LONE TREE, CO--(Marketwired - April 30, 2013) -
Zynex, Inc. (OTCQB: ZYXI
), a provider and developer of non-invasive medical devices for electrotherapy and stroke rehabilitation, neurological diagnosis and cardiac monitoring, announced the appointment of Kevin M. Smith to the Zynex Board of Directors.
Mr. Smith has been involved in the Colorado Life Science community since 1988. Mr. Smith is the President and CEO of the Colorado Institute for Drug, Device and Diagnostic Development (CID4), a nonprofit focused on advancing the Colorado bioscience ecosystem through company creation and job growth. Prior to joining CID4, Mr. Smith spent nine years as President of Gambro, Inc., the US holding company for the publicly-traded, Swedish-based Gambro Group, until its acquisition by private equity investors in 2006. The US operations of Gambro included the manufacture and distribution of cardiovascular (CV), blood separation and renal dialysis products and the operation of US and international kidney dialysis centers. As a member of the Gambro AB Executive Committee, Mr.Smith was actively involved in strategy matters and took lead roles in many projects, including the sale of the CV business to Sorin Biomedica, the sale of the US dialysis business to DaVita and the establishment of selected corporate functions in the standalone subsidiaries after the private equity transaction. He is on the Boards of Sophono, Inc., Flashback Technologies and PeptiVir, Inc., all investees of CID4, as well as Donor Alliance and AlloSource. He also serves on the Audit and Corporate Responsibility Committee of Centura Health. Before joining Gambro, Kevin was an audit partner in the Denver and New York offices of Ernst & Young, specializing in entrepreneurial services and led the formation of E&Y's Denver Life Sciences Practice.
Thomas Sandgaard, CEO stated, "We are very excited to have Kevin Smith join our Board of Directors and believe he brings a tremendous amount of industry experience that will help us continue to improve and execute our business strategy. Mr. Smith will also serve on our Audit Committee."
Zynex (founded in 1996), operates under three primary business segments; Zynex Medical, Zynex NeuroDiagnostics and Zynex Monitoring Solutions. Zynex Medical engineers, manufactures, markets and sells its own design of electrotherapy medical devices for electrotherapy, used for pain management and rehabilitation. Zynex Medical's product lines are fully developed, FDA-cleared and commercially sold world-wide. Zynex NeuroDiagnostics, sells the company's proprietary NeuroMove device designed to help stroke and spinal cord injury patients and is currently expanding into markets for EMG, EEG, sleep pattern, auditory and nerve conductivity neurological diagnosis devices through product development and acquisitions. Zynex Monitoring Solutions, currently in the development stage, was established to develop and market medical devices for non-invasive cardiac monitoring.
For additional information, please visit: http://www.ir-site.com/zynex/default.asp.
Safe Harbor Statement
Certain statements in this release are "forward-looking" and as such are subject to numerous risks and uncertainties. Actual results may vary significantly from the results expressed or implied in such statements. Factors that could cause actual results to materially differ from forward-looking statements include, but are not limited to, the need to obtain additional capital in order to grow our business, our ability to engage additional sales representatives, the success of such additional sales representatives, the need to obtain FDA clearance and CE marking of new products, the acceptance of new products as well as existing products by doctors and hospitals, larger competitors with greater financial resources, the need to keep pace with technological changes, our dependence on the reimbursement from insurance companies for products sold or rented to our customers, acceptance of our products by health insurance providers, our dependence on third party manufacturers to produce our goods on time and to our specifications, implementation of our sales strategy including a strong direct sales force, the uncertain outcome of pending material litigation and other risks described in our filings with the Securities and Exchange Commission including the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2012.