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- SANTA CLARA -- MDM Group, Inc. advises that its Australian listed Harrington Group or in the US following recent developments is now well positioned for its next phase development as a solid earnings based company.
Following solid strategy development and executive search over the past approximate six months the Company yesterday reported two significant milestones (See full ASX releases at www.hgrltd.com): -- The successful completion of a AUD$1.5 million placement of which
$1.2M has been taken as a long term position by one of the country's most
astute and respected investors.
-- The appointment of two key executives who have had extensive senior
executive management and directorship roles with international business
units or divisions of companies such as Bristol-Myer Squibb, F.H. Faulding
and Johnson & Johnson. They have both had many international postings and
been responsible for product development and global marketing of
pharmaceutical products and medical devices.
Mr. Brian Andrews has been appointed as the Harrington Group Managing Director. Mr. Andrews has extensive experience largely in national and global sales and marketing positions. His experience includes responsibility for a $260 million product portfolio and business unit of a division of Bristol-Myer Squibb. He has an MBA from Monash University, a B Bus, a B Sc and Leadership Development qualifications through certifications gained at New Brunswick and Princeton in the USA.
Mr. Andrew Paice has been appointed as a director and CFO and has extensive experience in financial management roles at a senior executive and director level. Recently, he was responsible for the financial strategy and management of various business divisions and units of Bristol-Myer Squibb with operational responsibility for businesses having annual revenues of over $350 million. He is a member of CPA Australia and has a B Bus (Accounting) from Swinburne.
MDM Group President, Peter Boonen who had taken the Harrington Group MD role during the transition phase has stepped down as MD and following a phase in period over the next four months will then remain on the Harrington Group Board as a non executive director.
Mr. Boonen today stated: "We are absolutely delighted at having been able to secure the services of the new Harrington Group executives. With their vast and diverse experience within the pharmaceutical and medical device industry globally, they will no doubt contribute greatly to the continued growth and development of a significant MDM Group controlled investment and business. We will be particularly looking forward to the coming quarters during which Harrington Group is expected to commence reporting of its revenue generation and growth. Over the past nine months we have achieved a lot in preparation for the repositioning and global expansion Harrington Group and the Sun Biomedical products. We now have, in Harrington, the world class expertise and experience to capitalize on this and take the company forward."
The OraLine saliva drug screen is the immediate Harrington Group focus. OraLine has been rated as the best in the market by many independent parties because of its ability to detect the presence of the parent marijuana (THC) at a very low target concentration level (4ng/mL). OraLine is the only available saliva drug screen that meets this low level detection cut-off which is proposed by the US Government as a target standard for workplace screening. Although Harrington Group is addressing many markets including, retail (in Australia initially), probation, corrections and roadside, the major market, which will also be Harrington Groups main focus, is in workplace drug testing.
This press release is available on the Company's official on-line Investor Relations HUB at http://www.agoracom.com/IR/MDMGroup for investor questions, answers and monitored commentary. Alternatively, investors are able to e-mail all questions and correspondence to MDDM@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time. Also see www.mdmgroupinc.com.
About MDM Group Inc.
MDM Group develops strategic interests within the Security, Biodefense, Law Enforcement and Homeland Security industries. MDM Group's Biodefense Division is focused on discovery and rapid development of vaccines and other countermeasures to support the Homeland Defense and other stockpile requirements of the United States government and its citizens as well as those in other countries. MDM Group has a controlling interest (63.75 million shares) in Australian listed Harrington Group which is also quoted in the US on the (PINKSHEETS: HGRLF). |