Shrink Nanotechnologies, Inc. (“Shrink”) (OTCBB: INKND) (OTCBB: INKN) is pleased to announce today the appointment of Bruce M. Peterson, Ph.D., as Executive Director.
Throughout his 35 year career, Dr. Peterson has been a business leader, entrepreneur and community activist. Dr. Peterson is presently Vice President of Corporate Research for Douglas Machine, Inc. (Alexandria, MN), a global leader in automated packaging solutions with annual revenues exceeding $100M in 2009. Dr. Peterson also founded Douglas Scientific, a provider of patented multi-use array tape automation materials designed to upgrade existing drug discovery processes and reduce genetic testing costs in the human, animal, feed and seed sectors by up to 70%. Dr. Peterson has also represented over 400 government entities as a member of the US EPA's education committee for the Minnesota Pollution Control Agency.
Dr. Peterson also founded and was the president of Electric Motor Control, Inc., which was sold in 2009. He also founded BreatheCLEAN, makers of the award-winning BreatheCLEAN Air Purification System, which was sold in 2009. He is also a founding business partner of MF3, which coordinates government funding between academia and industry, including groundbreaking research projects with GE and Ratheon. As part of MF3, Dr. Peterson also was selected to work on classified projects for the Department of Advanced Research Projects Agency (DARPA). Dr. Peterson currently sits on the Board of Directors for Lab Automation.
Dr. Peterson stated, “I have been following Shrink since its founding, and its scientific founder, Dr. Michelle Khine, since she was awarded the TR35 by MIT’s Technology Review Magazine last year. What I bring to the table at Shrink, now that Shrink is at the stage where its unique ideas and prototypes are ready to be scaled for a larger market, is the ability to design processes to make mass-manufacturable devices that meet the specifications of both the inventor and the marketplace.”
“Given Dr. Peterson’s current business connections and unique abilities, we believe that he will be a tremendous asset to Shrink as we begin to turn our patent-pending technologies into products, particularly in the stem cell research tools arena which will likely be the first market we seek to enter,” said Mark L. Baum, president of Shrink Nanotechnologies, Inc.
“I have had the opportunity to work on numerous projects to commercialize ideas and technologies. What has intrigued and excited me about Shrink is that its technologies can be turned into products that will make a difference. When Shrink manufactures devices and systems to aid in drug discovery and stem cell research, as part of a quest to cure some of the worlds most deadliest diseases, I believe we be making a difference in the world – and this matter to me,” added Dr. Peterson.