Botaniex, Inc. Announces Resignation of Andrea Cortellazzi as Chief Financial Officer and Director
1/4/2006 9:00:12 AM
NEW YORK, NY, Jan 04, 2006 (MARKET WIRE via COMTEX) -- Botaniex, Inc. (BTXI) announced today that Andrea Cortellazzi has resigned each of his positions in Botaniex, Inc, including those of Chief Financial Officer and Director, effective immediately. Mr. Cortellazzi's resignation leaves Melson Liao, the company's Chairman, President and Chief Executive Officer, in exclusive control of the company.
Since April, 2005, when Mr. Liao and his then-private company, Botaniex, Inc., took control of the public company that is now traded on the Pink Sheets under the symbol BTXI, the company has been hampered with a consistent inability to effectively pursue execution of its business plan because of a fundamental impasse over certain strategic and related corporate issues as between the only two members of its board of directors, Messrs. Liao and Cortellazzi. While Mr. Cortellazzi's contributions to the company to date have played an important part in the development of the company's corporate identity and visibility, recent developments leave the company in a very strong position to move into an aggressive operational mode, take advantage of pent-up demand for its products, and exploit a variety of strategic international opportunities that it has been unable to effectively pursue to date. "Different people ... intelligent people ... can -- and often do -- have very different ideas as to how to succeed," noted Mr. Liao. "What's important within an organization is to identify and pursue a single path that draws upon the best of everyone's ideas. Unfortunately, in the real world, some ideas are just too different ... too conflicting .... to be reconcilable. When that happens, something has to give."
In reflecting on the frustrations of the past few months and on Mr. Cortellazzi's decision to step down, Mr. Liao offered the following additional comments: "Andrea has been a friend to both this company and myself since the transaction back in April. Particularly in terms of investor relations and fundraising, I am personally very appreciative of his efforts. While it is unfortunate that we will no longer have the benefit of his knowledge and skills, I understand and respect his decision. I believe, moreover, that, as a significant shareholder going forward, he would agree that Botaniex is really poised now for an exciting period of rapid growth."
It is expected that, within the next several weeks, Mr. Liao will announce a newly revised strategic plan, as well as a restructured management team, for Botaniex, Inc. It is further expected that, at that time or before, the appropriate filing will be made with the Nevada Secretary of State reflecting the change in the company's officers and directors.
