QUEBEC CITY, Jan. 7, 2013 /CNW Telbec/ - Opsens Inc. ("Opsens") (TSXV: OPS) announced today changes to the Company's senior management to position the company for future growth in the medical instrumentation and oil and gas fields. Following the recent $5-million transaction for distribution rights to its FFR line of products for Japan, Korea and Taiwan, Pierre Carrier, co-founder, President and Chairman of the Board, has decided that it is time for him to step down from the President's role after almost 10 years directing the company.
President and CEO Louis Laflamme
In that context, the Board of Directors has appointed Louis Laflamme as its new President and CEO, succeeding Mr. Carrier, who will remain Chairman of the Board of Directors, as the company embarks on a new phase of growth and positioning in the worldwide medical market place. Laflamme, CFO since 2005, played a key role in Opsens' initial public offering and subsequent financings. As well, he has executed the company's financial strategy and managed operational activities, including M&A activity that led to Opsens entering the up-and-coming SAGD oil and gas instrumentation market, which according to forecasts, is expected to quadruple by 2020. He was also instrumental in Opsens' move into developing devices that measure Fractional Flow Reserve ("FFR"). Currently estimated at nearly US$170 million, the FFR market is moving toward a $1-billion annually. Penetration of a fraction of this market will have a significant impact on Opsens' consolidated sales.
"I am honored to take the helm at this turning point and I want to thank Pierre Carrier who has brought us this far," said Mr. Laflamme. "Mr. Carrier's contribution has been critical and we believe it will be felt for a long time."
Pierre Carrier is leaving the presidency of Opsens. The Company wishes to thank him warm-heartedly for his immense contribution, which allowed Opsens to establish a solid foundation for future growth. He has built a strong team, capable of achieving Opsens' ambitious goals. Pierre Carrier will continue to contribute to the development of Opsens as Chairman of the Board of directors.
"I am glad to see Louis Laflamme take the leadership of the Company. Louis is well acquainted with all aspects of Opsens and I am convinced, as are all the members of the Board of Directors, that he is the best candidate to take Opsens' management to lead it to higher ground." said Mr. Carrier.
Chief Financial Officer Thierry Dumas
In addition, Opsens has recruited Thierry Dumas, who has worked with large technology companies, as its new CFO.
Mr. Dumas has held senior executive positions with private and public companies including EnGlobe Corp and Atrium Innovations, where he served as Corporate Controller. Atrium, a company listed on the Toronto Stock Exchange (TSX: ATB) with more than 1,100 employees, is recognized worldwide in the development and marketing of natural health products.
Previously Mr. Dumas also held various positions at PricewaterhouseCoopers and Ernst & Young working his way up to Senior Manager.
Grant of stock options
Opsens' Board of Directors also authorized the grant of a total of 250,000 stock options to an Officer, as provided by the Opsens stock option plan adopted by the shareholders on January 16, 2012.
Under the provisions of Opsens' stock option plan, each stock option granted entitles the holder to subscribe to one Opsens' common share at the latest on January 7, 2018 and at a price equal to 0.21$ per share. The stock options granted to the Officer will be vested over a period of four years at a rate of 25 % per year, the first tranche being vested at the end of the first year following the granting of the stock options.
About Opsens Inc. (www.opsens.com)
Opsens is a leading developer, manufacturer, supplier and installer of a wide range of fiber optic solutions based on proprietary patented technologies for the measurement of pressure, temperature and other parameters. The qualities of our sensors allow us to offer measuring instruments that are effective and durable in extreme conditions. Opsens is using its competitive advantages to focus primarily on two strong growth markets: oil and gas and FFR medical instrumentation.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Opsens to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.
SOURCE: OPSENS INC.
For further information:
Marie-Claude Poitras, communications, 418.682.9996
Louis Laflamme, CPA, CA, President and CEO, 418.682.9996
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