PRINCETON, N.J., Jan. 10, 2012 /PRNewswire/ -- NewCardio, Inc., (OTC BB: NWCI) a cardiovascular diagnostic solutions developer, announced changes to its Board of Directors and executive management.
Effective January 1, 2012, Jess Jones, M.D. has been named Chief Executive Officer of the company, replacing Vincent W. Renz, Jr. Dr. Jones has been a member of the Company's Board of Directors since December 2008. From 2006 to December 2010 Dr. Jones worked with Vision Capital Advisors, LLC in New York City as the Director of Healthcare Investing, analyzing investment opportunities in the biotechnology, pharmaceutical, medical technology, and medical services fields, and assisted companies in implementing their business plans. From 2001 to 2007, Dr. Jones attended Columbia College of Physicians & Surgeons in New York City, where he received his medical degree in May 2007. Additionally, Dr. Jones earned a BA degree from the University of Utah in 2001 and an MBA from Columbia Business School in May 2007.
In addition, Greg Sadowski has been named Chief Operating Officer of the company. Mr. Sadowski has served as Senior Vice President, Client Services for NewCardio since October 2008. In that position, he has been responsible for preparing, delivering and supporting the NewCardio cardiovascular diagnostic technology solutions, including the Professional Services, Information Technology, Customer Care and Quality Assurance groups. From October 1997 to October 2008, Mr. Sadowski worked with eResearchTechnology (eRT), where he served on the Executive Management Team as Senior VP of eRT's Electronic Patient Reported Outcomes (ePRO) business.
Simultaneously, Mr. Renz, Patrick Maguire, M.D., Ph.D., and Mark W. Kroll, Ph.D, FACC, FHRS, resigned from the Company's Board of Directors. Also effective January 1, Richard D. Brounstein has resigned from the office of Chief Financial Officer of the Company. Both Mr. Renz and Mr. Brounstein will continue to serve the company as consultants.
Dr. Jones commented, "With the ongoing support and patience of our creditors, who are also shareholders, this new management team remains committed to the development of our cardiovascular platform technology in order to create long-term value for our shareholders, customers and employees. In order to accomplish this strategic goal, in the short term, we will be focused on our QTinno solution while maintaining a significantly reduced level of expenses, with the goal of generating positive cash flow based on improving commercial acceptance of QTinno. In addition, the new management and streamlined board of directors will continue efforts to secure long-term financing during 2012 as we remain committed to NewCardio's ultimate success based on our ability to deliver solutions, such as CardioBip and my3KG from our proven technology. I would like to thank Vinnie, Rick and the departing board members for their years of service and hard work at NewCardio. Without their efforts the company would not have been able to complete the commercialization of QTinno and initiate the revenue generating phase of the company."
About NewCardio, Inc.
NewCardio is a cardiac diagnostic and services company developing and marketing proprietary software platform technologies to provide higher accuracy to, and increase the value of, the standard 12-lead ECG. NewCardio's 3-D ECG software platform reduces the time and expense involved in assessing cardiac status while increasing the ability to diagnose clinically significant conditions which were previously difficult to detect. NewCardio's software products and services significantly improve the diagnosis and monitoring of cardiovascular disease, as well as cardiac safety assessment of drugs under development. For more information, visit www.newcardio.com.
This press release contains forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based on currently available information and assumptions made by management. Although we believe that the assumptions on which the forward-looking statements contained herein are based are reasonable, any of those assumptions could prove to be inaccurate given the inherent uncertainties as to the occurrence or nonoccurrence of future events. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including the potential risks and uncertainties set forth in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2009 and relate to our business plan, our business strategy, development of our proprietary technology platform and our products, timing of such development, timing and results of clinical trials, level and timing of FDA regulatory clearance or review, market acceptance of our products, protection of our intellectual property, implementation of our strategic, operating and people initiatives, benefits to be derived from personnel and directors, ability to commercialize our products, our assumptions regarding cash flow from operations and cash on-hand, the amount and timing of operating costs and capital expenditures relating to the expansion of our business, operations and infrastructure, implementation of marketing programs, our key agreements and strategic alliances, our ability to obtain additional capital as, and when, needed, and on acceptable terms and general economic conditions specific to our industry, any of which could impact sales, costs and expenses and/or planned strategies and timing. We assume no obligation to, and do not currently intend to, update these forward-looking statements.
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Jeff Stanlis, Partner
SOURCE NewCardio, Inc.