LANGHORNE, Pa., Jan. 6, 2009 (GLOBE NEWSWIRE) -- Power Medical Interventions(r), Inc. (Nasdaq:PMII), a leader in developing and commercializing Intelligent Surgical Instruments(tm), announced today the appointment of Brian Posner as Chief Financial Officer with immediate effect.
Mr. Posner's career spans over 20 years in global finance positions in the healthcare industry. Most recently, Mr. Posner served as Executive Vice President, and CFO with Pharmacopeia, Inc., a clinical development stage biopharmaceutical company. Prior to Pharmacopeia, he held the position of Regional CFO at Omnicare, Inc., where he was responsible for financial reporting and human resource functions for the Northeast subsidiaries. In addition, he previously held senior financial positions at Executive Health Group and Terence Cardinal Cooke Health Care Center. From 1984 to 1989, Mr. Posner was a member of the audit team at Cooper & Lybrand. Mr. Posner received his B.A. in Accounting from Queens College in1982 and his M.B.A. from Pace University in 1984. In addition, Brian is a licensed Certified Public Accountant in the State of New York.
Michael Whitman, President and Chief Executive Officer, commented, "Brian brings a wealth of healthcare industry experience in finance and operations to the chief financial officer role. Brian's most recent experience has prepared him well to execute PMI's financing strategy. His objectives will be to strengthen PMI's balance sheet and allow PMI to execute its strategy leveraging its many assets."
Mr. Brian Posner, Chief Financial Officer, stated "I'm very excited to join the PMI team and look forward to helping the Company realizing its enormous potential. This potential is evident in PMI's recurring revenue stream, emergence as a leader in NOTES (Natural Orifice Transluminal Endoscopic Surgery), and previously announced supply agreement with Intuitive Surgical."
About Power Medical Interventions, Inc.:
Power Medical Interventions(r), Inc. is the world's only provider of computer-assisted, power-actuated surgical stapling products. PMI's Intelligent Surgical Instruments(tm) enable less invasive surgical techniques to benefit surgeons, patients, hospitals and healthcare networks. PMI manufactures durable recyclable technology to reduce medical waste and help keep the planet clean. The company was founded in 1999, and is headquartered in Langhorne, PA with additional offices in Germany, France, and Japan. To learn more about Power Medical Interventions, Inc. and its products, please visit www.pmi2.com.
Safe Harbor Statement
Statements included in this press release, which are not historical in nature, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements relating to the future financial performance of the Company are subject to many factors including, but not limited to, the customer acceptance of the products in the market, the introduction of competitive products and product development, commercialization and technological difficulties, and other risks detailed in the Company's Securities and Exchange Commission filings, including the Company's Annual Report on Form 10-K for the year ended December 31, 2007 and its Quarterly Report on Form 10-Q for the three months ended September 30, 2008.
Such statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. When used in this press release the terms "anticipate," "believe," "estimate," "expect," "may," "objective," "plan," "possible," "potential," "project," "will" and similar expressions identify forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof, and we do not undertake any obligation to update any forward-looking statements, whether as a result of future events, new information or otherwise.