LAS VEGAS, June 9, 2013 /CNW/ - CardioVascular BioTherapeutics, Inc. (CVBT) announced today that its shareholders have voted by over 60% to amend the bylaws of CVBT, remove specific directors of the Company and authorize the remaining directors to consider a financing proposal.
The board members who have been removed effective June 7, 2013 are Daniel C. Montano, John (Jack) Jacobs, Ernest C. Montano, Viktoriya T. Montano, Ernest Montano III, and Joong Ki Baik.
The remaining two directors, Mickael A. Flaa and Grant Gordon, have appointed three new directors to the CVBT Interim Board of Directors: Calvin A. Wallen III, Jon Ross, and Robert Schleizer. The new directors bring financial, legal, securities and turnaround experience to CVBT's Board.
The Interim Board has met and ratified the bylaw amendments approved by the shareholders, authorized management to consider the financing proposal, terminated prior management and appointed Calvin A. Wallen III as Chairman of the Board, and Mickael A. Flaa as President and CFO.
More information on the new directors will be posted to CVBT's website in the very near future. http://www.cvbt.com
About CardioVascular BioTherapeutics
CVBT is a biopharmaceutical company developing drug candidates with FGF-1 as its active pharmaceutical ingredient (API) for diseases characterized by inadequate blood flow to tissue or organs. The company is the sponsor of a Phase II trial to treat severe coronary heart disease (CVBT-141H), and has received FDA authorization for a Phase I trial to treat peripheral arterial disease (CVBT-141C). A Late-Stage trial to treat chronic diabetic foot ulcers (CVBT-141B) is planned pending FDA approval.
Forward Looking Statements
This news release contains forward-looking statements that involve risks and uncertainties. Actual results and outcomes may differ materially from those discussed or anticipated. For example, statements regarding expectations for new research, progress with clinical trials or future business initiatives are forward looking statements. Factors that might affect actual outcomes include, but are not limited to, FDA approval of CVBT drug candidates, market acceptance of CVBT products by customers, new developments in the industry, future revenues, future expenses, future margins, cash usage and financial performance. For a more detailed discussion of these and associated risks, see the company's most recent documents filed with the Securities and Exchange Commission.
CardioVascular BioTherapeutics, Inc.
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SOURCE: CardioVascular BioTherapeutics, Inc.
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