SAN DIEGO, Sept. 29 /PRNewswire-FirstCall/ -- CardioDynamics , the innovator and leader of Impedance Cardiography (ICG) technology, today announced that an individual, high net worth shareholder, Dr. Herbert Wertheim, raised his personal investment in the Company to nine percent. In an amended 13D filing, Dr. Wertheim disclosed ownership of 4.4 million shares. This is up from the prior 3.7 million, or 7.6% stake, disclosed in a past 13D filing.
Dr. Wertheim is Founder and Chairman of Brain Power Incorporated (BPI), the world’s largest manufacturer of ophthalmic instruments and chemicals for eye care professionals and optical laboratories, with extensive research and manufacturing facilities in the United States and Europe. Dr. Wertheim is currently or has been one of the majority shareholders, chairman or board member of 18 private, New York Stock Exchange or NASDAQ companies in a broad range of industries including banking, health care, aerospace, real estate, transportation and several diverse high tech industries. As Chairman and Chief Executive Officer of Miami- and London-based BPI, Dr. Wertheim holds numerous patents, trademarks and copyrights in various scientific fields. During his more than 40 years of eye research, he had made important discoveries in the areas of eye care and visual neural-physiology. One of his inventions, UV-400 light absorbers for eyeglass, has protected millions from serious eye diseases that include cataracts and macular degeneration.
Dr. Wertheim commented, “I continue to buy CardioDynamics shares for a number of reasons. Foremost, this is a cost-effective, revolutionary technology that assists in predicting future heart failure events and is invaluable in the treatment of cardiovascular disease, from which one out of every two Americans will eventually die. CardioDynamics also has a seasoned management team dedicated to making a difference in healthcare through their long-term commitment and focus on evidence-based medical studies demonstrating ICG’s clinical and cost-effectiveness benefits. I believe the Company has yet to see the value of the three recently published clinical studies in the treatment heart failure, high blood pressure and shortness of breath. I have a history of investing in undervalued companies with innovative technologies and strong management teams, and I believe CardioDynamics fits these criteria exceptionally well.”
“We are pleased with Dr. Wertheim’s belief in our mission and support of our Company through his personal investment,” stated Chief Executive Officer, Michael K. Perry. “Our Board of Directors and management team are committed to enhancing value for shareholders, as we continue to educate the medical community on BioZ(R) ICG’s clinical usefulness.”
Dr. Wertheim concluded, “In my mind, with over 5,000 instruments in use and at nearly one times sales, the Company’s current stock price does not reflect the wealth of clinical evidence, level of physician acceptance and excellent patient benefits which have occurred over the last eight years. The idea of reducing healthcare costs and educating doctors and other health care professionals about this proven technology that can improve people’s lives is important to me.”
About CardioDynamics:
CardioDynamics , the ICG Company, is the innovator and leader of breakthrough medical technology called Impedance Cardiography (ICG). The Company develops, manufactures and markets noninvasive diagnostic and monitoring technologies and electrodes. The Company’s ICG Systems are being used by physicians around the world to help battle the number one killer of men and women -- cardiovascular disease. Partners include GE Healthcare and Philips Medical Systems. For additional information, please refer to the company’s Web site at www.cdic.com.
Forward-Looking (Safe Harbor) Statement:
Except for the historical and factual information contained herein, this press release contains forward-looking statements, the accuracy of which is necessarily subject to uncertainties and risks including the Company’s primary dependence on the BioZ product line, and various uncertainties characteristic of early growth companies, as well as other risks detailed in the Company’s filings with the SEC, including its 2005 Form 10-K. The Company does not undertake to update the disclosures contained in this press release.
The previous statements by the Reporting Persons as to their views regarding this investment represent solely their own analyses and judgments, based on publicly-available information and their own internal evaluation thereof. Those statements are not intended, and should not be relied on, as investment advice to any other investor or prospective investor. To the extent those statements reflect assessments of possible future developments, those assessments are inherently subject to the uncertainties associated with all assessments of future events; actual developments may materially differ as a result of circumstances affecting CDIC and/or extrinsic factors such as developments in the company’s industry and the economic environment. The Reporting Persons reserve the right to change their internal evaluation of this investment in the future, as well as to increase or decrease their investment depending on their evaluation, without further amending their Schedule 13D except as required by applicable rules.
CardioDynamics
CONTACT: Scott Schmidt, Investor Relations, CardioDynamics,+1-800-778-4825 ext. 1005, sschmidt@cdic.com
Web site: http://www.cdic.com/
