MUNDELEIN, Ill., May 4 /PRNewswire-FirstCall/ -- On May 1, 2007, Z Trim Holdings, Inc. (AMEX:ZTM), hired Alan Orlowsky as the Company's Chief Financial Officer. Mr. Orlowsky has served as a member of the Company's Board of Directors since January 2004 and most recently was the Chairman of the Company's Audit Committee. Mr. Orlowsky resigned those positions as of April 30, 2007. Dana Dabney, the Company's prior CFO, remains employed as Vice President and remains on the Company's Board of Directors.
"Alan Orlowsky has been a tremendous asset to our company while serving as Audit Committee Chairman" said Greg Halpern. "Moving into the CFO position at this important time of growth and expanding opportunity is a strategic benefit to operations going forward." Mr. Orlowsky, age 58, received his B.S. in accounting from the University of Illinois in Champaign and upon graduation passed the C.P.A. exam. He then earned his law degree at IIT Chicago-Kent College of Law and passed the Illinois bar exam in 1975.
Following graduation from law school, Mr. Orlowsky worked at the I.R.S. in the Estate and Gift Tax Division. During his tenure with the I.R.S., Mr. Orlowsky was also adjunct professor of Accounting, Taxation and Business Law at Northeastern Illinois School of Business. He left the IRS to accept a position with Deloitte & Touche as a tax professional and subsequently joined the faculty of Loyola University of Chicago School of Business where he taught Taxation and Accounting and opened his own practice.
Pursuant to Mr. Orlowsky's terms of employment, he will receive a salary of $185,000 per year and be granted an option under the Company's 2004 Stock Equity Plan to purchase 750,000 shares of the Company's common stock with an exercise price equal to the market price of the Company's common stock on the date Mr. Orlowsky's services first commence. The option has a three-year term and vests in two stages, with 500,000 shares vested immediately and 250,000 vested after one year.
The Company's Board of Directors has appointed Brian Israel, age 49, to fill the vacancy created by Mr. Orlowsky's departure. In addition, Mr. Israel will serve as a member of the Audit Committee, which he will Chair. Mr. Israel has spent more than 20 years in the real estate finance industry, during which he managed teams responsible for production, operations, risk management, product and policy development, technology and project management functions for a major national lender and a large regional commercial bank.
"As new CFO of Z Trim Holdings, Inc, I am delighted that Brian Israel is joining our Board of Directors as outside director" said Alan Orlowsky. "Brian's esteemed financial background and penchant for detail along with his life-long track record of un-reproachable integrity will contribute greatly to the future success of Z Trim." Mr. Israel has long been active in legislative and consumer advocacy, is a former President of the Illinois Mortgage Bankers Association and has served on a variety of mortgage-related advisory bodies including the Federal Home Loan Mortgage Corporation's Affordable Housing Advisory Council and Regional Lender Advisory Board, and the Illinois Department of Financial and Professional Regulation's Residential Mortgage Advisory Board.
Currently, Mr. Israel provides strategic planning, training and project management services to businesses and non-profit entities as an independent consultant. He also serves as President of North Shore Custom Homes, Ltd., as a Mentor with Big Brothers and Big Sisters of Metropolitan Chicago, as a member of the Chicago Hospitality Resource Partnership Advisory Council and as President of the River North Residents Association.
In connection with his service on the Board, Mr. Israel will receive an option under the Company's 2004 Stock Equity Plan to purchase 200,000 shares of the Company's common stock with an exercise price equal to the market price of the Company's common stock as of the date of Mr. Israel's acceptance of his appointment.
Mr. Israel will stand re-election at the Company's 2007 annual meeting of shareholders. By that time the Company also expects Mr. Orlowsky and an additional outside director will have joined the board; bring the total number of Directors to eight.
ABOUT Z TRIM(R) Z Trim, http://ztrim.com/ is a natural zero calorie fat-substitute made from the hulls of corn or oats. Z Trim lowers calories from fats up to 50% in most foods without negatively affecting taste or texture. Z Trim is typically not detectable when formulated correctly in dairy, dressings, dips, sauces, baked goods, processed meats, snack foods, cookies, pies, cakes, icings, brownies, bars, ice cream, milk shakes and many other foods. Z Trim often improves texture significantly; making meats juicier, baked goods moister, and dips creamier. Z Trim adopts the flavor and mouth feel of most recipes. Consumer studies indicate a preference for Z Trim foods over their full-fat counterparts. Z Trim can substantially reduce harmful Trans and saturated fats and adds healthy insoluble and soluble dietary fiber to foods in which it is used. Z Trim can improve digestion without the side effects sometimes associated with other fat substitutes. Z Trim is currently featured in the #1 bestseller, "You On a Diet" by Dr. Mehmet Oz and Dr. Micahel Roizen as an ingredient that "could eventually change the way we eat." Media stories about Z Trim and Z Trim Holdings have been featured in consumer, business and food industry trades around the world as well as all major news networks. Z Trim was developed by the USDA. Z Trim Holdings participates in the FDA's voluntary GRAS notification program.
ABOUT Z TRIM APPETITE CONTROL(R) Z Trim Appetite Control is 100% natural dietary fiber made from the bran of grain and delivered in a cellulose capsule. The new breakthrough product has great absorption capacity resulting in a feeling of fullness and a reduction in appetite thus allowing consumers to continue enjoying eating without sacrifice. Z Trim Appetite Control was recently shown in clinical studies to improve weight loss without causing any gastrointestinal or other negative side effects. Z Trim Appetite Control Capsules, at http://www.ztrim.com/appetitecontrol, are available as part of a healthy multi-disciplinary approach.
Forward-Looking Statements and Risk Factors Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as "believes," "anticipates," "plans," or "expects," and other statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements. Reference is made to the Company's filings with the Securities and Exchange Commission for a more complete discussion of such risks and uncertainties.
Contact: Steve Cohen, President
Voice: 847-549-6002
Email: DATASOURCE: Z Trim Holdings, Inc.
CONTACT: Steve Cohen, President of Z Trim Holdings, Inc., +1-847-549-6002, Web site: http://www.ztrim.com/
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