Richard L. Sharp, Former Board Chair of Circuit City, CarMax, Joins Star Scientific Board
GLEN ALLEN, Va., March 17, 2011 /PRNewswire/ -- Star Scientific, Inc. (Nasdaq: CIGX) announced today that Richard L. Sharp has been elected to the company's board of directors. Mr. Sharp, who will serve as an independent director, is the former CEO and Chairman of Circuit City Stores, Inc. an electronics retailer, where he was CEO from 1986 to 2000 and Chairman from 1994 to 2002. He is the founder of CarMax, the largest used car retailer in the United States where he served as CEO and Chairman from 1994 to 2000, and as Chairman from 2002 to 2007. He currently serves on the board of Crocs, in which he was a founding investor. Mr. Sharp also serves on a range of philanthropic and educational boards: he is Chairman Emeritus of the University of Virginia Health Foundation Board, a member of the Johns Hopkins Medicine Board of Advisors, and serves on the board of Virginia Commonwealth University School of Engineering Foundation. He studied electrical engineering at the University of Virginia and computer science at the College of William & Mary. Jonnie R. Williams, Star's CEO, commented, "The company is delighted and honored to have the opportunity to work with Rick Sharp, and to have the benefit of his decades of experience developing and leading highly successful public and private companies. His service on the boards of the Johns Hopkins and UVA Medical School boards also will be a source of great benefit to us and to our Rock Creek Pharmaceuticals subsidiary as it continues to grow."
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The company also announced that Leo S. Tonkin, the longest-serving member of the Star Scientific board of directors, has announced his retirement from the board, effective as of today. Mr. Tonkin also served on the Audit and Nominating Committees of the company's board. Paul L. Perito, Star's Chairman, President and COO, stated, "All of us at Star are most grateful for the twelve-year commitment of time and energy that Leo Tonkin has given to our company. We wish him the very best as he transitions to a well-deserved retirement".
Certain statements in this press release other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We have tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "continues," "likely," "may," "opportunity," "potential," "projects," "will," "expects," "plans," "intends" and similar expressions to identify forward-looking statements, whether in the negative or the affirmative. These statements reflect our current beliefs and are based on information currently available to us. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from those expressed in, or implied by, such statements. These risks, uncertainties, factors and contingencies include, without limitation, the challenges inherent in new product development initiatives through Star Tobacco and Rock Creek, the uncertainties inherent in the progress of scientific research, our ability to raise additional capital in the future that is necessary to maintain our business, potential disputes concerning our intellectual property, risks associated with litigation regarding such intellectual property, uncertainties associated with the development, testing and regulatory approvals of our low-TSNA tobacco, related tobacco products and pharmaceutical and nutraceutical products , market acceptance of our new smokeless tobacco products and nutraceutical and pharmaceutical products, competition from companies with greater resources than us, our dependence on key employees and on our prior strategic relationships with Brown & Williamson Tobacco Corporation in light of its combination with R.J. Reynolds Tobacco Company, Inc.
Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. See additional discussion under "Risk Factors" in the Company's Annual Report on Form 10-K as filed with the SEC on March 16, 2011, and other factors detailed from time to time in the Company's other filings with the SEC, available at www.sec.gov. All information in this release is current as of this date, and the Company undertakes no obligation to update or advise upon any such forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
About Star Scientific
Star Scientific is a technology-oriented company with a mission to reduce the harm associated with tobacco at every level. It is engaged in the development of dissolvable smokeless tobacco products that deliver fewer carcinogenic toxins, principally through the utilization of the innovative StarCured® tobacco curing technology. Its subsidiary, Rock Creek Pharmaceuticals, Inc., is involved in the development of nutraceuticals as well as products to address neurological and mood disorders. Rock Creek Pharmaceuticals has scientific and research offices in Gloucester, MA, and a regulatory office in Washington, D.C. Star Scientific has a Corporate and Sales Office in Glen Allen, VA, an Executive, Scientific & Regulatory Affairs office in Bethesda, MD, and a manufacturing facility in Chase City, VA.
See Star's website at: http://www.starscientific.com
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SOURCE Star Scientific, Inc.
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