Former
L'Oréal
President Jim Morrison
Appointed as CEO To
Lead Availa Bio
Upon Merger of
Pressure BioSciences, Cannaworx and SkinScience
Labs
South Easton, MA, May 7, 2020 –
InvestorsHub NewsWire -- Pressure BioSciences, Inc. (OTCQB:
PBIO) ("PBI" or the "Company"), today
announced that personal
care industry leader Jim Morrison has been appointed to
serve as the new CEO of the rebranded public
company, Availa
Bio, upon completion of the merger with
Cannaworx,
SkinScience Labs and Pressure BioSciences. As part of
the proposed transactions, the Company intends to change the
corporation's name to Availa Bio. Morrison has
had a legendary career including numerous leadership positions in
the personal care industry, most notably as President
of L'Oréal. While
at L'Oréal, Morrison
oversaw growth that averaged more than 20% year-over-year.
He engineered
the acquisitions of Redken
and Matrix and led the
company during a period of unprecedented growth during his tenure.
Morrison is
considered one of the top brand strategists in the personal care
space. Most
recently, Morrison has been CEO of StarShop, the first
celebrity-driven,
mobile shopping App. He launched
StarShop as a partnership with the telecommunications giant
SPRINT and guided the company to a successful exit earlier
this year. Morrison has had a
long history of working with celebrities in the beauty space
and at StarShop, most notably Britney
Spears, Kimora Lee Simmons, Flo Rida, Katharine McPhee, Christie
Brinkley, Rob Lowe and Kylie Jenner.
Business Week Magazine previously wrote: "Over the last two decades, Mr. Morrison
has had a profound impact on the American Beauty Industry. In
the industry's history no other
executive has had the level of financial responsibility or breadth
of organizational experience as Jim. His devotion to, and
success within the American beauty industry is
unmatched."
Dr. Bobby Ghalili President of
CannawoRx commented,
"Jim is one of the preeminent beauty and personal care brand
builders in the world today. Following his accomplishments as CEO in making Graham Webb one of the most
successful startups
of the 90's, Jim led L'Oréal for
almost a decade, delivering significant growth organically and
through acquisitions. He also
served as President and Chairman of the American Beauty Association
from 1998 to 2004. Hands down, Jim is
virtually unmatched in the experience and credibility we sought to
lead our revolutionary products and growth vision for Availa
Bio."
As the incoming CEO designate for Availa Bio, Jim
Morrison shared his excitement
about the combined companies' opportunities: "I have driven powerful growth across all
traditional channels and moved companies into leadership positions
in the beauty industry. I now have the opportunity to literally change the
product development landscape of several major
industries with the use of the UST
Technology in the proliferation of new products that are
expected to have greater
bioavailability and efficacy than
anything in the world today. I
see Availa Bio as a transformational company. The chance to
work with Drs.
Bobby Ghalili and Adrienne
Denese creates a dynamic
synergy. My background in
skin care, the incredible SkinScience brand,
and my track
record in launching new
products into the market presents a very rare
opportunity. Availa Bio will
allow me to bring over 30 years of experience and my professional network to focus on revolutionary
value creation for this powerful new entity."
Dr. Adrienne Denese, President of SkinScience
Labs, Inc., stated, "Jim Morrison
has been astonishingly successful in building skin care brands
for major
celebrities.
Having achieved over $500 million in
sales over a seventeen-year period, I am
very proud of the track record and very loyal customer following
that I have built under the Dr.
Denese SkinScience brand. I
could not be more excited at the
prospect of teaming up with Jim to take these products and
our new UST
technology to much greater heights and
many new customers, through both existing QVC and additional new
channels."
Commenting on the appointment, PBI's
current President & CEO Richard T. Schumacher
stated, "Availa Bio will use PBI's breakthrough Ultra
Shear Technology™ ("UST™") to process oil-based nutrients and
therapies into more effective, water-soluble solutions. We
believe this will revolutionize Availa's extensive line of existing
and new personal care and consumption products, extending from
human into veterinary and agricultural applications. We are honored
to have Jim's expertise, experience, and leadership as we enter
into this new phase of expected explosive growth for these
products, both through current sales channels like QVC, as well as
through many new paths of retail distribution and online
shopping."
The Letter of Intent between
CannawoRx and SkinScience Labs, and the
Letter of Intent between PBI and CannawoRx, Inc. are
subject to certain closing conditions, including completion of all
due diligence and acquisition financing.
About
Pressure
BioSciences,
Inc.
Pressure BioSciences, Inc. (OTCQB: PBIO) is
a leader in
the development and sale
of innovative, broadly enabling, pressure-based solutions for the
worldwide life sciences and other industries. Our products are based on
the unique properties of
both constant (i.e., static) and
alternating (i.e., pressure cycling technology, or PCT) hydrostatic pressure. PCT is a
patented enabling technology platform that uses alternating cycles of hydrostatic pressure between ambient and
ultra-high levels to safely and reproducibly control bio-molecular interactions (e.g., cell lysis, biomolecule extraction). Our primary focus is
in the development of PCT-based products for
biomarker and
target discovery, drug design and
development, biotherapeutics characterization and quality control, soil &
plant biology, forensics, and counter-bioterror applications. Additionally, major new
market opportunities have emerged in
the use of
our pressure-based technologies
in the following areas: (1) the
use of our recently acquired, patented technology from BaroFold, Inc. (the "BaroFold" technology) to
allow entry into the
bio-pharma contract services sector, and
(2) the
use of our
recently-patented, scalable, high-efficiency, pressure-based Ultra Shear Technology ("UST") platform to
(i) create stable nanoemulsions of otherwise immiscible fluids (e.g., oils and
water) and
to (ii) prepare higher quality, homogenized, extended shelf-life or room temperature stable low-acid liquid foods that cannot be
effectively preserved using existing non-thermal technologies.
Forward
Looking
Statements
This
press release contains forward-looking statements. These statements relate to future events or
our future financial performance and
involve known and
unknown risks, uncertainties and
other factors that may cause our or
our industry's actual results, levels of activity, performance or achievements to
be materially different from any
future results, levels of activity, performance or
achievements expressed, implied or inferred by these forward-looking statements. In some cases, you can identify forward-looking statements by
terminology such as
"may," "will," "should," "could," "would," "expects," "plans," "intends," "anticipates," "believes," estimates," "predicts," "projects," "potential" or "continue" or the
negative of
such terms and other comparable terminology. These statements are only predictions based on
our current expectations and projections about future events. You should not place
undue reliance on
these statements. In evaluating these statements, you
should specifically consider various factors. Actual events or results may differ materially. These and
other factors may cause our actual results to differ materially from any forward-looking statement. These risks, uncertainties, and other factors include, but are not limited to,
the risks and
uncertainties discussed under the heading "Risk Factors" in
the Company's Annual Report on
Form 10-K for the year ended December 31,
2019, and
other reports filed by
the Company from time to
time with the SEC. The
Company undertakes no
obligation to
update any
of the information included in this release, except as
otherwise required by law.
For more information about PBI and
this press release, please click on the following website link:http://www.pressurebiosciences.com
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