscopy business. He has also overseen the transition of the Supermarket Retail business model from being capital-intensive to one benefiting from an increasing proportion of recurring revenues through the sale of consumables.
"We are delighted that Marella has agreed to take on wider responsibilities as Chief Operating Officer. We are confident that Marella's combined operational and financial experience will be of significant tangible value in achieving greater operational focus and efficiencies.
"The Board looks forward to continuing to work with Michael during his transition and to supporting Marella in her new role as we position PuriCore for the next phase of its development."
Michael Ashton, Chief Executive Officer of PuriCore, said:
"My decision to retire from leading the Company is consistent with my stated plan on taking office. At that time, I laid out a three-year strategy to provide a strong financial footing for PuriCore so as to position it for the next stage of growth.
"I would personally like to thank the PuriCore team and the Board for their continued dedication, hard work and support during this time and to restate my confidence in the future success of the Company."
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Mo Noonan/Simon Conway
Victoria Foster Mitchell
PuriCore plc (LSE: PURI) is a global company focused on safe and effective protection against the spread of infectious pathogens without causing harm to human or animal health or to the environment. PuriCore's antimicrobial technology and complementary products are used in a well-established core business and emerging sectors of two broad markets: Food & Agriculture and Health Sciences. In the Food & Agriculture market, PuriCore's portfolio is used by thousands of US supermarket retailers, including three of the top-five, to provide savings in labour costs and improvements in inventory loss and to address cross contamination of pathogens on fresh produce and floral products. In the Health Sciences market, PuriCore's breakthrough wound care technology is used to treat chronic and acute wounds including diabetic ulcers and burns in humans, for atopic dermatitis as private-labelled dermatologic treatments for humans, and to manage wounds in all species of companion and farm animals in the animal health segment. PuriCore is headquartered in Malvern, Pennsylvania. To receive additional information on PuriCore, visit www.puricore.com.