Superlatus, Inc., a holding company of food products and distribution capabilities, on Tuesday, announced new appointments to its management team. The company recently signed a binding letter of intent to be acquired by pharmaceutical exchange platform provider TRxADE HEALTH, Inc. (NASDAQ: MEDS).
New COO
Dr. Eugenio Bortone has been appointed as the President and Chief Operating Officer of Superlatus. Earlier, Dr. Bortone held several key positions in PepsiCo, including Sr. Global Technical Extrusion Leader, and Senior Scientist for the Global Nutrition Group. He has successfully created new-to-the-world innovations for new products and new technologies.
While serving PepsiCo, Dr. Bortone developed and launched several multimillion-dollar products such as Twisted Cheetos, which brought the Cheetos brand for the first time to a billion dollars in sales. At the end of his career in Frito Lay North America, he had 20 authored patents.
New Role for Tim Alford
The company also revealed that Tim Alford, who currently serves as the interim Chief Executive Officer, would transition into the position of Chief Commercialization Officer. In his new role, Tim will focus on the aggressive M&A strategy of the group, working closely with Dr. Bortone and the board of directors.
“We are proud of our newly appointed management team members who are highly skilled and have deep expertise in the food and agribusiness sector. Working closely with our Board of Directors, these talented and experienced management team members will work to bring products from tech to implementation,” said Tim Alford.
“Leveraging the knowledge of these accomplished individuals will be important as we close on potential acquisitions, implement on our aggressive acquisition strategy, and unlock the synergies of the various acquired entities to grow our revenues and maximize our market share in this dynamic and competitive industry,” he added.
The Merger
The merger between Superlatus and TRxADE HEALTH is expected to close in the late third quarter or early fourth quarter of 2023. The boards of directors of both companies have unanimously approved the letter of intent. The transaction is subject to customary closing conditions including completion of due diligence, delivery of audited financials, approval of a continued listing by Nasdaq, and completion of any regulatory approvals.
