March 25, 2020 / 10:04 AM / 6 days ago

BRIEF-Resignation Of CEO & Director And Cost Cutting Amidst Covid-19

March 25 (Reuters) - Immuron Ltd:

* RESIGNATION OF CEO & DIRECTOR AND COST CUTTING AMIDST COVID-19

* IMMURON LTD - BOARD BELIEVES THIS IS MORE A REFLECTION OF WHOLESALE RESTOCKING BY DISTRIBUTORS RATHER THAN END SALES TO CONSUMERS

* IMMURON LTD - CEO GARY S. JACOB HAS OFFERED HIS RESIGNATION AS CEO AND MEMBER OF BOARD OF IMMURON

* IMMURON LTD - JACOB WILL BE REPLACED AS CEO BY DR. JERRY KANELLOS

* IMMURON LTD - ADDITIONAL ACUTE STEPS ARE BEING IMPLEMENTED WHICH WILL SEE EITHER DISAPPEARANCE OR SIGNIFICANT REDUCTION IN EXTERNAL CONSULTANT COSTS

* IMMURON LTD - DIRECTORS TO ESTABLISHMENT OF REMUNERATION MODEL WHICH WILL UTILIZE PAYMENT OF BOARD FEES OTHER THAN BY MONETARY RECOMPENSE

* IMMURON LTD - CHANGES ARE EXPECTED TO REDUCE CASH OPERATING EXPENSES BY OVER $2 MILLION ANNUALLY EFFECTIVE FROM APRIL Source text for Eikon: Further company coverage:

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