Edmonton, Alberta, Canada
June 23, 2009
Innovotech Inc. (TSX
VENTURE:IOT) ("Innovotech") has selected Mr. Ken Boutilier as
its new Chief Executive Officer following the planned retirement
of Dr. Wolfgang Muhs from that position. Dr. Muhs will continue
in his position as Chairman of the Board of Directors of
Innovotech.
"I am confident that Innovotech has the management team in place
to achieve our goals and am pleased to support Ken Boutilier as
we continue our commercialization efforts with our two lead
products; Agress(TM) for the agricultural industry and bioFILM
PA(TM) in human health. Ken Boutilier has been with Innovotech
in a senior management position since the Company's inception
and brings a wealth of experience to his new function" said Dr.
Muhs.
In addition, Innovotech announces that the board of directors
has approved a grant of stock options to Dr. Muhs to purchase
13,500 common shares pursuant to its stock option plan in
acknowledgement of Dr. Muhs continued services as Chairman of
the Board of Innovotech and in accordance with the 2008
compensation plan. These options have an exercise price of $0.83
per common share and expire on June 19, 2014.
Innovotech is a product development company focusing on the
development of solutions to medical, agricultural and industrial
problems caused by microbial biofilms. Biofilms are protected
communities of microorganisms which are very common and very
difficult to treat due to their inherent resistance. The company
currently has two products in advanced stages of development:
bioFILM PA is a diagnostic kit which assists physicians in the
selection of the most effective antibiotic treatment of patients
with chronic lung infections. Agress™ is a novel seed treatment
product which protects seeds during the critical germination and
emergence stage from bacterial and fungal infection. Both
products were developed against the corresponding organisms
present as biofilms as opposed to the free-floating, planktonic
form. |
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