Stryka Reorganizes

HILLSBOROUGH, N.J.--Stryka Botanics Co. Inc. filed for Chapter 11 on March 1 in the U.S. Bankruptcy Court in New Jersey. The application for bankruptcy, filed by Thaddeus Maciag of Maciag & Associates, asks for an "entry of consent order allowing, and authorizing payment of priority claims for pre-petition salaries and wages" as well as "to authorize post-petition secured financing, grant security interests and administrative expense super-priority, for relief from stay and to provide for related matters."

"In past years, we have suffered as many companies have from business slowdowns in our industry," said Thomas Kelly, a company director with a Fortune 300 background. "However, we have faced internal operation inefficiencies as well. Further ... we have suffered conflicts with a minority shareholder regarding the strategic direction of the company. Therefore, in a proactive posture and to preserve the integrity of the company, we filed for protection to reorganize and restructure Stryka Botanics."

The company also announced that founder and chairman, Tom Christensen, stepped down from the company at the end of February and is no longer associated with Stryka Botanics (www.stryka.com). Brian McNally remains president of the corporation. Currently, the company is finalizing a plan to bring the company to a performance level that meets or exceeds the corporation's goals and objectives.