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Hayward, CA, December 19, 2000 -- Sepragen Corporation (OTC BB: SPGNA), a
provider of patented technology and equipment for purification needs in the
nutritional and biotech industries, today announced the addition of Henry
"Skip" Edmunds, Ph. D., as acting CFO. Dr. Edmunds, who is currently a
board member, will take on a more active role in the oversight of the financial
activities of the Company and participate in raising of capital and structuring
deals and alliances. Dr. Edmunds has served as CFO at two biotech companies -
Sangstat and Prometheus - and prior to that was Director of Business Development
and Financial Planning at Genencor. He has a Ph. D. in Biochemistry from the
University of California at Berkeley and an MBA from Stanford University.
In an unrelated event, the Company is replacing its auditors, Grant Thornton,
with Bedinger & Company. Grant Thornton had recently resigned from Sepragen.
The resignation was not due to any disagreement on any matter of accounting
principles, financial statement disclosures or auditing scope or procedure.
Of these changes, Vinit Saxena, Sepragen's CEO, said, "Dr. Edmund's
addition will help us implement financial systems and provide support for
financial analyses to make sound decisions for growth. Changing our accountants
to a smaller firm provides us with both the benefits of economy along with more
responsiveness that we need in order to operate as a reporting public
company."
Sepragen is a leading supplier of separation process technology, equipment
and consumables to the biotechnology and nutraceutical industries. In addition
to its biotech drug separation business, the Company has developed patented
applications that provide large market opportunities in the food and beverage
industry, including debittering citrus juices, extracting isoflavone (plant
estrogen) from soy as well as extracting proteins from whey. The Company holds
over 14 issued patents relating to its core technology.
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The statements in this release that relate to future events or
performance, statements about growth, future regulatory clearances, levels of sales and
market size and future manufacturing capacity and efficiencies are forward-looking
statements that involve risks and uncertainties, including risks associated with
uncertainties related to the development of markets for and commercial acceptance of the
company's products and services, the availability of components, competitors' product
introductions and other risks identified in the company's SEC filings. Actual results may
differ from those described in these forward-looking statements. Readers are cautioned not
to place undue reliance on these forward-looking statements, which speak only as of the
date hereof.
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