DETROIT, Sept 15, 2010 /PRNewswire via COMTEX/ -- Caraco Pharmaceutical Laboratories, Ltd. announced that the Board has appointed Eddie Munson to serve on its Board of Directors for a term ending at the 2011 Annual Meeting of Shareholders and the election and qualification of his successor.
Mr. Munson, age 60, is a Certified Public Accountant, with over thirty years auditing experience at KPMG, LLP for private and public sector clients. His service at KPMG consisted of, among other things, serving as Managing Partner of the KPMG Detroit office, and also Partner in Charge of Assurance Services for KPMG's Mid-America Business Unit, from January 1993 to September 2003. From July 1996 to September 2004, Mr. Munson served on the Board of Directors of KPMG; and from October 2003 until his retirement in September 2006, Mr. Munson was KPMG's National Partner in Charge of University Relations & Campus Recruiting. In addition, from November 2006 to November 2008, Mr. Munson served as a director of United American Healthcare and on its audit committee. From June 2008 to December 2008, Mr. Munson was the interim CFO of BearingPoint, Inc. Mr. Munson's experience will be an invaluable asset to Caraco and the Company is honored to welcome him to the Board.
As previously disclosed, on July 12, 2010, NYSE Amex notified the Company that it was not in compliance with the requirement under its continued listing standards that its audit committee be comprised of three independent members. On July 9, 2010, the Company informed NYSE Amex of its non-compliance with Section 803(B)(2)(a) of NYSE Amex Company Guide following the resignation of Mr. Madhava Reddy as a director of the Company on July 6, 2010, leaving two independent directors on the Company's audit committee. Additionally, the Company notified NYSE Amex that it intended, in conformance with NYSE Amex rules, to add another independent director to the audit committee within 180 days of the resignation. Mr. Munson has been appointed to the Company's audit committee. Mr. Munson's addition as an independent member to the audit committee returns Caraco to compliance with Section 803(B)(2)(a) of NYSE Amex Company Guide.
Detroit-based Caraco Pharmaceutical Laboratories, Ltd., develops, manufactures, markets, and distributes generic pharmaceuticals to the nation's largest wholesalers, distributors, drugstore chains, and managed care providers.