Monday, January 16, 2012
SALT LAKE CITY, Jan. 17, 2012 (GLOBE NEWSWIRE) -- LifeVantage
Corporation (OTCBB:LFVN), maker of Protandim®, the Nrf2 Synergizer™
patented dietary supplement, announced that nine directors were
elected to the Board of Directors at the company's Annual Meeting
of Shareholders held on January 10, 2012, including four new
directors. Elected to the Board of Directors for one year terms
were Douglas C. Robinson, the company's President & Chief
Executive Officer, David W. Brown, the company's President of
Network Marketing Operations, Dr. Joe M. McCord, the company's
Chief Science Officer, as well as Garry P. Mauro and Mike Lu. In
addition, newly elected directors include Michael A. Beindorff,
Dave S. Manovich, George E. Metzger, and Elwood ("Woody") H.
Spedden. Immediately following the Annual Shareholder Meeting, the
newly seated directors held their first Board Meeting. In
that meeting, Woody Spedden was appointed as Chairman of the Board.
Garry Mauro, the outgoing Chairman of the Board, will continue to
serve as a director. As two incumbent board members did not stand
for reelection, the Board of Directors now consists of nine
members, six of whom are independent.
The new directors bring a wealth of corporate experience and
expertise in areas that are critically important to the company's
growth and long-term success, including executive and board
experience with publicly traded companies. The four new directors
have held leadership positions at successful companies that include
Apple, VISA, Coca-Cola, Textron and Hewlett-Packard.
Douglas C. Robinson, the company's Chief Executive Officer, stated,
"We are pleased to welcome our four new board members. As our
company evolves, we recognize that it is critical that we have the
right Board of Directors complementing our management team to
provide us with insight and expertise. Each of our new directors
brings a unique and valuable perspective that will be instrumental
as we grow our business through distributor growth, geographic
expansion, and the strategic introduction of new and complementary
products. We also want to thank our two outgoing board members, Dr.
James Crapo and Kay Manovich, for their valuable service to our
company over the past years."
Mr. Robinson continued, "We are excited to begin working with Woody
Spedden as our newly elected Chairman of the Board. With more than
fifty years of executive management experience with public and
private companies, Woody is an ideal candidate to serve as Chairman
of LifeVantage and to counsel our young and rapidly growing company
during our next phase of growth. We also want to recognize Garry
Mauro's valuable contributions to LifeVantage's development since
he joined our board in 2008. During his tenure on the board,
LifeVantage made the strategic decision to launch into Network
Marketing, enter additional markets, namely Japan, and restructure
our corporate management team. We look forward to our continued
association with him as a member of our board."
Mr. Spedden stated, "I admire the strong product offerings and
scientific backing of LifeVantage, and I am very pleased to be
elected to the Board of Directors and to serve as Chairman of the
Board. I look forward to sharing my experience with LifeVantage as
its brand awareness expands and a growing number of people improve
their health and wellness through the benefits of Protandim."
Approval Received of Tender Offer to Modify
Warrants
In addition, the company on December 29, 2011, received the
expected approval from warrant holders of its tender offer to
modify certain outstanding warrants. As previously announced,
LifeVantage filed a tender offer document with the SEC and
initiated a tender offer for the purpose of amending certain of its
warrants to remove the price-based anti-dilution provision
contained in those warrants and to extend the period during which
those warrants may be exercised by 30 days. As of December 29,
2011, the company received the requisite approvals such that all of
the warrants covered by the tender offer were amended. As a result,
the company will no longer account for these warrants as a
derivative liability as currently required under U.S. GAAP.
With the warrant modification and the expiration of certain other
warrants in March and April 2012, the company will be removing all
derivative warrant liabilities from its balance sheet and
eliminating the quarterly changes in fair value of these warrants
from its income statement. With these changes, the company believes
that its financial statements will more closely reflect its
operating performance.
Newly Elected Board Members and Backgrounds
Elwood ("Woody") H. Spedden: Mr. Spedden's career includes more
than fifty years of experience in executive management and
oversight, compensation, compliance, engineering practice, sales
and marketing on behalf of private and public sector companies. He
served as a member of the Board of Directors of Advanced Energy
Industries from 1995 until 2010 and he also served on its audit,
nominating and governance and compensation committees. From 1997 to
1999, he served as President and Chief Executive Officer of Photon
Dynamics Inc., a publicly-held manufacturer of flat panel display
test equipment. From July 1996 to June 1997, Mr. Spedden was a vice
president of KLA-Tencor Semiconductor, a publicly-held manufacturer
of automatic test equipment used in the fabrication of
semiconductors. From 1989 to 1996, Mr. Spedden was the Vice
President of Field Operations, and in 1991 took on the role of
President and Chief Executive Officer, of Credence Systems
Corporation, a manufacturer of test equipment for the global
semiconductor industry. From 1971 to 1989, he held many senior
positions at Teradyne Inc., a supplier of automatic test equipment.
Prior to that, he worked in various sales and marketing roles at
Hewlett Packard.
Michael A. Beindorff: Mr. Beindorff brings more than thirty
years of experience in general management, operations, sales and
marketing with a strong track record of building and leading
disciplined organizational teams, driving rapid, profitable growth
and delivering results across a variety of business environments.
He currently serves as Principal & President of the Far Niente
Group, a management consultancy focused on helping clients build
effective business models, strong differentiated brands, viable
product lines and sustainable businesses while maximizing return on
investment, a position he has held since 2008. From 2004 to 2008,
he served as Chief Operating Officer of Exclusive Resorts, a
world's leading private club for luxury travel experiences, where
he helped build a world class leadership team and a profitable,
sustainable business. From 2002 to 2004, he served as Principal
& President of the Greentree Group, a management consultancy
helping clients build strong brands and effective business models.
From 1999 to 2002, he served first as President & COO and then
as Chairman & Chief Executive Officer of PlanetRx.com, an
internet pharmacy and on-line health portal. From 1995 to 1999, he
served as Executive Vice President of Marketing, Operations &
Product Management for VISA. From 1978 to 1995, he held various
positions leading global advertising, sales, marketing and brand
management for The Coca-Cola Company and Rhodes Furniture. Mr.
Beindorff received his Bachelor of Science in Business
Administration from the University of Alabama and his Masters of
Business Administration from the Gouzuietta Business School at
Emory University.
Dave S. Manovich: Mr. Manovich has extensive experience in finance
management and oversight, executive sales and marketing operations
as well as distribution management and development. He currently
serves as Managing Partner of D&S Investments, a private
investment entity focused on portfolio management for long term
capital appreciation, a position he has held since 2006. From 1999
to 2001, he served as Chief Operating Officer and Senior Vice
President of @Road Inc., a start-up wireless data services company.
From 1998 to 1999, he served as a Partner of Union Atlantic, LC, an
investment and venture capital merchant banking company. From 1997
to 1998, he served as Executive Vice President at Apple Computer
where he was responsible for worldwide sales and support. From 1996
to 1997, he served as Vice President of Sales for Fujitsu P.C.
where he was responsible for sales and channel development for the
U.S., Canada, Central and Southern America and Caribbean markets.
From 1985 to 1996, he served in various positions at Apple
Computer, including as Vice President of U.S. consumer division,
Director of Business Markets and Country Manager for the UK/Ireland
as well as Regional & District Sales Manager in the U.S. Mr.
Manovich began his career at Deloitte, Haskins & Sells, where
he served as a Certified Public Accountant. Mr. Manovich received
his Bachelor of Science in Business Administration with an emphasis
on Marketing and Management from the University of Montana and his
Masters of Business Administration with an emphasis on Finance from
the University of Montana.
George E. Metzger: Mr. Metzger brings to LifeVantage more
than thirty years of experience in executive compensation, human
resources, benefits and labor relations as well as workforce
planning. In 2007, Mr. Metzger retired from Textron Inc., a company
with international operations in multiple industries. Mr. Metzger
worked in various capacities while at Textron beginning in 1985,
and most recently served as Vice President of Human Resources and
Benefits from 2000 until December 2007. In this role he was
responsible for Textron's networked integrated human resource
delivery system, including account based healthcare plans,
retirement plan redesign and reward structure. From 1976 to 1986,
he worked for Rockwell International, including serving as Director
Human Resources. He worked at Clark Equipment Company from 1969 to
1976 as Director Labor Relations at the time of his departure. Mr.
Metzger also serves on the Board of Directors of WorkWell Systems,
Inc., a privately held physical medicine and workers' compensation
solutions company. Mr. Metzger received his Bachelor of Science in
Business Administration from Trine University.
About LifeVantage Corporation
LifeVantage, (OTCBB:LFVN), maker of Protandim®, the Nrf2
Synergizer™ patented dietary supplement, is a science based
nutraceutical company. LifeVantage is dedicated to visionary
science that looks to transform wellness and anti-aging internally
and externally with products that dramatically reduce oxidative
stress at the cellular level. The Company was founded in 2003 with
headquarters in Salt Lake City, Utah and operations in San Diego,
CA. For more information, visit www.LifeVantage.com.
Forward Looking Statements
This document contains forward-looking statements made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Words and expressions reflecting optimism,
satisfaction or disappointment with current prospects, as well as
words such as "believe," "hopes," "intends," "estimates,"
"expects," "projects," "plans," "anticipates" and variations
thereof, identify forward-looking statements, but their absence
does not mean that a statement is not forward-looking. Such
forward-looking statements are not guarantees of performance and
the Company's actual results could differ materially from those
contained in such 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 include, among
others, the potential failure or unintended negative consequences
of the implementation of the Company's network marketing sales
channel; the Company's ability to retain independent distributors
or to attract new independent distributors on an ongoing basis; the
potential for third party and governmental actions involving the
Company's network marketing sales channel; the potential for
product liability claims against the Company; the risk that
government regulators and regulations could adversely affect the
Company's business; future laws or regulations may hinder or
prohibit the production or sale of the Company's existing product
and any future products; unfavorable publicity could materially
hurt the Company's business; and the Company's ability to protect
its intellectual property rights and the value of its product.
These and other risk factors are discussed in greater detail in the
Company's Annual Report on Form 10-K and its Quarterly Report on
Form 10-Q under the caption "Risk Factors", and in other documents
filed by the Company from time to time with the Securities and
Exchange Commission. The Company cautions investors not to place
undue reliance on the forward-looking statements contained in this
document. All forward-looking statements are based on information
currently available to the Company on the date hereof, and the
Company undertakes no obligation to revise or update these
forward-looking statements to reflect events or circumstances after
the date of this document, except as required by law.
CONTACT: Investor Relations Contact:
Cindy England
(801) 432-9036
Director of
Investor Relations
-or-
John Mills (310)
954-1105
Senior Managing
Director, ICR, LLC