Management Changes at Rafina Innovations Inc


Glasgow, Scotland, November 19, 2018 Rafina Innovations Inc. (formerly HCi Viocare) (OTCQB:VICA), provides update on recent management changes.   Rafina Innovations Inc. was created to be a dynamic technology start-up. Our strength lies in our exceptional sensor-technologies and the team behind them.


Rafina Innovations Inc. has created the first independent, cross-border chain of full-service prosthetic, orthotic and diabetic foot rehabilitation. We have also successfully developed a number of very compelling end-solutions, spanning industries such as bio-engineering, healthcare, automotive and sports. We have grown organically, through extensive interest from customers that are some of the largest names in their respective industries.


However, as with all new teams, we have been through a significant learning curve, both in terms of our technologies, as well as product development and company growth. As part of this process, we have observed opportunities for significant improvement across a number of areas.


We have learned how to best implement our technologies in end-products and about more effective and efficient product. Most importantly, we have learned that our passion for technological innovation needs to be better balanced with sharp financial and sales focus and that our most talented people need time and space to excel in what they do best.


As a take-away from this learning process, and in the context of our continued determination to be highly effective and successful, we have determined that a number of changes were needed, across areas including organisational structure, management, expertise, sales and operational & financial efficiency.


We are pleased with these changes and are confident they will enable Rafina Innovations Inc. to launch its next phase of growth, commercializing our market ready technologies.


Our recent board and management changes were as follows:


  • Mr. Sotirios Leontaritis has stepped down from the board and the role of President and CEO, for health reasons. Mr Leontaritis has done an exceptional job taking an idea and creating a very exciting company around it.


  • Mr. Nikolaos Kardaras has stepped down from the Board but will remain the lead in-house legal advisor of the company. Mr. Kardaras’ current practice encompasses the disciplines of maritime, commercial, civil, initiatives and investments law, mergers and acquisition, internal shipping and commercial transactions. He wishes to step down from the intensity of Board-level management in order to focus on his expertise and better support the company.


  • Mr. Christos Kapatos has stepped down from the Board of Directors and will remain CTO of the company. This will enable Mr Kapatos to focus on technology leadership and expertise, without day-to-day operational distractions.


  • Mr. Constantinos Zertalis, has been appointed President and CEO of Rafina Innovations Inc. As we shift from company-creation to company-growth, Mr. Zertalis will provide the leadership the company needs for its next phase. He has extensive experience in strategic operation planning and execution, strong sales track record, investment structures and a repeated, double-digit EBIT growth track record.


  • Miss Vicky Pilarinou has been appointed company CFO. Miss Pylarinou has work experience in the corporate financial sector, including Attico Medical Center S.A. in Athens, Greece and Dalmar Group of Companies. Miss Pylarinou has served as Financial Controller of the Company since 2017. She has built an exceptional understanding of the company and will bring a much-needed focus on sustainability and profit growth.


  • Mr. Yiannis Levantis remains on the Board as our Technology Advisor but with significantly increased involvement on technology strategy & execution and market direction. Mr. Levantis has extensive experience in technology strategy and execution, commercial negotiations, IoT, AI/Machine Learning and a very wide peer-network, as part of senior executive roles in a number of large global corporations.


  • Mr. Georgios Thrapsaniotis remains on the Board and serves as company Treasurer. Mr. Thrapsaniotis has extensive experience building successful businesses and executing large, private and public sector projects, such as construction of Perama Town Hall, water supply and sanitation system projects in the municipalities of Aspropyrgos, Megara and Fyli. Mr. Thrapsaniotis will be a valuable asset in implementing the Company's current business plan.


As always, technology and innovation are at the heart of what we do. We are confident our increased capability and focus on sales, financial performance, commercial and development combined with a compelling strategy and sharp execution, will propel Rafina Innovations Inc. into a new phase of operation where we can succeed in fully implementing our corporate vision. We believe the company-wide re-organisation we have implemented is a thorough reflection of our learnings to-date. We feel confident and excited to enter this next phase where we hope to introduce technological breakthroughs and continue with substantial corporate development.



Constantinos Zertalis

Chairman, President and CEO

Rafina Innovations Inc.



For Investor Relations:

Constantinos Zertalis


mobile: +357 96555541










Resumes  - Members of the Board:


Constantinos Zertalis

Mr. Zertalis, age 41, is a controlling shareholder of the Company holding 6,227,030 shares of the Company's common stock representing approximately 43.21% of the issued and outstanding shares. Mr Zertalis, age 41, received a BBA in Management and Finance from the Bernard Baruch College (CUNY) of New York in 2003 and an Executive Master's in Public Affairs and Administration in International Economic Policy and Advance Management from Columbia University of New York in 2005. Since 2013 Mr. Zertalis has served as Europe Retail Director of Ria Money Transfer – Euronet Worldwide in Madrid, Spain, responsible for the strategic operation planning process and since 2008 has served as Chief Executive Officer of Zertalis Group in Nicosia, Cyprus. He also served as Operations Manager of Hellenic Tzilalis Ltd in Nicosia, Cyprus and since 2001 and for four years he served as Assistant Chief Operating Officer in the Department for General Assembly and Conference Management of United Nations Headquarters in New York, U.S.A. The Company believes that Mr. Zertalis will be a valuable addition to the team as we continue to develop our business strategy, strengthen our position in the global market and increase corporate visibility.


Vicky Pilarinou

Miss Pylarinou, age 30, received a bachelor’s degree in Public Policy and Strategic Planning from the Panteion University of Athens, Greece in 2010 and a master’s in business administration of Piraeus University, Section of Executive Management and Business Administration (EMBA) of Piraeus, Greece, in 2017. Miss Pylarinou has work experience in the financial sector of corporations, including Attico Medical Center S.A. in Athens, Greece and Dalmar Group of Companies – DAREX S.A. During 2016, Miss Pylarinou served as Financial Analyst of the Company, and since 2017 she serves as Financial Controller and Reporting Analyst of the Company.


Yiannis Levantis

Mr. Levantis, age 43, has an academic background (Beng and MSc) in Mechanical engineering from University of Manchester Institute of Science and Technology (UMIST), as well as Financial Management and Control (MSc), from Aston Business School.  Mr. Levantis has held senior executive technology roles in a number of large international corporations including Unilever, Johnson & Johnson, GlaxoSmithKline and Rolls Royce Aerospace & Defence. He brings extensive experience in definition and execution of technology strategy and large programs of work, to enable business strategy and drive operational efficiencies and new revenue streams. Mr. Levantis also has significant knowledge, experience and involvement in Blockchain, Big Data, IoT and AI/Machine Learning technologies.


Georgios Thrapsaniotis

Mr. Thrapsaniotis, age 73, is an experienced civil engineer and holds a degree from the University of Thessaloniki, School of Civil Engineering. He currently works as an independent contractor in the field of construction in both the private and public sectors, focused on technical design and construction of national and international projects, such as construction of Perama Town Hall and contributes to water supply and sanitation system projects in the municipalities of Aspropyrgos, Megara and Fyli. He has been self-employed in excess of 40 years. The Company believes that Thrapsaniotis will be a valuable asset in implementing the Company's current business plan.






Forward Looking Statements

This press release contains forward-looking statements. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as "expects", "intends", "estimates", "projects", "anticipates", "believes", "could", and other similar words. All statements addressing product performance, events, or developments that the Company expects or anticipates will occur in the future are forward-looking statements, including but not limited to future developments in the areas of athletic shoes and the information and performance of the Company's technology in such applications. Because the statements are forward-looking, they should be evaluated in light of important risk factors and uncertainties, some of which are described in the Company's Quarterly, Annual and Current Reports filed with the United States Securities and Exchange Commission (the "SEC"). Should one or more of these risks or uncertainties materialize or should any of the Company's underlying assumptions prove correct, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Company's forward-looking statements. In particular, the Company has acquired its first operational Prosthetics & Orthotics (P&O) clinic and is continuing development efforts for its other biomedical technologies, including a "smart insole" and its Flexisense TM sensing technology with several potential applications across a broad range of industry sectors. There is no assurance that the Company will be successful in its ongoing expansion and development efforts, or that it will find suitable commercialization partners for its technologies. Except as required by law, Rafina Innovations Inc. disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. No stock exchange, securities commission or other regulatory body has reviewed nor accepts responsibility for the adequacy or accuracy of this release. Investors are advised to carefully review the reports and documents that Rafina Innovations Inc. files from time to time with the SEC, including its Annual, Quarterly and Current Reports.