Spherix (SPEX) Sells Consulting Business, CEO Kruger Resigns, Company to Evaulate Alternatives

December 3, 2012 8:38 AM EST
Spherix Incorporated (Nasdaq: SPEX) announced that, as an initial step in its restructuring program, it has sold all of the stock of Spherix Consulting, Inc. to ChromaDex, Inc (Nasdaq: CDXC).

Dr. Claire Kruger will continue to lead Spherix Consulting, the company she founded in 2008, as a division of ChromaDex. ChromaDex is an innovative natural products company that provides proprietary, science-based solutions and ingredients to the dietary supplement, food & beverage, animal health, cosmetic, and pharmaceutical industries.

Pending completion of its review of its strategic alternatives, Spherix Incorporated will continue to pursue development and commercialization of innovative drug, medical, and food technologies, including food and nutritional technologies and supplements. In connection with the disposition of Spherix Consulting, Dr. Kruger has resigned from the position of Chief Executive Officer and as a Director of Spherix. Dr. Robert A. Lodder, Jr. has assumed the additional position of Principal Executive Officer of the Company and Mr. Robert L. Clayton assumed the additional position of Corporate Secretary, both effective immediately. In light of the renewed focus on the Company's drug, medical and food development activities, Mr. Melissaratos, Mr. Peter, and Dr. Lodder, also resigned from the Board of Directors. Dr. Lodder will continue to serve as an officer.

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Corporate News, Management Changes, Mergers and Acquisitions

Add Your Comment