WAYNE, Pa., Nov. 1 /PRNewswire-FirstCall/ -- Escalon Medical Corp. announced today that Fred G. Choate was appointed to its Board of Directors for a term extending until 2007. The appointment, which fills an existing vacancy on the Escalon Board of Directors, increased the Board to six members.
Mr. Choate, age 59, is an accomplished senior executive whose experience has spanned a varied group of companies. He has been a Managing Member of Atlantic Capital Funding LLC, a privately owned commercial finance company, since 2002 and has been a Managing Member of Atlantic Capital Management LLC since 2004. Since 2003, Mr. Choate has served as the Chief Investment Officer at Baltic-American Enterprise Fund, a not-for-profit corporation engaged in a private investment program in the Baltic States that supports the development of small-to-medium sized businesses. Additionally, he has served as a Managing Member of Greater Philadelphia Venture Capital Corp. since 1992. Mr. Choate has served as a director of Parke Bank since 2003 and formerly served as a director of Escalon Medical from 1998 to 2003.
“We are delighted that Fred has rejoined our Board as a non-executive Director,” Richard J. DePiano, Escalon’s Chairman and Chief Executive Officer, commented. “His distinguished business career and wealth of experience will provide a unique and invaluable perspective to Escalon.”
About Escalon
Founded in 1987, Escalon develops, markets and distributes ophthalmic diagnostic, surgical and pharmaceutical products as well as vascular access devices. Drew, which operates as a separate division, provides instrumentation and consumables for the diagnosis and monitoring of medical disorders in the areas of diabetes, cardiovascular diseases and hematology, as well as veterinary hematology and blood chemistry. Escalon seeks to utilize strategic partnerships to help finance its development programs and is also seeking acquisitions to further diversify its product line to achieve critical mass in sales and take better advantage of the Escalon’s distribution capabilities. Escalon has headquarters in Wayne, Pennsylvania and manufacturing operations in Long Island, New York, New Berlin, Wisconsin, Dallas, Texas, Oxford, Connecticut and Barrow-in-Furness, U.K.
Note: This press release contains statements that are considered forward- looking under the Private Securities Litigation Reform Act of 1995, including statements about Escalon’s future prospects. They are based on the Escalon’s current expectations and are subject to a number of uncertainties and risks, and actual results may differ materially. The uncertainties and risks include whether Escalon is able to improve upon the operations of Escalon’s business units, including, the integration of Drew’s operations, generate cash and identify, finance and enter into business relationships and acquisitions, integrate and leverage those business relationships and acquisitions, uncertainties and risks related to new product development, commercialization, manufacturing and market acceptance of new products, marketing acceptance of existing products in new markets, the continuity of royalty revenue, litigation and non-recurring expenses, research and development activities, including failure to demonstrate clinical efficacy, delays by regulatory authorities, scientific and technical advances by Escalon or third parties, introduction of competitive products, third party reimbursement and physician training as well as general economic conditions. Further information about these and other relevant risks and uncertainties may be found in Escalon’s report on Form 10-K, and its other filings with the Securities and Exchange Commission, all of which are available from the Commission as well as other sources.
Escalon Medical Corp.
CONTACT: Richard J. DePiano, Chairman and CEO of Escalon Medical Corp.,+1-610-688-6830; or Joseph Calabrese of Financial Relations Board,+1-212-827-3772
