For the week of February 20 to February 24, 2017
These business pages will run from Monday thru Friday. Different reports each day starting Monday and adding webpages throughout the week. Our Business Reports will feature local California companies.
Motorcar Parts of America Announces Appointment of New Directors
LOS ANGELES, CA...February 20, 2017 - Motorcar Parts of America, Inc. (Nasdaq:MPAA) today announced it has enhanced its board of directors and corporate governance to further solidify the company's position within the automotive aftermarket.
Effective immediately, the board amended the company's bylaws to provide for a maximum board size of ten directors and appointed Barbara L. Whittaker and Timothy D. Vargo to the board. Motorcar Parts of America's board now consists of ten directors, four of whom were appointed in the past year and nine of whom are independent.
"Barbara and Tim offer a wealth of automotive aftermarket experience that will be invaluable to the company as we grow. We look forward to their advice and counsel for the benefit of all shareholders at an exciting time in the company's evolution," said Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts of America, Inc.
Ms. Whittaker was previously the executive director of Global Purchasing at General Motors Corporation, responsible for more than $24 billion of purchasing -- including expertise in supply chain management. Mr. Vargo was previously the president, chief operating officer and director of AutoZone -- one of the largest customers of Motorcar Parts of America.
The company also recently enhanced its corporate governance -- adopting ownership guidelines for executives and directors, a compensation clawback policy, and a written related-party transactions policy. The board also appointed Scott Adelson as its lead independent director.
"We appreciate the constructive dialogue we have had with Mr. Joffe and the board and are gratified by these actions to enhance the board's composition with automotive aftermarket experience and improve the company's governance structure," said Arnaud Ajdler, managing member of Engine Capital. "We are also pleased that the company has recently improved its investor communications and believe these steps will position the company for maximizing shareholder value."
About the New Directors:
Barbara L. Whittaker is a business strategist and procurement and supply chain expert with extensive experience in the automotive industry, with both original equipment manufacturers and suppliers, and in the aftermarket. In 2010 Mrs. Whittaker founded BW Limited llc, which provides companies business and procurement strategies that lead to improved performance. Previously, Ms. Whittaker worked for the General Motors Corporation and Delphi Automotive in leadership positions of increasing responsibility. Prior to her retirement from General Motors, Ms. Whittaker's position was executive director of Global Purchasing. Mrs. Whittaker previously served in Chevrolet's Division of General Motors Corporation in Production Control and Scheduling, with an emphasis on Supply Chain. Mrs. Whittaker holds a Bachelor of Industrial Administration degree from General Motors Institute (now Kettering University), MBA degree from Wayne State University, and has also completed the Advanced Management Program at INSEAD in France, and the Executive Development program at University of Michigan. In addition to this formal education, she holds Six Sigma Green Belt certification and is well versed in lean production systems (GMS). She has also held board of directors positions for Detroit Manufacturing Systems, ChannelNet and Piston Group, each of which is privately held.
Timothy D. Vargo serves as chief executive officer and president of Kele, Inc., a company that supplies building automation equipment. Prior to joining Kele, he held a variety of senior executive and board positions at AutoZone, TruckPro and Auto Teile- Unger. Mr. Vargo served as the president, chief executive officer and chief restructuring officer of TruckPro from 2008 to 2010 and a board member of TruckPro's board from 2004 to 2010. He was a board member of KKR-owned Auto Teile-Unger from 2003 to 2008. He served as president of AutoZone, Inc. from March 1997 to May 2001, served as its chief operating officer from December 1996 to May 2000 and served on its board of directors from 1997 to 2001. Mr. Vargo is a director of Kele Holdco Inc.
About Motorcar Parts of America
Motorcar Parts of America, Inc. is a remanufacturer, manufacturer and distributor of automotive aftermarket parts -- including alternators, starters, wheel hub assembly and brake master cylinder products utilized in imported and domestic passenger vehicles, light trucks and heavy duty applications. Motorcar Parts of America's products are sold to automotive retail outlets and the professional repair market throughout the United States and Canada, with facilities located in California, Mexico, Malaysia and China, and administrative offices located in California, Tennessee, Mexico, Singapore, Malaysia and Toronto. Additional information is available at www.motorcarparts.com.
ChromaDex to Showcase Premier Innovation and Brand-Elevating Science at Engredea 2017
IRVINE, CA...February 20, 2017 - ChromaDex Corp. (NASDAQ:CDXC), an innovator of proprietary health, wellness and nutritional ingredients that creates science-based solutions to dietary supplement, food and beverage, skin care, sports nutrition, and pharmaceutical products, announced today it is bringing some of its top industry-advancing health and wellness products and services to booth #868 at Engredea 2017, taking place March 9-12 in Anaheim, CA.
ChromaDex is confident that this year's Engredea attendees will like what they see and hear at booth #868. In addition to showcasing exciting ingredient demonstrations, ChromaDex standards and services experts will be available to discuss how they can help assure your products are delivering on their brand promise.
Game-changing reasons to stop by booth #868
The expanding interest in NIAGEN® (NR). "There is growing mainstream media interest in NR (nicotinamide riboside), especially in its ability to support cellular energy production and activate longevity promoting proteins," comments Will Black, vice president of sales and marketing, ChromaDex. "On the heels of the publication of our first human clinical trial in Nature Communications, we're full-scale into human clinical studies and anticipate additional outcomes this year. Given that NIAGEN® has both NDI and GRAS status, we are excited to showcase how effectively it can be formulated into delivery systems and applications other than capsules, giving consumers great-tasting, new ways to give their body a boost of NAD+." See a live demonstration of NIAGEN® power caps into water. "Our powdered delivery system tastes great, and is an ideal alternative for people who can't take capsules."
Discover why pTeroPure® is the new resveratrol. It's a 99% pure, nature identical trans-pterostilbene with antioxidant properties delivering benefits in the areas of heart health, and support of healthy cellular function products as a stand-alone ingredient or as an add on to an existing formula. Frank Jaksch, Jr., CEO and co-founder of ChromaDex explains, "pTeroPure® molecules have a higher affinity for fats than resveratrol's, so it has an improved ability to get absorbed into cells. In fact, pTeroPure® has been shown to have 80% bioavailability compared with 20% for resveratrol. Studies are also showing that pTeroPure® may be superior to resveratrol in supporting healthy aging. pTeroPure®, but not resveratrol, showed lower markers of cellular stress and inflammation."
Delivering on promise ChromaDex's analytical experts will be on hand to talk with attendees about how to ensure they are in compliance with FDA requirements, verifying that their brands are delivering on promise. "ChromaDex has a long history of partnering with customers to confirm identity which protects their business and their product quality," comments Jaksch. "Building trust with consumers is critical. Our customers have high standards in all areas, including sourcing and testing."
What's in your product and how can you be sure it is delivering on promise? With today's stringent focus on ingredient quality and efficacy, ChromaDex provides a comprehensive suite of analytical services such as contaminant testing, the ComplyID™ raw material testing program, and finished product testing. It is an industry-leading provider of phytochemical reference standards, botanical reference materials, and research grade materials for the natural products industry. To learn more about working with ChromaDex, visit www.ChromaDex.com.
ChromaDex leverages its complementary business units to discover, acquire, develop and commercialize patented and proprietary ingredient technologies that address the dietary supplement, food, beverage, skin care and pharmaceutical markets. In addition to our ingredient technologies unit, we also have business units focused on natural product fine chemicals (known as "phytochemicals"), chemistry and analytical testing services, and product regulatory and safety consulting (known as Spherix Consulting). As a result of our relationships with leading universities and research institutions, we are able to discover and license early stage, IP-backed ingredient technologies. We then utilize our in-house chemistry, regulatory and safety consulting business units to develop commercially viable ingredients. Our ingredient portfolio is backed with clinical and scientific research, as well as extensive IP protection. Our portfolio of patented ingredient technologies includes NIAGEN® nicotinamide riboside; pTeroPure® pterostilbene; PURENERGY®, a caffeine-pTeroPure® co-crystal; IMMULINA™, a spirulina extract; and AnthOrigin™, anthocyanins derived from a domestically-produced, water-extracted purple corn. To learn more about ChromaDex, please visit www.ChromaDex.com.