PRINCETON, N.J., Jan. 10, 2012 /PRNewswire/ -- NewCardio,
Inc., (OTC BB: NWCI) a cardiovascular diagnostic solutions
developer, announced changes to its Board of Directors and
executive management.
Effective January 1, 2012,
Jess Jones, M.D. has been named
Chief Executive Officer of the company, replacing Vincent W. Renz, Jr. Dr. Jones has been a member
of the Company's Board of Directors since December 2008. From 2006 to December 2010 Dr. Jones worked with Vision
Capital Advisors, LLC in New York
City as the Director of Healthcare Investing, analyzing
investment opportunities in the biotechnology, pharmaceutical,
medical technology, and medical services fields, and assisted
companies in implementing their business plans. From 2001 to 2007,
Dr. Jones attended Columbia College of
Physicians & Surgeons in New York
City, where he received his medical degree in May 2007. Additionally, Dr. Jones earned a BA
degree from the University of Utah in
2001 and an MBA from Columbia Business
School in May 2007.
In addition, Greg Sadowski has
been named Chief Operating Officer of the company. Mr. Sadowski has
served as Senior Vice President, Client Services for NewCardio
since October 2008. In that position,
he has been responsible for preparing, delivering and supporting
the NewCardio cardiovascular diagnostic technology solutions,
including the Professional Services, Information Technology,
Customer Care and Quality Assurance groups. From October 1997 to October
2008, Mr. Sadowski worked with eResearchTechnology (eRT),
where he served on the Executive Management Team as Senior VP of
eRT's Electronic Patient Reported Outcomes (ePRO) business.
Simultaneously, Mr. Renz, Patrick
Maguire, M.D., Ph.D., and Mark W.
Kroll, Ph.D, FACC, FHRS, resigned from the Company's Board
of Directors. Also effective January
1, Richard D. Brounstein has
resigned from the office of Chief Financial Officer of the Company.
Both Mr. Renz and Mr. Brounstein will continue to serve the company
as consultants.
Dr. Jones commented, "With the ongoing support and patience of
our creditors, who are also shareholders, this new management team
remains committed to the development of our cardiovascular platform
technology in order to create long-term value for our shareholders,
customers and employees. In order to accomplish this strategic
goal, in the short term, we will be focused on our QTinno solution
while maintaining a significantly reduced level of expenses, with
the goal of generating positive cash flow based on improving
commercial acceptance of QTinno. In addition, the new management
and streamlined board of directors will continue efforts to secure
long-term financing during 2012 as we remain committed to
NewCardio's ultimate success based on our ability to deliver
solutions, such as CardioBip and my3KG from our proven technology.
I would like to thank Vinnie, Rick and the departing board members
for their years of service and hard work at NewCardio. Without
their efforts the company would not have been able to complete the
commercialization of QTinno and initiate the revenue generating
phase of the company."
About NewCardio, Inc.
NewCardio is a cardiac diagnostic and services company
developing and marketing proprietary software platform technologies
to provide higher accuracy to, and increase the value of, the
standard 12-lead ECG. NewCardio's 3-D ECG software platform reduces
the time and expense involved in assessing cardiac status while
increasing the ability to diagnose clinically significant
conditions which were previously difficult to detect. NewCardio's
software products and services significantly improve the diagnosis
and monitoring of cardiovascular disease, as well as cardiac safety
assessment of drugs under development. For more information, visit
www.newcardio.com.
Forward-Looking Statements
This press release contains forward-looking statements.
Forward-looking statements include, but are not limited to,
statements that express our intentions, beliefs, expectations,
strategies, predictions or any other statements relating to our
future activities or other future events or conditions. These
statements are based on current expectations, estimates and
projections about our business based on currently available
information and assumptions made by management. Although we believe
that the assumptions on which the forward-looking statements
contained herein are based are reasonable, any of those assumptions
could prove to be inaccurate given the inherent uncertainties as to
the occurrence or nonoccurrence of future events. These statements
are not guarantees of future performance and involve risks and
uncertainties that are difficult to predict. Therefore, actual
outcomes and results may, and are likely to, differ materially from
what is expressed or forecasted in the forward-looking statements
due to numerous factors, including the potential risks and
uncertainties set forth in Item 1A of our Annual Report on Form
10-K for the year ended December 31,
2009 and relate to our business plan, our business strategy,
development of our proprietary technology platform and our
products, timing of such development, timing and results of
clinical trials, level and timing of FDA regulatory clearance or
review, market acceptance of our products, protection of our
intellectual property, implementation of our strategic, operating
and people initiatives, benefits to be derived from personnel and
directors, ability to commercialize our products, our assumptions
regarding cash flow from operations and cash on-hand, the amount
and timing of operating costs and capital expenditures relating to
the expansion of our business, operations and infrastructure,
implementation of marketing programs, our key agreements and
strategic alliances, our ability to obtain additional capital as,
and when, needed, and on acceptable terms and general economic
conditions specific to our industry, any of which could impact
sales, costs and expenses and/or planned strategies and timing. We
assume no obligation to, and do not currently intend to, update
these forward-looking statements.
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Investor Contact:
Hayden IR
Jeff Stanlis, Partner
(602) 476-1821
jeff@haydenir.com
SOURCE NewCardio, Inc.