PURE CEO is out! Its about freegin time.PURE Bioscience Announces Initiatives to Accelerate Drive Toward Profitability and Reduce Overhead
Press Release | 07/09/2019
PURE Bioscience, Inc. (OTCQB: PURE), creator of the patented, non-toxic silver dihydrogen citrate (SDC) antimicrobial, announced today that the Board of Directors has taken a number of initiatives to accelerate its goal of reaching profitability in calendar Q4 2019.
Hank Lambert is retiring as CEO and a member of the Board of Directors effective August 7, 2019, after serving four decades in leadership roles in the food industry. Lambert will remain as a consultant to PURE through a transition period.
Tom Y. Lee, Chairman of the Board of Directors and PURE’s largest shareholder, will become acting CEO effective the same date.
PURE’s corporate headquarters will move to Rancho Cucamonga, CA, and co-locate with Swabplus, Inc., a privately held manufacturer of single-dose applicator and formulation OEM products. Swabplus operates a GMP-compliant, FDA-registered and ISO 9001-certified facility. Lee is CEO and Chairman of the Board of Directors of Swabplus.
Lee said that, “As part of our ongoing efforts to achieve profitability, the Board has taken these steps to move us closer to our goal of PURE becoming profitable for the first time in our history. We estimate these initiatives will bring our annual cash flow breakeven revenue run rate down to $4.5 to $5.0 million.
“In addition to our ongoing sales and marketing initiatives, I look forward to continuing our efforts to promote future sales of PURE Hard Surface disinfectant in Taiwan and other Asian markets.”
Lee continued, “The Board and I are grateful to Hank and acknowledge his efforts and accomplishments during the past six years he spent leading PURE into the food safety solutions business, including receiving FDA and USDA approvals for PURE Control (direct food contact antimicrobial). Under Hank’s leadership, we are now commercializing two product lines (PURE Hard Surface disinfectant and PURE Control) and our growing customer base includes the largest produce processor in the U.S. and two of the largest food transportation companies in the U.S.”
Lambert stated, “It’s been a privilege to lead the early food safety commercialization of PURE’s powerful SDC antimicrobial. Having spent my career in the food industry, I immediately appreciated the game-changing value proposition of SDC’s ability to significantly reduce food borne illness.
“I’ve been looking forward to the right time to retire and believe that, with the pieces in place for the Company to achieve profitability, this is the right time.”
About PURE Bioscience, Inc.
PURE Bioscience, Inc. is focused on developing and commercializing our proprietary antimicrobial products primarily in the food safety arena -- providing solutions to the health and environmental challenges of pathogen and hygienic control. Our technology platform is based on patented, stabilized ionic silver, and our initial products contain silver dihydrogen citrate, or SDC. SDC is a broad-spectrum, non-toxic antimicrobial agent, which offers 24-hour residual protection and formulates well with other compounds. As a platform technology, SDC is distinguished from existing products in the marketplace because of its superior efficacy, reduced toxicity and mitigation of bacterial resistance. PURE is headquartered in El Cajon, California (San Diego metropolitan area). Additional information on PURE is available at www.purebio.com.
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