LexaGene Announces Change in Management and Appoints New Member to the Board of Directors
On February 12, 2021, LexaGene Holdings announced the resignation of Mr. Daryl Rebeck from his role as President and Board member, effective February 15, 2021. Stephen J. Mastrocola has been appointed to the Board, bringing nearly 40 years of accounting and auditing experience, particularly in the life sciences sector. CEO Dr. Jack Regan expressed gratitude for Rebeck's contributions while highlighting Mastrocola's capability to support LexaGene's growth objectives. The company specializes in rapid pathogen detection systems for various markets, including veterinary diagnostics and food safety.
- Appointment of Stephen J. Mastrocola brings nearly 40 years of experience in accounting and life sciences.
- Mastrocola's industry connections and expertise expected to support the company's growth objectives.
- Resignation of Daryl Rebeck may raise concerns regarding leadership continuity.
- Rebeck's comments on pandemic-related travel challenges could indicate operational difficulties.
BEVERLY, Mass., Feb. 12, 2021 (GLOBE NEWSWIRE) -- LexaGene Holdings, Inc., (TSX-V: LXG; OTCQB: LXXGF) (the “Company”), a molecular diagnostics company that develops fully automated rapid pathogen detection systems, announces that Mr. Daryl Rebeck will resign from the Board and his position as the President of the Company effective February 15, 2021, and Stephen J. Mastrocola has joined LexaGene’s Board of Directors.
Dr. Jack Regan, LexaGene’s CEO and Founder, states, “I’m immensely grateful to Daryl for being my partner and helping me found this company four years ago. I would like to thank him for all his hard work and leadership and wish him great success in his future endeavors.”
Mr. Daryl Rebeck comments, “The pandemic has certainly presented some challenges for me to travel to the Beverly office while based outside of the country. I am confident that Jack and the current management team will continue to move the company forward. I am incredibly proud of what we’ve built at LexaGene, and the company has my continued support.”
As a board member, Mr. Mastrocola brings almost 40 years of accounting and auditing experience working with public and private companies. Mr. Mastrocola recently retired from Ernst & Young LLP (EY) after 19 years, where he was a senior assurance partner and led EY’s New England Assurance Practice for several years. Prior to EY, Mr. Mastrocola was an assurance partner at Arthur Andersen LLP. Through his 40-year career at leading auditing firms, he served primarily emerging and growth-oriented companies in the life science sector with products in medical devices and diagnostics. Mr. Mastrocola is a Certified Public Accountant with extensive experience in various financial transactions including IPOs, debt financings, mergers and acquisitions, revenue recognition, internal controls and corporate governance, including compliance matters. Mr. Mastrocola is also a member of LaunchPad Venture Group and serves on the Boards of Partners for Youth with Disabilities and the New England Aquarium.
Dr. Regan continues, “We are extremely excited to have Steve join our board. He brings strong leadership skills, a wealth of knowledge, and connections in the industry that will be critical for LexaGene to meet its growth goals in 2021 and beyond.”
To be added to the LexaGene email list, please subscribe on the Company website.
On Behalf of the Board of Directors
Dr. Jack Regan
Chief Executive Officer & Chairman
About LexaGene Holdings Inc.
LexaGene is a molecular diagnostics company that develops molecular diagnostic systems for pathogen detection and genetic testing for other molecular markers for on-site rapid testing in veterinary diagnostics, food safety and for use in open-access markets such as clinical research, agricultural testing and biodefense. End-users simply need to collect a sample, load it onto the instrument with a sample preparation cartridge, enter sample ID and press ‘go’. The MiQLab™ system delivers excellent sensitivity, specificity, and breadth of detection and can return results in approximately one hour. The unique open-access feature is designed for custom testing so that end-users can load their own real-time PCR assays onto the instrument to target any genetic target of interest.
For further information, please contact:
Media Contact
Nicole Ridgedale
Director of Corporate Marketing, LexaGene
800.215.1824 ext 206
nridgedale@lexagene.com
Investor Relations
Jay Adelaar
Vice President of Capital Markets, LexaGene
800.215.1824 ext 207
jadelaar@lexagene.com
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors -- including the availability of funds, the results of financing efforts, the success of technology development efforts, the cost to procure critical parts, performance of the instrument, market acceptance of the technology, regulatory acceptance, and licensing issues -- that could cause actual results to differ materially from the Company's expectations as disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
FAQ
What prompted Daryl Rebeck's resignation from LexaGene Holdings?
Who has joined the board of LexaGene Holdings after Daryl Rebeck's resignation?
What experience does Stephen J. Mastrocola bring to LexaGene Holdings?
How might the management change impact LexaGene Holdings?
When did Daryl Rebeck resign from his position at LexaGene?
