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VeruTEK Technologies, Inc. (VTKT.OB) announced the completion of a private placement offering whereby the Company sold approximately 1.34 million shares of its common stock plus warrants to purchase approximately 2.7 million additional shares of common stock. VeruTEK raised approximately $2.059 million. The proceeds will be used for working capital to support current growth as well as for other general corporate purposes.
VeruTEK also announced the appointment of Douglas Anderson as Chairman of its board of directors and Mark Ain and Carlos Naudon as Independent Directors.
Douglas Anderson brings extensive experience in operations, management, finance and M&A to the position. He is the former Chairman, CEO and President of Open Solutions, Inc. (OSI), a leading provider of e-business and software applications for community financial institutions. OSI was acquired in January 2007 by private equity firms The Carlyle Group and Providence Equity Partners. In addition, Mr. Anderson was President of Manchester Savings Bank before it was sold to New Alliance Bank.
Mark Ain is Founder, former CEO and current Executive Chairman of Kronos Incorporated, a human capital management software company that was recently acquired by Hellman and Friedman Capital Partners for $1.8 billion.
Carlos Naudon is the founder, President and Chief Executive Officer of Banking Spectrum, a strategy and compliance consulting company serving the financial services industry. He is also an attorney with Allister and Naudon as well as a retired Certified Public Accountant. Mr. Naudon formerly served as Managing Director of OSI.
"Doug, Mark and Carlos each have a history of helping young companies become highly successful, profitable organizations," said Dr. John Collins, CEO of VeruTEK. "Doug's leadership on the board will be invaluable as VeruTEK continues to grow. Mark and Carlos round out an experienced and prestigious Board of Directors that will help ensure that VeruTEK reaches the next level. We are extremely excited that they have joined the Company."
As part of this growth strategy, VeruTEK co-founder, Senior Vice President and Director of Research and Development, George Hoag, Ph.D., has stepped down from the board effective immediately. Dr. Collins said, "another benefit of adding these tremendous new board members is that it frees George up to focus even more on research and development of new green products and technologies."
About VeruTEK Technologies, Inc.
VeruTEK (VTKT.OB) provides proprietary, patent-pending, green nanotechnology solutions for cleaning up the environment. For more information, please visit http://www.verutek.com .
Safe Harbor Statement
The statements contained herein, which are not historical, are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements including, but not limited to, certain delays beyond the Company's control with respect to market acceptance of new technologies, products and services, delays in testing and evaluation of products and services, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
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VeruTEK Technologies, Inc.
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