CEDAR KNOLLS, N.J.,
Sept. 20, 2017 /PRNewswire/
-- MYOS RENS Technology Inc. ("MYOS" or "the Company")
(NASDAQ: MYOS), a biotherapeutics and bionutrition company, today
announced that it has entered into an employment agreement with
Joseph Mannello to serve as its
permanent Chief Executive Officer, effective August 24, 2017.
As part of his employment agreement, Mr. Mannello agreed to
forego an annual salary (except for a legally required minimum
amount) and instead received a stock option to purchase 300,000
shares of the Company's common stock at an exercise price of
$4.00 per share, which option vests
in eight quarterly installments.
Mr. Mannello previously served as the Company's interim CEO
since September 2016, and had been a
member of the Company's board of directors since December 2015. Mr. Mannello has an extensive
background in the financial services industry, including serving as
executive managing director at Brean Capital, and at a
publicly-traded investment bank, Gleacher & Company.
"I want to thank the board of directors for its confidence in my
leadership as we commence our next phase of growth and product
development," said Mr. Mannello. "I am excited about our unique
products, talented team members and dynamic partners."
"I'm dedicated to launching several key strategic initiatives in
the coming months to enable MYOS to take advantage of the
substantial market opportunities available to us, based on our
ownership of Fortetropin®," Mr. Mannello added.
About MYOS RENS Technology Inc.
MYOS RENS
Technology (MYOS), "The Muscle Company™", is a Cedar Knolls, NJ-based biotherapeutics and
bionutrition company focused on developing products that improve
muscle health and performance, and bringing them to market.
MYOS is the owner of Fortetropin®, the world's first
clinically demonstrated myostatin reducer. Myostatin is a natural
regulatory protein, which inhibits muscle growth.
Fortetropin® is a fertilized egg yolk based product
manufactured via a proprietary process to retain and optimize its
biological activity. Fortetropin® has been
clinically shown to increase muscle size and lean body mass in
conjunction with resistance training. MYOS believes
Fortetropin® has the potential to redefine existing
standards of physical health and wellness.
Forward-Looking Statements
Any statements
in this release that are not historical facts are forward-looking
statements. Actual results may differ materially from those
projected or implied in any forward-looking statements. Such
statements involve risks and uncertainties, including but not
limited to those relating to product and customer demand, market
acceptance of our products, the ability to create new products
through research and development, the successful results of
strategic initiatives, the successful launch of our products,
including Qurr® products, the success of our research and
development, the results of the clinical evaluation of
Fortetropin® and its effects, the ability to enter
into partnership opportunities, the ability to generate the
forecasted revenue stream and cash flow from sales of our products,
the ability to achieve a sustainable, profitable business, the
effect of economic conditions, the ability to protect our
intellectual property rights, competition from other providers and
products, the continued listing of our securities on the Nasdaq
Stock Market, risks in product development, our ability to raise
capital to fund continuing operations, and other factors discussed
from time to time in the Company's Securities and Exchange
Commission filings. The Company undertakes no obligation to update
or revise any forward-looking statement for events or circumstances
after the date on which such statement is made except as required
by law.
These statements have not been evaluated by the Food and Drug
Administration. Our products are not intended to diagnose, treat,
cure or prevent any disease.
Investor Relations:
Porter LeVay & Rose
Michael Porter, President
Phone: 212-564-4700
Email: MYOS@plrinvest.com
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SOURCE MYOS RENS Technology