Chief Financial Officer Resigns from Forbes Medi-Tech.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--Jan. 8, 2001 Forbes Medi-Tech Inc. (Nasdaq:FMTI FMTI Forbes Medi-Tech Inc. (Vancouver, BC) )(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :FMI FMI Fondo Monetario Internacional (Spanish: International Monetary Fund) FMI Fonds Monétaire International FMI For More Information FMI Food Marketing Institute FMI Fundo Monetário Internacional .) today announced that Ian Bradley For others with the same or similar names, see . Ian Campbell Bradley MA, BD, DPhil (born 28 May 1950) is a British theologian, ordained Church of Scotland minister, broadcaster and writer. has resigned as the Company's Chief Financial Officer, effective January 15, 2001. Mr. Bradley joined Forbes in August 2000 with the intention of relocating his family from Toronto to Vancouver. However, for personal family reasons and the opportunity to take on the Presidency of a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. , Mr. Bradley has decided to return to Toronto. "To leave after such a short period of time is personally disappointing," said Mr. Bradley. "Forbes is entering an exciting phase of tremendous growth and 2001 will be a pivotal year for the Company; one which I believe will demonstrate the Company's true value and potential. I will be working closely with the Forbes management team to ensure a smooth transition." "In the short time Ian was with Forbes he made a significant contribution on both the development of the Finance department and the Company in general. We are sorry the move did not work out for his family but we wish him well in his new endeavour. Obviously, we will be looking to find a suitable replacement as quickly as possible," commented Tazdin Esmail, President and Chief Executive Officer, Forbes Medi-Tech Inc. Mr. Alan Lam, CA, Director of Finance and Taxation, will assume the position of Acting CFO See Chief Financial Officer. until a permanent successor is named. Mr. Lam joined Forbes in 1998 and has been directly involved in all aspects of the Company's financial operations, including the Company's TSE and Nasdaq listings and three private placements totalling $53 million. Forbes Medi-Tech Inc. is dedicated to the research, development and commercialization of innovative nutraceutical and pharmaceutical products derived from nature. By extracting plant sterols sterols (ster´ôlz), n.pl steroids having one or more hydroxyl groups and no carbonyl or carboxyl groups (e.g., cholesterol). from pulping by-products, Forbes is developing cholesterol-lowering agents to be used both as functional food ingredients and pharmaceutical therapeutics in the battle against heart disease. Forbes is also developing innovative fermentation fermentation, process by which the living cell is able to obtain energy through the breakdown of glucose and other simple sugar molecules without requiring oxygen. Fermentation is achieved by somewhat different chemical sequences in different species of organisms. technology that converts plant sterols into pharmaceutical fine chemicals, essential in the production of various pharmaceutical steroids such as contraceptive agents and anti-inflammatories. Phytrol(TM) and CardioRex(TM) are trademarks of Forbes Medi-Tech Inc. The Nasdaq National Market and the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. have not reviewed and do not accept responsibility for the adequacy or accuracy of the content of this News Release. This press release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934, which statements can be identified by the use of forward looking terminology, such as "may", "will", "expect", "anticipate", "estimate", "predict", "plans" or "continue" or the negative thereof or any other variations thereon or comparable terminology referring to future events or results. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous factors, including the risk of technical obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. , intellectual property risks, marketing/manufacturing and partnership/strategic alliance risks, any of which could cause actual results to vary materially from current results or the Company's anticipated future results. See the Company's reports filed with the Toronto Stock Exchange and the U.S. Securities and Exchange Commission from time to time for cautionary statements identifying important factors with respect to such forward-looking statements, including certain risks and uncertainties, that could cause actual results to differ materially from results referred to in forward-looking statements. The Company assumes no obligation to update the information contained in this press release. |
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