LITTLE RIVER, S.C., May 23, 2011 (GLOBE NEWSWIRE) -- Integrated Environmental Technologies, Ltd. (OTCBB:IEVM) announced today that two key additions were made to the Company's executive management team. David R. LaVance, who was elected to the Company's board of directors on March 8, 2011, has become Executive Chairman and Thomas S. Gifford has become the Company's Chief Financial Officer. Both Mr. LaVance and Mr. Gifford have significant experience in managing and operating both public and growth-stage companies.
Mr. LaVance has served as Chairman, President and Chief Executive Officer of Scivanta Medical Corporation (OTCBB:SCVM), a medical device company developing a minimally invasive two-balloon esophageal catheter system used to monitor cardiac performance, since 2003. Mr. LaVance has served as a director of Hologic, Inc. (Nasdaq:HOLX), a medical device company specializing in digital imaging, since 2002 and was elected lead independent director in 2008. Since 1997, Mr. LaVance has been the President and co-founder of Century Capital Associates LLC, a privately held consulting firm providing merger, acquisition, divestiture, licensing, business planning and financial advisory services primarily to growth-stage companies in the life science and technology industries. Mr. LaVance was a Managing Director of KPMG Health Ventures, an advisory group providing investment banking services to healthcare companies from 1995 through 1997. Prior to joining KPMG Health Ventures, Mr. LaVance started and/or managed several companies, which included a series of operating positions with Dornier MedTech America, Inc., a medical device company that specializes in lithotriptors and other medical devices, ultimately serving as the President of Dornier MedTech in Japan from 1990 to 1992. Mr. LaVance received his B.A. degree from Furman University and his J.D. degree from Washington College of Law of the American University.
Mr. Gifford has served as the Executive Vice President, Chief Financial Officer and as a director of Scivanta Medical Corporation since 2003. Mr. Gifford has also served as the Vice President and co-founder of Century Capital Associates LLC since 1997. He is a licensed attorney in New York and New Jersey and is a Certified Public Accountant. He was formerly a Manager and Associate Director of KPMG Health Ventures. Prior to KPMG Health Ventures, Mr. Gifford was an accountant for KPMG Peat Marwick LLP from 1990 through 1994, where he provided auditing and financial due diligence services to various publicly traded and privately held emerging technology companies. Mr. Gifford currently serves on the board of directors of Maloy Risk Services, Inc., a privately held insurance brokerage. Mr. Gifford received his B.S. degree from Rutgers University and his J.D. degree from Seton Hall University School of Law.
Speaking for the board of directors, Raymond C. Kubacki, a director, stated: "We are extremely pleased that David and Tom have agreed to take on these key assignments at this important time for the Company. The board vote was unanimous which demonstrates the commitment of the entire board to add the resources necessary to help the Company achieve the great potential that we all believe it has. David and Tom's experience in managing and operating both public and growth-stage companies will be a tremendous asset to our future development."
David LaVance, Executive Chairman of Integrated, commented, "The ability of the EcaFlo® equipment to produce environmentally friendly products, such as EcaFlo® Anolyte, which destroy superbugs and other harmful bacteria and viruses without toxic residue, makes it an outstanding solution for disinfection and as a biocide. We believe that EcaFlo® Anolyte is an effective, non-toxic and lower cost alternative to bleach and other disinfecting solutions. EcaFlo® Anolyte is ideally suited for businesses looking for cost-saving methods for disinfecting public places, food processing areas and medical facilities and for reducing the bacteria levels in water associated with energy exploration and other industrial processes. We believe that there is significant opportunity for our products, and our message is simple: disinfect in an environmentally friendly and effective manner at a lower cost."
Mr. LaVance further observed, "We will take our message to the marketplace with a renewed focus on improving distribution and making the EcaFlo® Anolyte products available to all businesses and institutions on a world-wide basis. We intend to seek partners who have the distribution reach, reputation and influence in our core markets. We also intend to seek expansion of the EPA registration for EcaFlo® Anolyte in order to address additional market opportunities."
About Integrated Environmental Technologies, Ltd.
Integrated Environmental Technologies, Ltd. is a publicly traded company that operates through its wholly-owned operating subsidiary, IET, Inc. The Company develops, markets and sells its EcaFlo® equipment which utilizes an electrolytic process known as electrochemical activation that uses water and a small amount of sodium chloride to reliably produce environmentally responsible EcaFlo® Anolyte (non-hazardous hypochlorous acid). EcaFlo® Anolyte is an EPA-registered, hospital-level surface disinfectant, which can be used safely anywhere there is a need to control pathogens, bacteria, viruses, and germs. To learn more about Integrated Environmental Technologies, Ltd. and IET, Inc., please visit our websites at (investor relations) and (product information).
Statements about the Company's future expectations and all other statements in this press release other than historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from expected results. Among these risks, trends and uncertainties are economic conditions both generally and within the industries in which the company may participate; competition within the Company's chosen industries, including competition from much larger competitors; technological advances; available capital; regulatory approval; and failure by the Company to successfully develop or acquire products and form new business relationships. The Company intends that such forward-looking statements shall be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.
CONTACT: Integrated Environmental Technologies, Ltd. Tom Gifford, Chief Financial Officer Tel.: (843) 390-2500 Fax: (843)-390-3900