(TheNewswire)
Edmonton, Alberta - TheNewswire - 12 December, 2023 - Innovotech Inc. (TSX-V:IOT) hasappointed Bernard Grobbelaar as CFO, effective immediately. Mr.Grobbelaar’s new role is part of a greater realignment at Innovotechto strengthen the company’s operations and improve its efficiencyand capacity to scale. Mr. Grobbelaar will relinquish his Board ofDirectors seat, allowing him to maintain maximum independence. Mr.Grobbelaar is a Chartered Professional Accountant and providesservices through his professional services firm, Oikonomos. “I amlooking forward to working closely with Bernard, as he brings decadesof experience, strong fiduciary oversight, and a keen drive tomodernize and optimize,” says Craig Milne, CEO.
The appointment of Mr. Grobbelaar completes a plannedtransition with Alan Savage concurrently resigning from his role asInnovotech CFO which the Board of Directors has accepted. “We areimmensely grateful for Alan’s contributions over the past few years. In his many capacities at Innovotech, he has stabilized the companyand laid the foundation for successes to come,” says Jim Timourian,Board Chair.
The company has five Board Members and will seek torecruit two additional members in 2024.
Innovotech has also granted 40,000 incentive stockoptions under its stock option plan exercisable at $0.085 per share toTyler Boone, Chief Operating Officer, and Patricia Nadworny, ChiefScientific Officer, in the amount of 20,000 each. The options arefor 5 years and expire on 12 December, 2028.
About Innovotech Inc:
Innovotech is a Canadian biotechnology company owningproprietary intellectual property, conducting contract research, andowning and providing proprietary devices for testing in multipleapplications in microbiology and can be found online at www.innovotech.ca .
Craig Milne, CEO Innovotech Inc.
+1-604-239-1819 craig.milne@innovotech.ca
This document may containforward-looking statements that are predictive in nature and subjectto risks and uncertainties that cannot be predicted or quantified;consequently, actual results may differ materially from past resultsand those expressed or implied by any forward-looking statements.Factors that could cause or contribute to such risks or uncertaintiesinclude, but are not limited to: the regulatory environment includingthe difficulty of predicting regulatory outcomes; changes in the valueof the Canadian dollar; the Company’s reliance on a small number ofcustomers including government organizations; fluctuations inoperating results; government policies or actions; progress and costof clinical trials; reliance on key strategic relationships;uncertainty related to intellectual property protection and potentialcosts associated with its defense; the Company’s exposure tolawsuits and other matters beyond the control of management. Shouldknown or unknown risks or uncertainties materialize, or shouldmanagement’s assumptions prove inaccurate, actual results could varymaterially from those anticipated. The Company undertakes noobligation to publicly make or update any forward- looking statements,except as required by applicable law.
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
###
Copyright (c) 2023 TheNewswire - All rights reserved.