HUNTINGTON BEACH, Calif., March 31, 2011 (GLOBE NEWSWIRE) -- iTech Medical, Inc. (OTCBB:IMSU) (Frankfurt:0IM), today announced that Warren G. Baker has been appointed Chief Executive Officer of the company. Baker, a 25-year medical device and healthcare technology veteran, will be responsible for driving the company's business strategy, execution and overall performance during its next phase of growth. Concurrent with this appointment Wayne D. Cockburn, who has led the company through its development and initial growth phases, will assume the role of Chief Financial Officer. Mr. Cockburn will also remain a director of the company.
"We have followed a carefully planned transition to bring iTech Medical to this stage and Warren's appointment as CEO aligns perfectly with our strategy. Warren has extensive experience in the commercialization of medical technologies and a proven track record in growing company revenues. I'm delighted to have Warren on board and am eager to continue our work together to lead iTech Medical to market success." said Cockburn.
In February 2011, Mr. Baker, 58, was named President and COO and became a member of the Board of Directors. Most recently he was Chief Operating Officer at Advanced Research Technologies (ART) of Montreal, Quebec and prior to his work at ART, Mr. Baker was President and CEO of Electromed Imaging, a global leader in Cardiac Image Information Management Systems (CIIMS). During his work with both ART and Electromed, Mr. Baker was responsible for the strategic acquisition and integration of both new intellectual property and the merger of synergistic global business organizations.
"We are entering exciting times at iTech Medical as we diligently work to complete the development of our MPR Systems," said Baker. "With their completion, the successful commercialization of our technology in North America and Europe will greatly improve the clinical assessment of neck and back injuries while providing an excellent foundation for future sustainable growth. The entire iTech Medical team has tremendous passion and commitment for executing our plans and delivering results that enable us to create real value for our customers and shareholders."
"Wayne's leadership has been instrumental in the company's transition from a research and development entity to a commercialized medical technology company," commented George Angelidis, Chairman of the Board. "We thank him for his tireless efforts and look forward to his continued contributions. In addition, we look forward with confidence to working with Warren as iTech Medical continues its journey to improve the lives of millions of people with neck and back pain."
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 and rehabilitation 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.
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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.
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CONTACT: Investor Relations Premier Media Service Inc. Kelly Black, President Office: 480.649.8224 or 866.216.8814 email@example.com DM Productions LLC Dianemarie Collins, Public Relations Reno, NV 775.825.1727 Phoenix, AZ 623.825.9122 DM@DMProductionsLLC.com iTech Medical, Inc. Wayne Cockburn, CFO Huntington Beach, CA 714.841.2670 Montreal, CDA 905.505.0770 Wayne.Cockburn@iTechMedical.com