DALLAS, Aug. 11, 2004 (PRIMEZONE) -- Mosaic Nutraceuticals (Pink Sheets:MCNJ) is pleased to announce that Rounsevelle W. Schaum has agreed to accept the position of director and chairman of the board of Mosaic Nutraceuticals Corp. Schaum is also the Chairman of Newport Capital Partners Inc., an investment banking firm specializing in developing strategic growth strategies and related financial plans for emerging growth companies. In addition, Newport assists its clients in the analysis and negotiation of mergers and acquisitions and in establishing and maintaining compliance with SEC and federal securities regulations.
Schaum said, "I am pleased to bring my experience to a new company with such a promising array of exciting products. We have an opportunity for exceptional growth on a global scale. Mosaic is currently readying the launch of Lipotrene, our proprietary cholesterol Health Formula, and Celaprix, our proprietary, OTC Osteoarthritis and pain relief topical rub. The balance of this year and most of next will be spent launching product and building corporate infrastructure. Our products have an instant appeal to a large segment of the population."
Schaum is a Director and Chairman of the Audit and Compensation Committees of the Quigley Corporation (NASDAQ: QGLY) and has been designated as a financial expert responsible for compliance with the provisions of the Sarbanes-Oxley Act. The Pharma Division of Quigley is a major developer of products in the fields of diabetic neuropathy and radiation dermatitis.
Schaum was a founder and director of Streaming Media Corporation. He was also the Chairman and CEO of BusinessNet Holdings Corporation and has served as a crisis manager for Heller Financial Corporation. He also served on the District Advisory Council of the U.S. Small Business Administration as Chairman of the California Small Business Development Corporation.
He is a graduate of Phillips Andover Academy and holds a Bachelor of Science degree in Mechanical Engineering from Stanford University and an MBA degree from the Harvard Business School. He was also a member of the faculty and Defense Research Staff of the Massachusetts Institute of Technology, where he participated in the development of the digital computer programs for the Ballistic Missile Early Warning System.
Schaum's military service was in the U.S. Army Signal Corps. He has held top-secret Q clearance with the Department of Defense and currently holds a U.S. Merchant Marine Master's license. Schaum has served as a consultant to the Departments of the Army, Navy and Air Force.
He is a member of the Naval War College Foundation, the International Yacht Restoration Society, the Fort Adams Trust and was a director of the Newport Historical Society. Schaum resides in Newport, Rhode Island, where he has been active in civic affairs.
President of Mosaic Nutracueticals, Charlie Townsend, said, "We are building a substantial enterprise here. Mr. Schaum is universally recognized in the business community as a cornerstone of superb talent and vast experience. We are excited to have him and on behalf of all of Mosaic, I say, 'Welcome aboard, Skipper.'"
Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements that involve risks and uncertainties. The statements contained herein that are not purely historical are 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. Forward-looking statements deal with the company's current plans, intentions, beliefs and expectations and statements of future economic performance. Forward-looking statements involve known and unknown risks and uncertainties that may cause the company's actual results in future periods to differ materially from what is currently anticipated. Factors that could cause or contribute to such differences include those discussed from time to time in reports filed by the company with the Securities and Exchange Commission. The company cannot guarantee its future results, levels of activity, performance or achievements.
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