Accretive Capital's Founder & Managing Partner, Richard Fearon, Joins
Nutrastar International's Board of Directors
HARBIN, China, Nov. 29, 2012
HARBIN, China, Nov. 29, 2012 /PRNewswire-FirstCall/ --Nutrastar International
Inc. (OTCQB: NUIN; "Nutrastar" or the "Company"), a leading producer and
supplier of premium branded consumer products, including commercially
cultivated Cordyceps Militaris ("Cordyceps"), functional health beverages and
organic and specialty foods, today announced that it has appointed Mr. Richard
Fearon as a new member of the Company's Board of Directors. He replaces Mr.
Joshua Kurtzig, who resigned from the Board on November 26, 2012. The board
remains comprised of seven members, four of whom are independent, including
Mr. Fearon is the Founder and Managing Partner of Accretive Capital Partners,
a private investment fund founded in 2000 which targets undervalued small and
micro-cap public companies representing attractive take-private candidates.
Accretive Capital Partners has received top rankings by Morningstar, Barron's
Magazine, and Barclay Managed Funds, among others, and was recipient of HFM
Week magazine's 2011 Best Single Manager Long-Term Performance award among all
United States hedge funds under $250 million. From 1993 until 2000, Mr. Fearon
was a Principal at Allied Capital Corporation, a $4 billion private equity
investment fund and the oldest publicly-traded business development company in
the United States, until it was acquired by Ares Capital Corporation in 2010.
He founded and ran Allied Capital's Chicago office and was the Managing
Partner of Allied Capital Midwest. Previous to working with Allied Capital, he
was an investment banker at Morgan Stanley & Co. and PaineWebber Incorporated.
Mr. Fearon earned an MBA in Finance from the Wharton School of Business and
attended the Stockholm School of Economics. He received his BA with a
double-major in Chemistry and Anthropology at Williams College.
"We are pleased to have Mr. Fearon join our Board of Directors effective
November 26, 2012," commented Ms. Lianyun Han, Chairwoman and Chief Executive
Officer of Nutrastar. "His investment acumen, sound judgment, success in the
public and private sector, as well as his wealth of experience working with
and investing in growing, undervalued small companies like Nutrastar, will
undoubtedly be invaluable to our entire team. On behalf of the Board of
Directors, we welcome Mr. Fearon and thank Mr. Kurtzig for his service over
the past two years. We wish him well in his future endeavors."
Mr. Fearon commented, "I am honored to have been appointed to the Nutrastar
board and look forward to working together with Ms. Han and the exceptional
team she has assembled. As a significant shareholder, both personally and
through Accretive Capital Partners, I am keenly aware of the extraordinary
disconnect between the market price and the substantial and growing intrinsic
value of Nutrastar. For over twelve years, Accretive Capital Partners has
invested alongside outstanding small- and micro-cap public company managers in
an effort to unlock shareholder value, and we are excited to join forces with
Ms. Han and the Nutrastar board towards this end."
The resignation of Mr. Kurtzig and the appointment of Mr. Fearon were made
pursuant to a securities purchase agreement (the "Purchase Agreement"), dated
May 27, 2010, by and among the Company and certain investors. Under the
Purchase Agreement, among other things, the Company agreed to cause one person
designated by ARC China, a major investor of the Company, to be duly appointed
or elected to the Company's Board of Directors.Mr. Kurtzig was designated by
ARC China and thereafter appointed as a director of the Company in January
2011.After ARC China assigned the designation right to Accretive Capital
Partners in January 2012, Accretive Capital Partners designated Mr. Fearon as
the candidate to be elected to the Company's Board of Directors. For more
information, please refer to the Company's Current Report on Form 8-K to be
filed with the Securities and Exchange Commission on or about November 29,
About Nutrastar International Inc.
Nutrastar is a China based leading producer and supplier of premium branded
consumer products including commercially cultivated Cordyceps Militaris,
functional health beverages as well as specialty and organic foods. Cordyceps
Militaris is one of the most highly regarded herbal nutrients in Traditional
Chinese Medicine. The Company is headquartered in Harbin, capital of
Heilongjiang Province, with 332 employees, including 21 in R&D, and 149 in
sales and marketing. The products of Nutrastar are sold throughout China via a
sales and distribution network that covers more than 10 provinces. More
information may be found at http://www.nutrastarintl.com/ or e-mail:
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Safe Harbor Statement
This news release contains "forward-looking statements" relating to the
business of Nutrastar International Inc., its subsidiaries and other affiliate
companies. All statements, other than statements of historical fact included
herein are "forward-looking statements" including statements concerning plans,
objectives, goals, strategies, future events or performance, and underlying
assumptions and other statements that are other than statements of historical
facts. These forward-looking statements are often identified by the use of
forward-looking terminology such as "believes," "expects" or similar
expressions. These statements are subject to uncertainties and risks
including, but not limited to, product and service demand and acceptance,
changes in technology, economic conditions, the impact of competition and
pricing, government regulation, and other risks contained in reports filed by
the Company with the Securities and Exchange Commission. All forward-looking
statements attributable to the Company or persons acting on its behalf are
expressly qualified in their entirety by these factors. You should not place
undue reliance on these forward-looking statements, which speak only as of the
date of this press release. Other than as required under the securities laws,
the Company does not assume a duty to update any forward-looking statements to
reflect events or circumstances after the date hereof.
For more information, please contact:
American Capital Ventures
SOURCE Nutrastar International Inc.
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