| CORP. MERGER |
New President and Management Team at Pyrosequencing UPPSALA, Sweden, Aug. 27, 2003 (PRIMEZONE) -- Pyrosequencing AB (Stockholm:PYROA) (Other OTC:PYRSF) today announced the appointment of the new management team for the new Company in connection with the completion of the merger with Personal Chemistry in Uppsala AB, "Personal Chemistry". The merger is planned to take place after the extraordinary general meeting on September 25, 2003. Jeff Bork continues as Chairman of the Board and CEO. Hans Johansson, currently President of Personal Chemistry, becomes the new President and COO, Mats Olof Wallin continues as CFO and Marten Winge as VP Marketing. Jon Sverre Schanche, currently VP R&D at Personal Chemistry, will be the new VP R&D and Scott Carr, today head of Personal Chemistry's American sales company, will become President of the merged U.S. subsidiaries. "Together, the new management team has extensive competence and experience within the biotech business. We will devote all our efforts to successfully merge the two companies, to continue our growth and to achieve a positive cash flow in the Company within the foreseeable future," said Jeff Bork, Chairman of the Board and CEO of Pyrosequencing. "The new Company, through the merger with Personal Chemistry, will double its turnover and have two independent areas to build its business on, both targeting potentially huge global markets. Considerable cost synergies will enable continued investments in marketing and product development. We are very enthusiastic over the opportunities created by the merger," commented Hans Johansson, President of Personal Chemistry. Erik Wallden, currently the President of Pyrosequencing, has requested to be relieved from his duties as President of Pyrosequencing. He will leave the Company in connection with the extraordinary general meeting on September 25, 2003. "It has been a privilege to be a part in rapidly establishing a new and world leading technology for Applied Genetic analysis. This was made possible by the extremely professional and committed efforts of a closely knit team. When Pyrosequencing, through the merger with Personal Chemistry, enters a new phase in its development, it's natural for me to hand over to a new management," said Erik Wallden. "With his drive and entrepreneurship, Erik has played a very important part in the creation of Pyrosequencing. He has built the foundation for the phase that we are now entering," commented Jeff Bork |
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