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Exhibit 99.1
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FOR IMMEDIATE RELEASE
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AMBI NAMES NEW CHIEF EXECUTIVE OFFICER
Purchase, New York, October 2, 2000 --- AMBI Inc. (Nasdaq: AMBI)
announced today that Gail Montgomery has been appointed President, Chief
Executive Officer and a director of the Company. Ms. Montgomery replaces Fredric
D. Price, who served as AMBI's President and Chief Executive Officer since 1994.
Ms. Montgomery most recently served as Vice President of the Company's Nutrition
21 business, and has more than a decade of experience in senior executive
positions in the health and nutrition products industry. During her tenure at
AMBI, she successfully ran the Company's ingredients business which is the major
portion of the Company's operations, and has been the principal architect of
AMBI's marketing strategies.
Ms. Montgomery said, "I am excited about the opportunity to build on
the Company's financial base, its intellectual property estate and its
recognized strengths in clinical development programs. We will continue to focus
on our core competencies, and will work to maximize the efficiency of our
operations."
Ms. Montgomery also commented, "Mr. Price will be pursuing other
business interests and will also be leaving our board of directors; however, we
are grateful that he has agreed to become a consultant to AMBI's e-commerce
nutrition education initiative."
Mr. Price said, "I am pleased to have been at the helm as AMBI has
transformed itself from a development firm focused on infectious disease
products into a cutting-edge nutrition products company. The results of the last
several fiscal years speak for themselves. With a strong foundation in place, I
am confident that the Company will now fully realize the potential of its strong
patent and product portfolio."
AMBI develops and markets proprietary nutrition products and is
developing an e-commerce nutrition education business.
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This press release may contain certain forward-looking statements. The words
"believe," "expect," "anticipate" and other similar expressions generally
identify forward-looking statements. Readers are cautioned not to place undue
reliance on these forward-looking
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statements, which speak only as of their dates. These forward-looking statements
are based largely on the company's current expectations and are subject to a
number of risks and uncertainties, including without limitation: the effect of
the expiration of patents; regulatory issues; uncertainty in the outcomes of
clinical trials; changes in external market factors; changes in the company's
business or growth strategy or an inability to execute its strategy due to
changes in its industry or the economy generally; the emergence of new or
growing competitors; various other competitive factors; and other risks and
uncertainties indicated from time to time in the company's filings with the
Securities and Exchange Commission, including its Registration Statement on Form
S-3, the Prospectus dated April 25, 2000, and its Form 10-K/A for the year ended
June 30, 2000. Actual results could differ materially from the results referred
to in the forward-looking statements. In light of these risks and uncertainties,
there can be no assurance that the results referred to in the forward-looking
statements contained in this press release will in fact occur. Additionally, the
company makes no commitment to disclose any revisions to forward-looking
statements, or any facts, events or circumstances after the date hereof that may
bear upon forward-looking statements.
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AMBI Contacts:
Gerald Shapiro, VP Finance and Admin. and CFO (914) 701-4505
Investor Relations (914) 701-4545
Web Site AMBI Inc.com
