IRVINE, Calif., Aug. 22 /PRNewswire-FirstCall/ -- Endocare, Inc. announced today that it has entered into an agreement with its former CFO, John V. Cracchiolo, pursuant to which Mr. Cracchiolo's indemnification agreement was terminated in exchange for Endocare's waiver of certain severance and legal fee reimbursement rights. For September 2008 through December 2008, the Company had budgeted over $875,000 for Mr. Cracchiolo's legal costs. As a result of this new agreement, the Company is no longer obligated to pay any future legal costs for Mr. Cracchiolo.
Please see the related Form 8-K filed by Endocare with the Securities and Exchange Commission this morning.
About Endocare
Endocare, Inc. -- http://www.endocare.com -- is an innovative medical device company focused on the development of minimally invasive technologies for tissue and tumor ablation. Endocare has initially concentrated on developing technologies for the treatment of prostate cancer and believes that its proprietary technologies have broad applications across a number of markets, including the ablation of tumors in the kidney, lung and liver and palliative intervention (treatment of pain associated with metastases).
CONTACT: investors, Matt Clawson, matt@allencaron.com, or media, Len Hall,
len@allencaron.com, both of Allen & Caron, Inc., +1-949-474-4300, for
Endocare, Inc.; or Craig T. Davenport, CEO, or Michael R. Rodriguez, CFO,
both of Endocare, Inc., +1-949-450-5400
Web site: http://www.endocare.com/