BASKING RIDGE, N.J., Sept. 24, 2009 (GLOBE NEWSWIRE) -- Millennium Biotechnologies, Inc. a wholly owned subsidiary of Millennium Biotechnologies Group, Inc. (OTCBB:MBTG), a leader in the development, manufacturing and sales of targeted nutritional products in the Clinical and Sports Nutrition Markets, announced today that Michael C. James has joined Millennium's Board of Directors as an independent member.
Michael James brings a wealth of financial expertise to Millennium's Board of Directors. He was a board member of Nestor, Inc. from 2006 until June 2009, and while acting as CEO, Mr. James turned the company profitable and headed a complete financial restructuring. The business was sold on September 8, 2009 from the Receiver's Estate in Superior Court of the State of Rhode Island.
Additionally, for the past ten years, Mr. James has been the Managing Partner of Kuekenhof Capital Management, LLC, a private investment management company, where he holds the position of Managing Director of Kuekenhof Equity Fund, L.P. and Kuekenhof Partners, L.P. Currently, Mr. James is a director of Guided Therapeutics, Inc. where he is Chairman of the Compensation Committee and serves on the Audit Committee.
From 1995 to 1999, Michael was a Partner at Moore Capital Management, Inc., one of the premiere private investment management companies. Prior to his position at Moore Capital, from 1991 to 1994, he was employed by Buffalo Partners, L.P., a private investment management company where he held the position of Chief Financial and Administrative Officer. From 1986 to 1991, he was employed by National Discount Brokers and held the positions of Treasurer and Chief Financial Officer. He began his career in 1980 as a staff accountant with Eisner, LLP.
"Mr. James is a welcomed addition to our Board of Directors," stated Mark C. Mirken CEO and Chairman of the Board. "At this crucial time in our company, Michael's financial expertise in negotiating, structuring and funding complex transactions will be an asset as we right our balance sheet, grow our product portfolio and raise additional capital to fund our expansion."
Millennium's Board of Directors consists of Chairman, Mark Mirken, Benjamin Custodio and Michael James. Jerry Swan, Michael Martin and David Sargoy had previously resigned from the board on May 5, 2009.
About Millennium
Millennium's six marketed products form an advanced line of nutritional formulas. Resurgex Select(R) is a whole foods-based, calorically dense, high-protein nutritional formula developed for cancer patients undergoing chemotherapy or radiation treatments. Resurgex(R) and Resurgex Plus(R) are specialized, anabolic nutritional supplements rich in antioxidants that provide nutritional support post-treatment. Millennium also created Surgex(TM) sports nutrition formula to address the nutritional concerns of professional, Olympic, and amateur elite athletes. These athletes often experience similar symptoms post-workout to those battling immuno-compromised conditions, such as fatigue, loss of lean muscle, oxidative stress, and reduced immune function. Resurgex Essential(TM) and Resurgex Essential Plus(TM) are comprehensive, calorically dense formulas that meet and succeed the nutritional requirements of the assisted living community.
Statements in this news release regarding future financial and operating results, future growth in R&D programs, potential applications of the Millennium's technology, opportunities for the Millennium, and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words 'will,' 'believes,' 'plans,' 'anticipates,' 'expects,' 'estimates,' and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward- looking statements including: limited operating history, need for future capital, risks inherent in the development and commercialization of potential products, protection of Millennium's intellectual property, and economic conditions generally. Additional information on potential factors that could affect results and other risks and uncertainties are detailed from time to time in Millennium's periodic reports, including Forms 10-KSB, 10-QSB, 8-K, and other forms filed with the Securities and Exchange Commission ('SEC'). Millennium Biotechnologies, Inc.