Arrhythmia Research Technology, Inc. (HRT) CEO Resigns
10/31/2012 6:30:22 AM
Arrhythmia Research Technology, Inc. ("ART" or the "Company") ( NYSE MKT : HRT ) today announced the appointment of Michael S. Gunter, a director, as interim Chief Executive Officer upon the resignation of James E. Rouse as the Company's Chief Executive Officer and as a member of its Board of Directors effective October 26, 2012.
"It has been a pleasure to have worked at ART and Micron Products these past sixteen years. After much thought, I have decided to take some time to pursue a new path in my career. I wish ART and its employees much success in the future," said Mr. Rouse.
Mr. E.P. Marinos, Chairman of the Board of Directors, said: "The Board and I are grateful to Mr. Rouse for his leadership and integrity in guiding ART and its operating subsidiary, Micron Products, Inc., over the past sixteen years. We wish him all the best with the next stage in his career. We are confident that Mr. Gunter's familiarity with the Company's business from his service over the past year and more as a director as well as his previous eight years experience at Primo Water Corp., most recently as Sr. Vice President, will help to facilitate a smooth transition."
Mr. Gunter said, "I look forward to working with the management team and dedicated employees with a focus on returning the Company to profitability in the near term as the Company concentrates its efforts on its core manufacturing competencies."
About Arrhythmia Research Technology, Inc.
The Company through its wholly-owned subsidiary, Micron Products, Inc., manufactures silver plated and non-silver plated conductive resin sensors and distributes metal snaps used in the manufacture of disposable ECG, EEG, EMS and TENS electrodes. Micron's MIT division provides end-to-end product life cycle management through a comprehensive portfolio of value-added services such as design, engineering, prototyping, manufacturing, machining, assembly and packaging. MIT manufactures custom injection molded products for medical, electronic, industrial and consumer applications, and provides high end mold design, manufacturing and precision machining for various industries. The Company's products also include a customizable proprietary signal-averaging electrocardiography (SAECG) software used in the detection of potentially lethal heart arrhythmias and that is reconfigurable for a variety of hardware platforms.
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Forward-looking statements made herein are based on current expectations of the Company that involve a number of risks and uncertainties and should not be considered as guarantees of future performance. The factors that could cause actual results to differ materially include: our ability to maintain our current pricing model and/or decrease our cost of sales; our ability to increase sales of higher margin products and services; variations in the mix of products sold; variability of customer delivery requirements; a stable interest rate market and/or a stable currency rate environment in the world, and specifically the countries where we are doing business; continued availability of supplies or materials used in manufacturing at competitive prices; volatility in commodity and energy prices and our ability to offset higher costs with price increases. More information about factors that potentially could affect the Company's financial results is included in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2011.
David A. Garrison