HUNTINGTON BEACH, Calif., Nov. 18, 2011 (GLOBE NEWSWIRE) -- iTech Medical, Inc. (OTCBB:IMSU) (FWB:0IM), a medical information technology company, announced today that effective immediately the Board of Directors will be led by its CEO, and now Board Chairman, Mr. Warren G. Baker. Additionally, the company added three new members and returned a former member to the Board of Directors.
Mr. Baker stated: "Having a united shareholder base was instrumental in electing a Board of independent industry leaders capable of restructuring and restarting this Company. I'm thrilled to be working with such a strong and capable group of professionals. This Board has the knowledge and experience to take the MPR technology through its development and successfully into the Global Healthcare Markets."
About the iTech Medical Board of Directors
Warren G. Baker, Chairman and CEO. Mr. Baker has been President of iTech Medical since February 2011 and its Chief Executive Officer since March 2011. From January 4, 2004 to June 30, 2006 , he was Chief Operating Officer of Advanced Research Technologies (ART) of Montreal, Quebec where he lead the development and commercialization of their optical imaging technology for the identification and diagnosis of breast cancer and identification of optically tagged biomarkers in preclinical pharmaceutical studies. Prior to that, Mr. Baker was President and Chief Executive Officer of Electromed Imaging, a global leader in cardiac image information management systems, where he first joined as Chief Operating Officer in 2002. During his work with both ART and Electromed Imaging, Mr. Baker was responsible for the strategic acquisition and integration of both new intellectual property and the merger of synergistic global business organizations.
Mark R. Tauscher, Director. Mark Tauscher has been President and CEO at PLC Medical Systems since January 2000. PLC Medical Systems is a public medical technology company specializing in innovative technologies for the cardiac and vascular markets. Mr. Tauscher brings more than 20 years of medical product sales, marketing and general management experience in the medical products field. Most recently, he was executive vice president of sales and marketing at Quinton, a developer, manufacturer and marketer of cardiology products. Prior to Quinton, Mr. Tauscher served as division president for Marquette Medical Systems. Mr. Tauscher's experience also includes general management, sales and marketing positions at Hewlett-Packard Medical Products Group for their Diagnostic Cardiology and Supplies divisions, and National Accounts Program.
Craig Lunsman, returning Director. Mr. Lunsman is the President of William Jamieson Group, Inc., a consulting group that provides securities valuation and corporate advisory services to public and private small cap companies, since he founded the company in 1993. Prior to that, Mr. Lunsman was a co-founder and principal in Houlihan Valuation Advisors, Inc., a company specializing in providing services related to business valuations, fairness opinions and other valuation and economic issues. Mr. Lunsman received his BS from the University of Southern California in 1970 and graduate work for his MBA and has been involved in providing strategic planning, financing and other corporate advisory services since that time. He has served as an Expert Witness on business valuation and other related financial matters in California and other states, and has also testified before the Internal Revenue Service relative to valuation matters. He has been a member of the American Society of Appraisers, San Francisco Chapter and has been a published author and a frequent speaker on issues relating to business valuation. Mr. Lunsman was a member of iTech Medical's board from 2007 until 2011 where he acted as Chairman of the Company's Audit Committee as well as serve on each of the Compensation and Corporate Governance Committees.
Kenneth Aebi, Director. Mr. Aebi has more than 40 years of experience as a successful sales and management executive in emerging medical technology companies. Mr. Aebi has an extensive track record in successful new business development, product sales and positioning strategies, management of national teams of sales representatives and corporate partnering. Mr. Aebi was a Vice President at MPR Health Systems, the company that developed the early MPR System. Mr. Aebi served for 11 years as Vice President, Sales for NeuroCom International, a manufacturer of technology for the assessment and management of patients with vestibular and balance disorders. Since 2005, Mr. Aebi has served as the managing partner in the Equitable Safety Group Inc., a consulting group that specializes in the development of business plans for individual medical centers as well as national hospital groups, to reduce medical injuries.
Gail Gannon, Director. Ms. Gannon is active in the Bay Area life science industry, and currently serves on the advisory board for BayBio and ASTIA. She is a strategic partner and portfolio advisor for start-up to mid-level medtech and health care information technology and service companies, e.g. Delpor, Blackridge, Living Well Assisted Living at Home and Phyllom LLC. Prior to this, Ms. Gannon was a Partner/Advisor for Business Development at Lenio Pharmaceuticals and Advisory Board Chair/Business Development at eXigen Medical. Ms. Gannon received her formal education from the University of California, Santa Cruz; the University of California, Berkeley and Harvard University.
About iTech Medical - (PINK:IMSU) (FWB:0IM)
iTech Medical is engaged in the research and commercial development of healthcare information systems and technologies. To date, the Company has focused on developing a proprietary platform called Muscle Pattern Recognition (MPR), a unique clinical tool for the analysis of muscle function. iTech Medical is ISO 13485:2003 certified for the production and sale of surface electromyography (sEMG) diagnostic devices for clinical use.
iTech Medical website: www.iTechMedical.com
Forward-Looking and Cautionary Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that reflect management's current views and estimates regarding future market conditions, company performance and financial results, business prospects, new strategies, the competitive environment and other events. You can identify these statements by the fact that they use words such as "anticipate," "believe," "estimate," "expect," "intend," "project," "plan," "outlook," and other words and terms of similar meaning.
These statements involve a number of risks and uncertainties that could cause actual results to materially differ from the potential results discussed in the forward-looking statements. Among the factors that could cause actual results and outcomes to differ materially from those contained in such forward-looking statements are the following: general economic conditions, acquisitions and development of new businesses, divestitures, product availability, sales volumes, pricing actions and promotional activities of our competitors, profit margins, weather, changes in law or regulations, foreign currency fluctuation, availability of suitable real estate locations, our ability to react to a disaster recovery situation, and the impact of labor markets and new product introductions on our overall profitability.
A further list and description of these risks, uncertainties and other matters can be found in the company's annual report and other reports filed from time to time with the Securities and Exchange Commission, including, but not limited to, iTech Medical's Annual Report on Form 10-K filed with the SEC on April 15, 2010. iTech Medical cautions that the foregoing list of important factors is not complete and assumes no obligation to update any forward-looking statements that it may make.
Contact:
Public Relations
DM Productions LLC
Dianemarie Collins, Public Relations
Reno, NV 775.825.1727 Ext. 2 Phoenix, AZ 623.825.9122 Ext. 2
iTech Medical, Inc.
Warren G. Baker
Chief Executive Officer
warren.baker@itechmedical.com
DM Productions LLC
Dianemarie Collins, Public Relations
Reno, NV 775.825.1727 Ext. 2
Phoenix, AZ 623.825.9122 Ext. 2
DM@DMProductionsLLC.com
iTech Medical, Inc.
Warren Baker, President & CEO
971.241.2543
Warren.Baker@iTechMedical.com
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