Plan-les-ouates, Switzerland (ots/PRNewswire) -
Cryo-Save Group N.V. announced on Friday 26 July 2013 that it
believes that Salveo's decision to convene an extraordinary general
meeting of shareholders (EGM) violates various core principles of
Dutch corporate law. Salveo rejects these allegations and confirms
that it has acted in compliance with all relevant rules and
regulations and will continue to do so.
(Logo: http://photos.prnewswire.com/prnh/20130728/630443 )
As an investor Salveo is deeply concerned by the fact that Cryo-Save
is without a Chief Executive Officer (CEO) for an undefined period of
time. Mr. Van Tulder announced his resignation as CEO on 30 May 2013,
which means that Cryo-Save now approaches its 60th day without a CEO.
In the meantime shareholders have heard few specifics regarding the
CEO succession. Not willing to accept that Cryo-Save would be left to
flounder without a CEO, Salveo as Cryo-Save's largest shareholder has
used its rights under article 18.2 of Cryo-Save's articles of
association to convene an EGM to be held on 9 September 2013. Thus
giving Cryo-Save's board of directors a response time of 108 days as
from Salveo's written request to convene an EGM, which Salveo deems
to be a reasonable period.
Cryo-Save also stated that it believes that the appointment of Mr.
Amar as CEO is likely to cause conflict of interests and loyalty
issues referring to Mr. Amar's equity stake in Salveo Biotechnology,
a Genève based private laboratory specialized in stem cells
cryopreservation and cell culture founded in November 2011. Salveo
Biotechnology competes with Cryo-Save in Italy, Romania, Spain and
Switzerland. To address any potential conflicts of interest or
loyalty issues, Salveo will reduce its equity stake in Salveo
Biotechnology to a non-controlling interest prior to the EGM, and Mr.
Amar has agreed to resign from the board of directors of Salveo and
Salveo Biotechnology. Salveo is confident Cryo-Save's board of
directors will benefit from shareholder representation and Mr. Amar's
expertise and experience with regard to the stem cell storage
business.
Mr. Frédéric Amar stated: "I would be delighted to join Cryo-Save as
CEO and work collaboratively with the board of directors, including
Mr. John Van Leeuwen, to create a culture of leadership dedicated to
its customers and business partners. I am confident the board of
directors will benefit from my experience as chief executive and my
background in science, and I am committed to working with Cryo-Save's
management team to unlock Cryo-Save's significant potential and
value."
About Salveo Holding S.A.
Salveo Holding S.A., is a public limited liability company (société
anonyme) under the laws of the Grand Duchy of Luxembourg, having its
official seat in Luxembourg, Luxembourg, its office address at 127,
Rue de Mühlenbach, L - 2168, Luxembourg, Luxembourg, and registered
with the Luxembourg Commercial Register under number B 145379.
Enquiries: Salveo Holding S.A. Maica Perez, Communications Manager +41-58-1000-176 maica.perez@salveo.com
http://savecryo-save.com
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