CALGARY, Nov. 14 /CNW/ - The Board of Directors of IDC (Imaging Dynamics
Company Ltd.) (TSX:IDL) today announced that in response to the Company's 3rd
quarter results, it is reorganizing the Company's executive leadership to meet
the growing operational demands of the organization. Mr. Darryl Stein will
step down as CEO effective December 31st, 2007. He will retain the position of
President with responsibility for global sales and strategic planning.
The Board has created a Special Operating Committee of the Board through
this transition and will conduct an executive search for CEO. The committee,
consisting of: Mr. Jerry C. Cirino, Chairman, Rich Barno, Director and John
Cooper, Director; will work closely with Mr. Stein and the IDC executive
management team of Mr. Mike Shannon, Senior VP of Operations, Mr. Swapan
Kakumanu, CFO, Mr. Robin Winsor, CTO, and Ms. Landis Jackson, Human Resources
Director on identified improvement initiatives.
Mr. Karim Teja, who formerly held the positions of CFO and COO for IDC,
will re-join the company as a consultant on a short-term contract basis to
assist the Board during the transition period.
According to IDC Board Chairman, Mr. Jerry C. Cirino, "This
reorganization will enable IDC to maximize our unique strengths in technology
and sales, while allowing the company to appoint a CEO who can accelerate the
pace of operational improvements that is already underway and improve our
overall performance." Cirino added, "Mr. Stein has been instrumental in
establishing IDC in the radiography market and will continue to manage our
growth strategies and sales initiatives."
"The Company has reached a point that demands dedicated management in
both operations and growth." said Mr. Darryl Stein. "I believe that our recent
'large scale' successes in North America, Latin America and the Middle East
represent global opportunities for the Company. These opportunities require
increasing amounts of management time and focus. We continue to strengthen the
organization internally, and I look forward to working with the Board and with
management in taking the Company to the next level."
As previously announced in a November 11, 2007 press release, IDC will
hold a conference call on Thursday, November 15 at 8:00 a.m. EST (6:00 a.m.
MST) to review 3rd Quarter 2007 financial results. Jerry Cirino, Chairman of
the IDC Board of Directors, will participate in the call to discuss the
executive reorganization and will be available for comment during the
IDC (Imaging Dynamics Company) is a medical technology company and
innovative force in the fast-growing field of digital radiography (DR)
technology. IDC's X-Series of direct capture technology replaces conventional
film-based X-rays and provides a cost-effective alternative to cassette based
film or computed radiography (CR) systems.
Each IDC DR solution provides high resolution radiographic images in the
digital format required for today's electronic medical record networks, all
without the use of film, environmentally harmful chemicals, cassettes or
expensive imaging plates. In addition to its number one ranking for customer
service by MD Buyline, IDC is the recipient of the 2007 Frost & Sullivan
Technology Innovation Award. IDC is based in Calgary, Alberta, Canada.
You may also 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
For further information:
For further information: Ms. Michelle Naismith, Marketing Manager, IDC,