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Cardiva Medical, Inc. Announces the Departure of its President and his Appointment as CEO of Innovative Energy, Inc.


10/14/2009 7:36:13 AM

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MOUNTAIN VIEW, Calif. and ST. LOUIS, Oct. 14 /PRNewswire/ -- Cardiva Medical, Inc. announces today that its President, Glenn Foy, will depart the organization to assume the position of Chief Executive Officer at Innovative Energy, Inc., an alternative energy company.

Augustine Lien, Founder and CEO of Cardiva Medical stated, "I would like to thank Glenn for his contributions to Cardiva over the past six years. During his tenure as President, we have transformed Cardiva from an early stage start-up to a commercial medical device company with a world-class product development, manufacturing and sales organization and significant revenues." Mr. Lien added, "With our recent successful launch of Cardiva Catalyst(TM) III, we are well positioned to lead the large vessel closure market and I wish Glenn the best as he assumes his new role at Innovative Energy."

"We are thrilled that Glenn will be joining the executive team at Innovative Energy," said Andy Schlote, Founder, Chairman and CTO of Innovative Energy, Inc. "His broad range of experience and his leadership ability make him the ideal choice to transition Innovative Energy from a product development company to a commercial frontrunner in the renewable, clean energy space." Mr. Schlote continued, "As we prepare to deliver on our first power delivery contract, Glenn's long track record of commercial successes will be a significant asset."

"I appreciate the opportunity I've been given at Cardiva and am proud of our many accomplishments as a team," added Glenn Foy. "I am very excited about my new role at Innovative Energy. They have developed truly transformational technology that will allow municipalities to locally generate renewable, clean energy at a lower cost than purchasing electricity derived from conventional fossil fuels." Foy continued, "Limiting fossil fuels and their enormous environmental impact in electricity generation is a global initiative. Innovative Energy has developed the technology that will allow it to lead in this effort."

About Cardiva Medical, Inc.

Cardiva Medical, Inc., a privately held medical device company that designs, develops and commercializes endovascular products which help the body heal itself. In 2005, Cardiva launched its first product into the vessel closure market, the Boomerang® Wire System, which demonstrated unsurpassed ease-of-use and safety. In January 2008, Cardiva launched the Cardiva Catalyst II, which incorporates hemostatic agents to accelerate the body's own coagulation pathway; quickly facilitating hemostasis at the arteriotomy site, preserving the artery and leaving absolutely nothing behind in the patient. In May 2009, Cardiva launched its latest vessel closure system, the Cardiva Catalyst III device, which is indicated for use in heparinized patients undergoing diagnostic and/or interventional femoral artery catheterization procedures using 5F, 6F, or 7F introducer sheaths. In 2006, Cardiva was presented the prestigious Frost & Sullivan Award which recognizes entrepreneurial excellence in the U.S. angioplasty and vascular closure devices market. For additional information about Cardiva, please visit our website at www.cardivamedical.com.

About Innovative Energy, Inc.

Innovative Energy, Inc., a privately held energy company, located in St. Louis, Missouri that designs, develops, and produces power plants capable of generating renewable, clean energy locally that cost less than traditional fossil fuels. Founded in 2001, the Company has had numerous patents issued in the US and worldwide on its technology and expects to launch its technology into the United States early in 2010. For additional information, please visit our website at www.innovativeenergyinc.com.

Media Contact for Cardiva Medical Inc.: Mac Farnsworth, VP and CFO Cardiva Medical, Inc. Phone: 408.470.7118 Fax: 408.212.9889 mac_farnsworth@cardivamedical.com

Media Contact for Innovative Energy Inc.: Andy Schlote, Founder, Chairman and CTO Innovative Energy, Inc. Phone: 636.600.1230 Fax: 636.600.1231 aschlote@iei-us.com

Cardiva Catalyst, Boomerang and Boomerang Catalyst are trademarks/registered trademarks of Cardiva Medical, Inc.

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