TNI BioTech Announces Appointment of New CFO
BETHESDA, Md., Jan. 22, 2013 /PRNewswire/ -- TNI BioTech, Inc. (PINKSHEETS: TNIB) today announced that Mr. Peter Aronstam has been appointed Chief Financial Officer.
Mr. Peter Aronstam is replacing Mr. Christopher Pearce, who will take over as the Chief Operating Officer. Mr. Pearce has extensive experience in corporate operations and will be available for assistance during the transition period.
"Mr. Aronstam's broad-based experience as a finance professional in private and public companies gives him a solid platform for the job of Chief Financial Officer of TNI BioTech," commented Ms. Noreen Griffin, Chief Executive Officer. "We welcome Peter and look forward to working with him as part of the TNI BioTech management team."
"Mr. Pearce has done a tremendous job as Chief Financial Officer. He joined TNI BioTech nine months ago at its onset and has been a great asset to our operations throughout our period of growth and acquisition. I am pleased that Mr. Pearce will be available to assist TNI BioTech during the transition between CFOs, and will also assume the position as Chief Operating Officer. I also wish to thank him for his ongoing commitment to TNI BioTech." continued Ms. Griffin.
TNI BioTech, Inc. has made these personnel changes in connection with the retention and engagement of Liggett, Vogt & Webb P.A. This accounting firm has been retained to provide professionally audited financial statements for inclusion in a Form 10 filing with the Securities Exchange Commission in approximately 45 days. The Form 10 is required for TNI BioTech to up-list to a fully reporting company.
Mr. Peter Aronstam brings more than 30 years of experience in accounting, finance, banking, international trade, and law to TNI BioTech, Inc. His career is noted by a progression of senior finance roles with growth and performance-driven enterprises, from startup technology and Internet companies to small service providers ($50 million) to very large international manufacturers ($25 billion) to global banks.
Peter has advised and/or served as CFO in both publicly held and privately owned businesses since 1978. These include startup venture-capital-backed entrepreneurial companies; manufacturing, technology and service companies; and corporate and international banking. Other roles included human resources (HR) and Information Technology (IT) functions along with raising more than $500 million in debt and equity for his companies and their customers.
About TNI BioTech, Inc.
TNI BioTech, Inc., is a biotech company working to combat chronic, life-threatening diseases through the activation modulating the body's immune system using our patented immunotherapy. Our products and immunotherapy technologies are designed to harness the power of the immune system to improve the treatment of cancer, infections such as HIV/AIDS, chronic inflammatory diseases, and autoimmune diseases.
Our proprietary technology, therapies and patents include the treatment of a wide range of cancers. Our most advanced clinical program involves immunotherapy with Methionine Enkephalin (MENK) and or Opioid Growth Factor (OGF, which has been shown to stimulate the immune system even in patients with advanced cancer.)
However, even though Management considers any condition that results in altered-immune response a target for investigation, the Company will most likely pursue additional investigations for low dose naltrexone and/or MENK as valuable candidates in the treatment of the following:
- Autoimmune states such as rheumatoid arthritis and multiple sclerosis;
- As an adjunct in cancer patients undergoing chemotherapy, radiation treatments or surgery;
- As an adjunct to antibiotics in the treatment of a variety of infectious diseases, including:
- Patients with AIDS, in combination with retroviral drug therapy
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release includes various "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which represent the Company's expectations or beliefs concerning future events. Statements containing expressions such as "believes," "anticipates," "intends," or "expects," used in the Company's press releases and in Disclosure Statements and Reports filed with the Over The Counter Markets through the OTC Disclosure and News Service are intended to identify forward-looking statements. All forward-looking statements involve risks and uncertainties. Although the Company believes its expectations are based upon reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurances that actual results will not differ materially from expected results. The Company cautions that these and similar statements included in this report are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date thereof. The Company undertakes no obligation to publicly release any revisions to such forward-looking statements to reflect events or circumstances after the date hereof.