KING OF PRUSSIA, Pa., June 21, 2023 (GLOBE NEWSWIRE) — Nocopi Technologies, Inc. (OTC Pink: “NNUP”), a developer of specialty reactive inks, announced that on June 15, 2023, Rudolph A. Lutterschmidt tendered his resignation to the Company’s Board of Directors as Vice-President and Chief Financial Officer of Nocopi Technologies, Inc. (the “Company”), effective June 19, 2023. Mr. Lutterschmidt’s departure was not the result of any disagreement with the Company nor any issue related to the Company’s financial statements or accounting practices. Mr. Lutterschmidt will remain employed by the Company until June 30, 2023, in an advisory role to assist with the transition.
On June 15, 2023, the Board of Directors appointed Debra Glickman to serve as the Company’s new Chief Financial Officer effective June 19, 2023. As the Company’s Chief Financial Officer, Ms. Glickman will be responsible for leading the Company’s finance and accounting functions, including financial reporting and analysis, and such other duties as may be prescribed by the Company’s Chief Executive Officer from time to time.
Since April 2020, Ms. Glickman, served as the Controller of Hallman & Lorber, a privately owned pension and actuarial consulting firm where she was responsible for all accounting/financial, human resource, and tax planning functions. Prior to that, from June 2012 to February 2020, she served as the Chief Financial Officer of Harbor Group Consulting, a private insurance consulting and analysis firm where she led accounting/financial, operations and human resources and benefits administration. Ms. Glickman received her Bachelor of Science in Accounting from the University of Maryland College Park in 1988.
Nocopi Chairman and CEO Michael Feinstein commented, “On behalf of everyone at Nocopi, I would like to thank Rudy for his many contributions and wish him all the best. We are thrilled to welcome Debbie, who brings a breadth of financial, accounting, HR, and leadership skills to our firm as we begin focusing on developing Nocopi’s organizational culture and practices to meet our strategic goals.”
A Form 8-K relating to these matters was filed with the Securities and Exchange Commission on June 20, 2023, and is available on the SEC’s website at www.sec.gov.
About Nocopi Technologies (www.nocopi.com)
Nocopi develops and markets specialty reactive inks for unique, mess-free applications in the entertainment, toy and educational product markets. Nocopi also develops and markets document and product authentication technologies designed to combat fraudulent document reproduction, product counterfeiting and/or unauthorized product diversion. Nocopi derives revenue from technology licensing agreements as well as from the sale of its proprietary inks and other products to licensees and/or their licensed printers. Nocopi’s products and systems include trade secrets as well as patented technologies.
Safe Harbor for Forward-Looking Statements
This release may contain projections and other “forward-looking statements” relating to Nocopi’s business, that are often identified by the use of “believes,” “expects” or similar expressions. Forward-looking statements involve a number of estimates, assumptions, risks and uncertainties that may cause actual results to differ materially from those anticipated. Forward-looking statements may address uncertainties regarding customer preferences or demand for products incorporating Nocopi technology that underlie the company’s revenue expectations, the company’s ability to develop new products and new product applications, the financial condition of customers and the timeliness of their payments, the impact of fluctuations in currencies, global trade and shipping markets, etc. Actual results could differ from those projected due to numerous factors and uncertainties, and Nocopi can give no assurance that such statements will prove to be correct nor that Nocopi’s actual results of operations, financial condition and performance will not differ materially from those reflected or implied by its forward-looking statements. Investors should refer to the risk factors outlined in Nocopi’s Form 10-K and other SEC reports available at www.sec.gov. Forward-looking statements are made as of the date of this news release; Nocopi assumes no obligation to update these statements.
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