Aran(TM) Laboratories' Chairman Theodore ('Ted') N. Trikilis, Put on Notice for Suspected Financial Improprieties, Resigns.William ("Bill") McClellan and Stephen Trikilis Follow Chairman CHIPPEWA LAKE, Ohio Chippewa Lake (formerly Chippewa-on-the-Lake) is a village in Medina County, Ohio, United States. The population was 823 at the 2000 census. Chippewa Lake also often refers to the surrounding area composed of the lake, the former amusement park, Gloria Glens Park -- Aran[TM] Laboratories, the allotropic allotropic /al·lo·tro·pic/ (al?o-tro´pik) 1. exhibiting allotropism. 2. concerned with others; said of a type of personality that is more preoccupied with others than with oneself. oxygen research and development laboratory, has accepted the resignations of Messrs. Theodore N. Trikilis, Executive VP, Head of Sales and Chairman of the Board, Stephen Trikilis, Assistant VP and Domestic Sales Director and William McClellan, Senior VP and Head of Research. This comes on the heels of Mr. Ted Trikilis being prohibited access from Company funds and representing the Laboratory in business matters. His suspected involvement in certain financial improprieties and corporate malfeasance The commission of an act that is unequivocally illegal or completely wrongful. Malfeasance is a comprehensive term used in both civil and Criminal Law to describe any act that is wrongful. related to the non-authorized use of investor capital for the benefit of PIE-related expenses and personal gain is still under investigation. "This is a sad day for Aran Laboratories," said Conrad F. Mir, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Aran Laboratories. "It is unfortunate Ted's poor business decisions quite possibly compromised his fiduciary responsibility to our shareholders." Messrs. Ted and Stephen Trikilis and Mr. McClellan are current board members of PIE International, a private holding company. About Aran Laboratories Aran Laboratories is a fully-accredited EPA EPA eicosapentaenoic acid. EPA abbr. eicosapentaenoic acid EPA, n.pr See acid, eicosapentaenoic. EPA, n. research laboratory. We are committed to the discovery and furtherance fur·ther·ance n. The act of furthering, advancing, or helping forward: "Pakistan does not aspire to any . . . role in furtherance of the strategies of other powers" Ismail Patel. of air and water remediation through the use of super-oxygen. Our proprietary product line of sanitizers for air and aqueous environments is the cornerstone of our remediation business. For more information on the Company and/or purchasing our products, please visit our website at www.aranlaboratories.com or call us at (330) 408-5255. Except for the historical information herein, the matters discussed in this news release include forward-looking statements, as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements, as they are subject to various risks and uncertainties that may cause actual results to vary significantly. Aran Laboratories assumes no obligation to update the information in this release. Reference to our website above does not constitute incorporation of any of the information thereon into this press release. |
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