IDC announces transition plan for board and management
CALGARY, Oct. 30, 2012 /CNW/ - (TSX: IDL) - T.T. Lee, Chairman & Chief Executive Officer, is pleased to announce changes to the Board of Directors of the Company as part of a strategic growth plan to re-emerge as a leader in the competitive medical imaging market. At the request of Mr. Lee; Garry Zurowski, Erwin Schwarz, and Shameze Rampertab have agreed to step down as Directors with effect from October 31, 2012.
The Company is currently finalizing the recruitment of Board members with senior business and professional experience that is complementary to IDC's strategic direction. It is expected that the experience of the new Directors will contribute to the stewardship of the Company as it pursues new market opportunities in Asia Pacific and other emerging markets.
"At this time, I would like to thank Garry, Erwin, and Shameze, for their contributions to the Company and their co-operation in stepping down. These changes are required in order to bring the Board into greater alignment with the requirements of the Company," stated Mr. Lee.
The transition plan also includes the recruitment of a new Chief Financial Officer to replace Swapan Kakumanu, who, as previously announced, will step down from the positions of CFO and President with effect from November 10, 2012.
Further announcements will be made in the near future as the new CFO and Directors are confirmed.
About Imaging Dynamics Company (IDC):
IDC is a medical devices technology company and innovative force in the high growth field of digital radiography (DR) technology with approximately 3000 installations in 50 countries. IDC's product line of CCD-based X-Series direct capture technology and innovaXion Flat Panel technology replaces conventional film-based diagnostic imaging and provides a cost-effective solution for producing high quality diagnostic images, enhancing patient care and improving workflow; all without the use of film, environmentally unfriendly chemicals, and cassettes.
Throughout its history, IDC has been recognized by multiple industry organizations and research analysts such as: Frost & Sullivan, Deloitte Technology and PROFIT; for its dedication to innovation, global growth, and customer focused value proposition.
The IDC head office is based in Calgary, Canada with business offices in Hong Kong and China.
Visit the IDC Web site: www.imagingdynamics.com
Statements in this release which describe IDC's intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of IDC to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. IDC may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions. Known and unknown risks and uncertainties include: IDC's ability to manufacture its products with a sufficient level of quality and in volumes which satisfy market demand; the ability of IDC to establish direct and indirect sales channels; the ability of IDC to establish industry partnerships; IDC's ability to attract and retain key personnel; the strength and breadth of IDC's patents; and other factors relating to general economic conditions, specific industry conditions and IDC's particular situation.
SOURCE: Imaging Dynamics Company Ltd.For further information:
Mr. T.T. Lee
Chairman and Chief Executive Officer