Mr. Tsiang has been a director of New Leaf Brands since June 2007. He was formerly the Managing Director of Investment Banking at Northeast Securities, Inc. Prior to joining Northeast Securities, Inc. in December 2001, he served as Vice President of corporate planning at the investment bank C.E. Unterberg, Towbin from November 1999 to October 2001, and Vice President/Senior Analyst with the financial services firm Ernst & Company from March 1991 to March 1998.
In order to take advantage of synergies, improve coordination and increase efficiencies, the Company has begun the process of consolidating its Arizona-based corporate office operations and support functions, and their New York operation into one location. The Company has selected Orangeburg, New York as their new corporate headquarters. Consolidation is scheduled to start in the first quarter of 2010 and is expected to be completed during the second quarter of 2010. All accounting, operations, corporate communications and marketing support functions will be moved to the new headquarters to streamline corporate operations.
“I have enjoyed my working relationship with Mr. Reithinger and respect his decision to remain close to his family. His oversight and strategic counsel will be missed. He has done an exceptional job as an executive officer over the years on a range of business initiatives and in his role managing the Company’s financial, accounting, legal, strategic development and operational functions,” stated Mr. Eric Skae, President and Chief Executive Officer of New Leaf Brands. “As we move forward, we are excited to announce that David Tsiang has joined our executive management team to become Chief Financial Officer of the Company. David has been an active director on our board since 2007 which will make the transition into his new role quick and seamless. David is a long time veteran in the financial industry having worked for several well respected financial firms. I am delighted to have David join the team as we continue to build our healthy beverage business.”
Mr. Eric Skae continued, “Simultaneous with the appointment of David, we have begun the process of consolidating our operations to New York. Through this consolidation, we expect that our efficiencies will be greatly enhanced from many aspects including sales, marketing, operational, accounting and corporate planning. As we execute our growth plans for 2010, we intend to maintain that entrepreneurial and agile competitive advantage that is characteristic of innovative high-growth companies. The continuity of our centralized operations will allow us to operate more efficiently as we continue to execute on our growth strategy.”
About New Leaf Brands, Inc.:
Founded by Eric Skae in 2004 in Orangeburg, New York, New Leaf was created with the vision of providing healthy beverages for consumers that are great-tasting and made only with high quality ingredients. New Leaf Tea was the company’s first product that was born out of that vision and now is available to consumers in 14 unique flavors and in over 8,000 outlets including restaurants, delis, pizzerias and other retail establishments. For more information, please visit www.newleafbrands.com.
This press release may contain forward-looking statements which involve known and unknown risks, uncertainties or other factors that could cause actual results to differ materially from the results, performance, or expectations implied by these forward-looking statements. The Company’s expectations, among other things, are dependent upon general economic conditions, continued demand for its products, the availability of raw materials, retention of its key management and operating personnel, its ability to operate its subsidiary companies effectively, need for and availability of additional capital as well as other uncontrollable or unknown factors which are more fully disclosed in the Company’s Form 10-Ks and 10-Qs on file with the United States Securities and Exchange Commission.