MOORESVILLE, N.C., Dec. 27, 2010 /PRNewswire-FirstCall/ -- Anpath
Group, Inc. (OTC Bulletin Board: ANPGQ), ("Anpath Group", or the
"Company"), announced today its successful emergence from its
Chapter 11 restructuring.
In May Anpath Group filed a voluntary petition under Chapter 11
of the U.S. Bankruptcy Code in the District of Delaware. The company secured
debtor-in-possession financing from several lenders, including the
Company's existing senior secured note holder, to continue ongoing
operations during the reorganization process. Commercialization of
its broad range of commercial and industrial infection prevention
technologies had taken the Company much longer than
anticipated.
The company's plan of reorganization was confirmed on
November 22, 2010 by the Hon.
Kevin J. Carey of the U.S.
Bankruptcy Court for the District of Delaware.
"Anpath emerges from bankruptcy with good liquidity, no
long-term debt and lower overhead costs," stated J. Lloyd Breedlove, President and CEO.
"Moreover, we now have more time to execute our plans to
exploit our technology and resultant infection prevention products
designed to prevent the spread of infectious microorganisms that
produce harmful effects on people, equipment and the environment.
We believe our action, which has been made possible by the
support of our senior lenders, will, in the long run, provide the
best chance for all parties vested with an interest in the Company
to realize the Company's potential."
In addition to Mr. Breedlove, the company announced the other
members of its new board of highly experienced directors:
- Ira N. Kalfus, M.D.
Dr. Kalfus was formerly VP of Medical Affairs at Lev
Pharmaceuticals, where he led the clinical development for Cinryze,
which was approved by FDA in 2008. Upon the acquisition of Lev
by ViroPharma Inc. in 2008, he has advised ViroPharma on product
launch, expansion and investor relations. He is also a
principal at M2G Consulting and is particularly interested
in early to late stage pharmaceutical and
biotech opportunities. Clients include hedge funds,
advisory firms and industry. He is Chief Medical Officer of
Thar Pharmaceuticals, a Pittsburgh
based pharmaceutical start-up. His other positions have
included Hillside Medical Associates (practicing internist for
approximately 15 years)Aetna/US Healthcare (Medical
Director), and Long Island Jewish Medical Center (President of
the Staff Society and Chairman of Performance Improvement).
Dr. Kalfus completed residency in Internal Medicine at Long Island
Jewish Medical Center and graduated from Albert Einstein College of Medicine (M.D.) and
Columbia University (B.A. in
Biology).
- Philip Mandelbaum
Since September, 1998, Philip
Mandelbaum has served as Treasurer and Chief Financial
Officer of The Remus Group, a consortium of privately held
investment companies. Mr. Mandelbaum is a graduate of the
Rutgers Graduate School of Business Administration with a Masters
Degree in Business Administration from the Professional Accounting
Program. Mr. Mandelbaum is Certified Public Accountant and has
practiced in the public accounting arena for over 30 years.
- Steven G. Singer
Since November, 2000, Steven
Singer has served as the Chairman and Chief Executive of
American Banknote Corporation, a global leader in security
documents (including passports, national ID cards, credit cards and
checks) since 1795. Mr. Singer is a graduate summa cum
laude of the University of
Pennsylvania and the Harvard Law School. During the
past 10 years, he has served as the Chairman of the Board of Globix
Corporation, Motient Corporation, ABnote Limitada do Brasil, Pure 1
Systems, and Leigh Mardon PTY, and as Members of the Board of TV
Max Holdings LLC, Galaxy Cable LLC, Neon Corporation, Technicon
Instruments Corp.
- Carl M. Sutera
From the mid 70's thru the late 80's Carl Sutera was President and CEO of Lewis
Chemical Corp. a hazardous waste recycling facility located in
Boston, MA. Mr. Sutera developed
several proprietary processing methods to extract chemical solvents
from various waste streams yielding re-usable solvents and
innocuous land fill materials. Since 1988 Mr. Sutera has been
President and CEO of Pure1 Systems, a Point-of-Use water filter
manufacturer, he holds several US patents on filtering and
dispensing equipment for that industry. Since 2006 Mr. Sutera has
been a technical consultant to ABnote, a global leader in the
security documents industry. Mr. Sutera is a graduate of
Wentworth Institute's ASE School of
Aerospace Engineering and Northeastern
University's College of Engineering and holds a bachelors
degree in Mechanical Engineering from that institution.
About Anpath Group, Incorporated:
Anpath Group, Inc. (Anpath), through its wholly-owned subsidiary
EnviroSystems, Inc., produces cleaning and disinfecting products
that it believes will help prevent the spread of infectious
microorganisms while minimizing the harmful effects to people,
equipment or the environment. Visit www.anpathgroup.com for more
information.
EnviroSystems, Inc. is focused on safe infection prevention
technologies that the company believes will position the company in
the forefront of the industry at a time when there is rapidly
growing awareness of the critical need to prevent biological risks
— both natural and man-made. Visit www.envirosi.com for more
information.
Forward Looking Statements:
This release may contain forward-looking statements, which
reflect expectation or belief by Anpath Group, Inc. concerning
future events that involve risks and uncertainties. Forward-looking
statements include the proposed budget in the Company's chapter 11
filings. Anpath Group can give no assurance that the
expectations reflected in forward looking statements will prove
correct and various factors could cause results to differ
materially from Anpath Group expectations, including, but not
limited to U.S. EPA and state registration of Anpath Group's
products, foreign registration of its products, its ability to
carry out its business plan, successful development and commercial
acceptance of its products, ability to fund development of its
technology, the risk that products may not result from development
activities, protection of its intellectual property, need for
regulatory approvals, and other factors discussed in periodic
Anpath Group, Inc. filings with the Securities and Exchange
Commission. Forward-looking statements are qualified in their
entirety by the above cautionary statement. Anpath Group
assumes no duty to update its outlook or other forward-looking
statements as of any future date.
SOURCE Anpath Group, Inc.