Lifevantage Corporation Announces CEO and Board Changes
15 December 2006, 2:58pm ET
DENVER, Dec 15, 2006 (BUSINESS WIRE) --
Lifevantage Corporation (BB:LFLT), maker of Protandim(R), today announced that Mr. Stephen K. Onody has resigned as Chief Executive Officer and as a member of the Board of Directors effective December 15, 2006. Mr. Onody will provide the Board of Directors and Company with consulting services during the three months following his resignation in order to ensure a smooth transition.
The Board of Directors has appointed Mr. John Van Heuvelen as the Company's interim Chief Executive Officer to fill the vacancy created by Mr. Onody's departure. Mr. Van Heuvelen has been a member of the Board of Directors since August 2005 and Chairman of the Board since September 2006. Mr. Van Heuvelen spent 13 years with Morgan Stanley and Dean Witter Reynolds in various executive positions in the mutual fund, unit investment trust, and municipal bond divisions, including serving as president of Morgan Stanley Dean Witter Trust Company from 1993 until 1999. Since 1999, Mr. Van Heuvelen has been a private equity investor based in Denver, Colorado, investing primarily in telecommunications and technology firms.
In addition, on December 13, 2006, Mr. H. Leigh Severance and Mr. Javier W. Baz resigned as members of the Board of Directors effective 5:00 p.m. on December 13, 2006.
"It has been my sincere pleasure to serve as Chief Executive Officer of Lifevantage," said Mr. Onody. "I am extremely proud of the many accomplishments of the Company and the tremendous team that has been assembled to take the Company to the next level."
"Steve has built a great team in the past year and the Board of Directors and the Company thank him for his service," said John Van Heuvelen, Chairman of the Board of Directors and interim Chief Executive Officer. "While we regret that Steve will no longer be with us, we remain excited about the future and the potential of Lifevantage."
About Protandim(R)
Mentioned Last Change
LFLT 0.61 0.06dollars or (8.95%)
Protandim(R) is a patent-pending dietary supplement that increases the body's natural antioxidant protection by inducing two protective enzymes, superoxide dismutase (SOD) and catalase (CAT). These naturally occurring enzymes become overwhelmed by free radicals as we get older. Oxidative stress (cell damage caused by free radicals) occurs as a person ages, when subjected to environmental stresses or as an associated factor in certain illnesses. TBARS are laboratory markers for oxidative stress in the body. Data from a peer-reviewed, published scientific study in men and women, sponsored by Lifevantage, shows that after 30 days of taking Protandim(R), the level of circulating TBARS decreased an average of 40 percent, with this decrease shown to be maintained at 120 days. Protandim(R) strengthens a person's defenses against oxidative stress by increasing the body's natural antioxidant enzymes. For more information, please visit the Protandim(R) product web site at www.protandim.com.
About Lifevantage Corporation
Lifevantage Corporation markets Protandim(R). Lifevantage is committed to helping people achieve health and wellness for life. For more information, please visit the Company's web site at www.Lifevantage.com.
Except for historical information contained herein, this document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, applicable common law and Securities and Exchange Commission rules. The Company uses the words "anticipate," "believe," "could," "should," "estimate," "expect," "intend," "may," "predict," "project," "plan," "target" and similar terms and phrases, including references to assumptions, to identify forward-looking statements. These forward-looking statements are based on the Company's current expectations and beliefs concerning future events affecting the Company and involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. These risks and uncertainties are difficult to predict accurately and may be beyond the control of the Company. The following factors are among those that may cause actual results to differ materially from our forward-looking statements: government regulators and regulations could adversely affect our business; future laws or regulations may hinder or prohibit the production or sale of our existing product and any future products; unfavorable publicity could materially hurt our business and the value of your investment; and the Company's ability to protect our intellectual property rights and the value of our product. These and other additional risk factors and uncertainties are discussed in greater detail in the Company's Annual Report on Form 10-KSB under the caption "Risk Factors," and in other documents filed by the Company from time to time with the Securities and Exchange Commission. Forward-looking statements made by the Company in this news release or elsewhere speak only as of the date made. New uncertainties and risks come up from time to time, and it is impossible for the Company to predict these events or how they may affect the Company. The Company has no duty to, and does not intend to, update or revise the forward-looking statements in this news release after the date it is issued. In light of these risks and uncertainties, investors should keep in mind that the results, events or developments disclosed in any forward-looking statement made in this news release may not occur.
SOURCE: Lifevantage Corporation
Lifevantage Corporation
John Van Heuvelen, CEO, 720-488-1711
Gerald J. Houston, CFO, 720-488-1711
Fax: 303-565-8700
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