IDC Appoints Three New Board Members

·3 min read

International Dispensing Corporation (IDC) (ticker: IDND) creator of the world’s only aseptic dispensing tap, is pleased to announce the appointment of three new independent Board members – Leon Gianneschi, Ph.D., Michael Azeez and Douglas Blagdon.

The appointments are the result of the decision of the Board of Directors to increase the size of the IDC Board to six members and to appoint independent directors to fill the open positions.

"IDC is delighted that Leon Gianneschi, Michael Azeez and Douglas Blagdon have agreed to join our Board," said IDC CEO Pepe Martinez. "Their versatile and complementary set of skills, and their diverse backgrounds will significantly support IDC’s vision to becoming a premier supplier of competitive aseptic and non-aseptic bag-in-dispenser and bag-in-box solutions for the foodservice industry."

Leon Gianneschi, Ph.D., currently the principal in his own consulting firm, has over 30 years of leadership, strategy development, commercial and operating experience related to specialty businesses. He has extensive expertise in the barrier/dispense flexible packaging and specialty chemical sectors. Mr. Gianneschi held various executive positions over a more than 20-year period with affiliates of Scholle Corporation, including being CEO and President of Scholle IPN, the premier provider of global bag-in-box solutions. Upon joining the Board Mr. Gianneschi said, "Being on the Board for me is an opportunity to contribute positively and effectively in the next stage of growth for the Company by helping to increase IDC’s competitiveness and broadening its product range and applications."

Michael Azeez is currently involved in various venture capital and real estate investment activities as well as a number of non-profit entities. In 1982 he joined a startup cellular company called American Cellular Network Corp. Utilizing his experience in the industry, in 1988 he founded UNITEL, a company that developed and operated cellular telephone systems in six states. Upon joining the Board, Mr. Azeez stated: "I am looking forward to working with management to help develop IDC’s revolutionary technology into a robust commercial product line."

Douglas Blagdon is the Founder and Managing Partner of ShoreBridge Capital, an independent investment and merchant banking firm, focused on private equity, hedge funds and direct investment opportunities. Prior to founding ShoreBridge, Mr. Blagdon was a Managing Director of S.A.C. Capital Advisors and previously was a Managing Director at Citigroup and Salomon Brothers. Over his investment banking career, Mr. Blagdon has led the execution of an extensive number of corporate financings, M&A transactions, IPOs, leveraged buyouts, merchant banking transactions, private placements, and private fund raisings.

Mr. Blagdon stated, "I am very pleased to join the IDC Board of Directors. IDC, under the leadership of Pepe Martinez, has the opportunity to unlock the large-format aseptic foodservice market, with the world’s only aseptic tap, providing a solution to global customers to keep aseptic liquids shelf-stable through the entire dispensing cycle without recourse to refrigeration or preservatives. This innovation provides tremendous benefits to developed and underdeveloped economies worldwide."

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Christopher Westwood
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