OAKLAND, Calif., Aug. 21 /CNW/ -- World Heart Corporation (Nasdaq: WHRT)
("WorldHeart") announced today that it is embarking on a phased consolidation
into a primary facility at its current location in Salt Lake City, Utah.
WorldHeart's focus is on the development, clinical trial and subsequent
commercialization of the advanced rotary Levacor(TM) Ventricular Assist Device
In this context, and as the first-generation Novacor(R) LVAS reaches the
natural end of its product life cycle, WorldHeart is eliminating five
positions (including the Vice President of Manufacturing Mr. John Vajda) at
its facility in Oakland, California effective August 22, 2008. The company
expects that Mr. Vajda will provide consulting services for transitional
priorities. A second consolidation phase will be completed by the next three
to four quarters as approximately ten additional Oakland positions are
expected to be eliminated while others are relocated to Salt Lake.
The consolidation plan includes a search for a CEO to reside in Salt Lake
City. Mr. Jal S. Jassawalla, WorldHeart's current President and CEO, will
remain in a senior management position based in California, along with certain
key employees in areas such as Research and Development, Clinical Affairs and
Regulatory Affairs. Mr. Jassawalla will continue to focus on these WorldHeart
activities, with emphasis on clinical collaborations, advancement of VAD
technology and global adoption of assist device therapy.
About World Heart Corporation
WorldHeart is a developer of mechanical circulatory support systems.
WorldHeart is headquartered in Oakland, California, USA with additional
facilities in Salt Lake City, Utah and Herkenbosch, The Netherlands.
WorldHeart's registered office is Ottawa, Ontario, Canada.
Any forward-looking statements in this release are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995
and include all statements regarding WorldHeart's ability to regain compliance
with the Nasdaq Capital Market listing requirements, as well as other
statements that can be identified by the use of forward-looking language, such
as "believes," "feels," "expects," "may," "will," "should," "seeks," "plans,"
"anticipates," or "intends" or the negative of those terms, or by discussions
of strategy or intentions. Investors are cautioned that all forward-looking
statements involve risk and uncertainties, including without limitation:
WorldHeart's need for additional capital in the future; risks in product
development and market acceptance of and demand for WorldHeart's products;
delisting from the NASDAQ Stock Market if compliance with the listing
standards, including the Minimum Bid Price Rule and other minimum standards,
is not regained; and other risks detailed in WorldHeart's filings with the
U.S. Securities and Exchange Commission, including without limitation its
Annual Report on Form 10-KSB/A for the year ended December 31, 2007 and its
Quarterly Report on Form 10-Q/A for the quarter ended March 31, 2008 and its
Quarterly Report on Form 10Q for the quarter ended June 30, 2008.
For further information:
For further information: Mr. David Pellone, +1-510-563-4775, or Ms.
Peggy Allman, +1-510-563-4721, both of World Heart Corporation Web Site: