New Chairman For Certified Organics
September 16th 2002
NEW CHAIRMAN FOR CERTIFIED ORGANICS
Statement made by Dr Earl Stevens,
Chairman,Certified Organics Limited
Dr Earl Stevens, currently Managing Director of Certified Organics Limited, has been appointed Chairman on the resignation of Dr Ray Thomson.
David Warrick, currently Finance Director, will take over as Managing Director, in addition to his existing responsibilities.
Stuart Innes has also elected to retire as a director of the company.
The Board changes mark a shift in emphasis for Certified Organics. Dr Thomson believes now that Certified Organics has successfully completed its establishment phase, it needs to focus more on marketing and sales, and that Dr Stevens is the right person to lead the company through this phase.
Rodney Innes, inventor of Organic Interceptor™, the world’s first spray-on weedkiller certified for use by organic farmers, continues in his existing role with the company.
These moves will halve the cost of running the Board of directors and executive and significantly improve the company’s breakeven position.
Rodney and Stuart Innes are loaning the company nearly $700,000 as working capital, while it completes its capital-raising programme between now and the end of the year.
Certified Organics also advises that it believes that none of the company’s prior AQL Holdings Board, management or related parties now remain as shareholders. These parties, much to the frustration of the current Board, have sold about 20% of the company’s shares over the last year, putting considerable downward pressure on the share price.