TSX Venture: NID
CAMPBELLVILLE, ON, June 23 /CNW/ - NIR Diagnostics Inc. (TSX Venture:
NID), an innovator in the development of handheld healthcare diagnostic
devices today announced the election of directors to the Company's board from
its recent Annual Meeting of Shareholders. Effective June 19, 2008, three of
the previous seven directors have completed their term and have decided to
step down to allow three new members, with specific expertise from the
investment community, to join the Board. The Honourable B. Alasdair Graham,
Dr. Rae Lake, and Ronald Beath have each completed their term and have agreed
to serve in advisory roles with the Company.
"Senator Graham, Dr. Lake and Mr. Beath have each achieved excellence in
their select professions and have worked with NIR Diagnostics under very
difficult circumstances in the best interest of investors. The significant
contribution they have made to the Company supports our corporate vision to
bring new innovative devices to the diagnostic market. Their continued
relationship with the Company assures that this expertise and knowledge
remains at our disposal," said J. Richard Darnaby, Chairman of NIR Diagnostics
Three new directors have agreed to join the Board: Theo Warkentin, John
Anderson and Clifford Evans. Each of the new members have exemplary investment
careers that will provide valuable expertise at this stage of the Company's
"Our company has spent several years building a foundation of patents and
completing feasibility and development testing of our medical device
technology that has involved thousands of patients. Our immediate focus is to
now secure sufficient capital to resolve the impasse with our food supplement
partner, complete the Masimo infringement litigation, negotiate OmegaNIR(TM)
distribution agreements globally, augment our HemoNIR(TM) distribution and
complete the development of our glucose device," said Duncan J. MacIntyre,
President, CEO and Executive Vice Chairman of NIR Diagnostics Inc. "These
changes to our Board have strengthened our company by securing the addition of
very specialized resources to our governance structure while retaining
experienced resources within our advisory committee structure."
Mr. Warkentin is currently Chief Executive Officer of Bluekey Energy Ltd,
a technology company transforming the byproducts of the Kraft pulping industry
into biodiesel. Mr. Warkentin previously served as a securities broker and as
Vice President Western Canada for a national mutual fund.
Mr. Anderson is President of Axiom Consulting, a company primarily
involved in raising capital for both private and public companies.
Mr. Evans is Chairman of the board of directors of Dynamic Venture
Opportunities Fund Ltd. and is a former International Vice President and
Director of International Operations of the United Food and Commercial Workers
About NIR Diagnostics
NIR Diagnostics is an innovator in the development of near-infrared,
spectroscopic medical diagnostics. The Company has an extensive portfolio of
optical, electronic and algorithm related patents in the field of in-vitro and
in-vivo blood analysis.
This press release contains information that is forward-looking
information within the meaning of applicable securities laws. In some cases,
forward-looking information can be identified by the use of terms such as
"may", "will", "should", "expect", "plan", "anticipate", "believe", "intend",
"estimate", "predict", "potential", "continue" or the negative of these terms
or other similar expressions concerning matters that are not historical facts.
Forward-looking information, by its nature necessarily involves risks and
uncertainties including, without limitation, the difficulty of predicting
regulatory approvals, market acceptance and demand for new products, the
protection of intellectual property connected with devices, the impact of
competitive products, and other similar or related risks and uncertainties.
Additional risks and uncertainties affecting the Company are discussed in the
Risks and Uncertainties section of the MD&A for the year ended December 31,
2007 available on SEDAR at www.sedar.com. If any of these risks or
uncertainties were to materialize or if the factors and assumptions underlying
the forward-looking information were to prove incorrect, actual results could
vary materially from those that are expressed or implied by the
forward-looking information contained herein. The Company disclaims any
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Duncan MacIntyre, President, CEO and Executive
Vice Chairman, NIR Diagnostics Inc., (905) 854-5727, (905) 854-5729 Fax,
E-mail: firstname.lastname@example.org, Internet: www.nirdiagnostics.com; Ross
Marshall, Investor Relations, (416) 815-0700 ext. 238, (416) 815-0080 Fax,
E-mail: email@example.com, Internet: www.equicomgroup.com