CEO Jim Schutz and CFO Robert Miller Step
DownFrederick (Bubba) Sandford Appointed as New CEO and Interim CFO
and will Join the Board
Sonoma Pharmaceuticals, Inc. (Nasdaq: SNOA), a specialty
pharmaceutical company that develops and markets unique and
effective solutions for the treatment of dermatological conditions
and advanced tissue care, today announced a series of management
changes.
The Board of Directors named Frederick (Bubba) Sandford as
Sonoma’s Chief Executive Officer and Interim Chief Financial
Officer. He assumed the role on December 11, 2018 and, upon joining
the Company, also joined the Board of Directors.
Mr. Sandford, 57, has over 30 years of experience leading
companies in several industries and at various stages, including
turnarounds. Most recently, Mr. Sandford transformed the
underperforming, public staffing company, Command Center, Inc.,
into a profitable enterprise, with nearly $100 million in revenue,
67 on-demand labor stores in 22 states and approximately 34,000
workers. During his tenure at Command Center, he successfully led
the Company to uplist on Nasdaq, and he increased shareholder value
by 150% while improving gross margins to industry-leading
standards.
“We are very pleased to welcome Bubba to the Company,” said
Jerry McLaughlin, Lead Independent Director of the Board. “His
years of leadership experience and knowledge of, and background in,
company turnarounds and growth will be invaluable to Sonoma in our
mission to realize the Company’s full potential.”
“I’m excited to be joining Sonoma at such an important chapter
in the Company’s history,” said Bubba Sandford. “I look forward to
building the Company and delivering long-term value for
shareholders.”
Sonoma also announced that Jim Schutz and Bob Miller resigned
from their positions as CEO and CFO respectively. On the same
date, Jim Schutz also resigned from the Board of Directors.
“Jim and Bob were integral to Sonoma’s strategic change to a
dermatological company,” said Mr. McLaughlin. “The Board and I want
to thank both Jim and Bob for their years of service to the
Company, and we wish them well in their future endeavors.”
As part of Mr. Sandford’s appointment to Chief Executive
Officer, he will receive 450,000 stock options convertible into the
Company’s common stock, of which 400,000 options will be granted as
an inducement grant and the remainder from the Company’s equity
incentive plans.
About Frederick (Bubba) SandfordFrom February
2013 to March 2018, Mr. Sandford served as President, Chief
Executive Officer, and Director of Command Center, Inc, where he
successfully led a turnaround of the company and transformed it
into a profitable enterprise, with nearly $100 million in revenue,
67 stores in 22 states and approximately 34,000 workers. Mr.
Sandford has over 30 years of experience leading companies in
various industries, including staffing, technology, industrial
fabrication, security services, waste management, and retail
companies, at various stages, including startups, turnarounds and
wind downs. Prior to 2013, Mr. Sandford served as an independent
consultant to Silicon Valley venture capitalists, and, from 2003 to
2005, he led the restructuring of The Environmental Trust. Mr.
Sandford earned a B.A. in Psychology from the University of
Massachusetts at Amherst. He was awarded a full fellowship and
earned his MBA from Cornell University, while also serving as Chief
Executive Officer of Student Agencies, America’s oldest student-run
company. Mr. Sandford is also a former U.S. Navy Seal.
About Sonoma Pharmaceuticals, Inc.Sonoma is a
specialty pharmaceutical company that develops and markets unique
and effective solutions for the treatment of dermatological
conditions and advanced tissue care. The company’s
products, which are sold throughout the United States and
internationally, have improved outcomes for more than five million
patients globally by reducing infections, itch, pain, scarring
and harmful inflammatory responses. The company's headquarters are
in Petaluma, California, with manufacturing operations in the
United States and Latin America. European marketing and sales
are headquartered in Roermond, Netherlands. More information can be
found at www.sonomapharma.com.
Forward-Looking StatementsExcept for historical
information herein, matters set forth in this press release
are forward-looking within the meaning of the “safe harbor”
provisions of the Private Securities Litigation Reform Act of 1995,
including statements about the commercial and technology progress
and future financial performance of Sonoma Pharmaceuticals,
Inc. and its subsidiaries (the “Company”). These forward-looking
statements are identified by the use of words such as “preparing,”
“represent,” and “upcoming,” among others. Forward-looking
statements in this press release are subject to certain risks and
uncertainties inherent in the Company’s business that could cause
actual results to vary, including such risks
that regulatory clinical and guideline developments may
change, scientific data may not be sufficient to meet
regulatory standards or receipt of required regulatory clearances
or approvals, clinical results may not be replicated in actual
patient settings, protection offered by the
Company’s patents and patent applications may be challenged,
invalidated or circumvented by its competitors, the available
market for the Company’s products will not be as
large as expected, the Company’s products will not be able to
penetrate one or more targeted markets, revenues will not be
sufficient to meet the Company’s cash needs, fund further
development and clinical studies, as well as uncertainties relative
to varying product formulations and a multitude of diverse
regulatory and marketing requirements in different countries and
municipalities, and other risks detailed from time to time in the
Company’s filings with the Securities and Exchange Commission. The
Company disclaims any obligation to update these forward-looking
statements, except as required by law.
Sonoma Pharmaceuticals™ is a trademark or registered trademark
of Sonoma Pharmaceuticals, Inc. All other trademarks and service
marks are the property of their respective owners.
ir@sonomapharma.com
Sonoma Pharmaceuticals (NASDAQ:SNOAW)
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