Wound Management Technologies, Inc. Names Robert Lutz, Jr. as New CEO; Buys Back North American Distribution Rights for CellerateRX® Powder
3/23/2012 7:41:41 AM
FORT WORTH, Texas, March 22, 2012 /PRNewswire/ -- The Board of Directors of Wound Management Technologies, Inc., (OTCQB: WNDM | WNDM.PK) a leading innovator in advanced wound care solutions, announced today that Robert Lutz, Jr. has been appointed to the Board of Directors of the Company. In addition, Scott A. Haire has resigned as Chairman of the Board of Directors and as Chief Executive Officer of the Company, and Deborah Jenkins Hutchinson has resigned as President of the Company, and Mr. Lutz has been elected as the new Chairman of the Board, Chief Executive Officer and President of the Company. Mr. Haire and Ms Jenkins Hutchinson will continue on as directors of the Company.
Mr. Lutz has extensive management and leadership experience with both public and private companies, including subsidiaries of Liberty Corp, American Express and AMRESCO. Mr. Lutz brings a proven track record in significantly growing the revenue and net income of companies, and has significant experience in negotiating business contracts with Fortune 100 firms, including IBM and AT&T.
In conjunction with Mr. Lutz joining Wound Management, the Company has reacquired the North American distribution rights for its CellerateRX® advanced wound care powder from Juventas, LLC. By doing so, Wound Management will be able to create a unified sales and distribution program for CellerateRX and its other products. This reacquisition includes the acquisition of a newly-packaged specialized CellerateRX powder kit for use in the biologic surgical closure market that was successfully established by Juventas. As a result, the management agreement between Wound Management and Juventas previously announced in November 2011 has also been terminated, and Juventas is no longer involved with Wound Management.
"After extensive due diligence with Wound Management and its core subsidiary, Wound Care Innovations, LLC, I am very impressed with the CellerateRX wound care products line and I believe the Company can capture a significant market share in the worldwide wound care products market," said Mr. Lutz. "In addition to their current product lines, Wound Management has other significant opportunities with its Resorbable Orthopedic Products subsidiary to explore. I plan to announce a comprehensive strategic plan in the near future that will discuss these ideas, as well as other strategic initiatives I plan to introduce to the company."
"Bob's strong leadership, exceptional strategic vision, and past corporate performance will allow Wound Management to capitalize on its opportunities in the medical marketplace, while building shareholder value," said Mr. Haire. "I, along with other majority shareholders, support and welcome Bob to lead the Company forward." Mr. Haire will remain as a major shareholder of Wound Management and will continue to assist the company in its strategic direction and future growth.
About Wound Management Technologies, Inc.
Wound Management Technologies, Inc. is an emerging commercial stage company with its primary products in the $5B worldwide advanced wound care market. Wound Management's primary focus is the distribution of its unique, patented collagen product, CellerateRX®, which is FDA cleared and reimbursable under Medicare Part B. Wound Management has other advanced biotech products in development including a patented resorbable bone wax line that is in late stages of development, as well as a subsidiary focused on technology for secure healthcare data collaboration and storage. More information can be found on the company's web sites: http://www.wmgtech.com and http://www.celleraterx.com.
Safe Harbor Statement:
The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development and any other statements not constituting historical facts are "forward-looking statements," within the meaning of and subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. This document may contain forward-looking statements concerning the Company's operations, current and future performance and financial condition. These items involve risks, contingencies and uncertainties such as product demand, market and customer acceptance, the effect of economic conditions, competition, pricing, the ability to consummate and integrate acquisitions, and other risks, contingencies and uncertainties detailed in the Company's SEC filings, which could cause the company's actual operating results, performance or business plans or prospects to differ materially from those expressed in, or implied by these statements. The Company undertakes no obligation to revise any of these statements to reflect the future circumstances or the occurrence of unanticipated events.
For Wound Management Technologies Shareholder Information please call (917) 974-9872 or visit http://www.wmgtech.com
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SOURCE Wound Management Technologies, Inc.