WAYNE, Pa., Nov. 9 /PRNewswire-FirstCall/ -- Escalon Medical Corp. today announced the promotion of Mr. Barry Durante to President of Sonomed, a wholly-owned subsidiary of Escalon and a worldwide leader in ophthalmic ultrasound. In his new role he will be responsible for Sonomed’s entire operations, while leading the company’s technology and product development strategies. Mr. Durante joined Sonomed in 1988 and has served in numerous management positions, most recently as Executive Vice President.
Richard J. DePiano Jr., Escalon’s Chief Operating Officer, commented, “Barry has played an important role in Sonomed’s growth and development and we believe this is a natural transition. Over the past two decades he has been successful in growing sales on a consistent basis while exceeding customer expectations. His vast experience in dealing with both domestic and international distribution networks will be most beneficial as we continue to implement targeted growth strategies.”
Sonomed will showcase its industry-leading product portfolio at the American Academy of Ophthalmology Annual Meeting, November 10 - 13, 2007, in New Orleans, LA. Sonomed develops, manufactures and markets ultrasound systems for diagnostic and biometric applications in ophthalmology. The systems are of four types: A-Scans, B-Scans, High Frequency B-Scans (“UBMs”) and pachymeters.
Prior to joining Sonomed, Mr. Durante was with Sonometrics Incorporated, an ophthalmic ultrasound manufacturer and Ocusery, Inc., an ophthalmic mobile services company.
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 business unit, 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. The Company 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 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 the Company’s future prospects. They are based on the Company’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 the Company is able to implement its growth and marketing strategies, improve upon the operations of the Company’s business units, including the integration of Drew’s and MRP’s operations and any acquisitions it may undertake, if any, of which there can be no assurance, implement cost reductions, generate cash and identify, finance and enter into 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 the Company’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.
CONTACT: Richard J. DePiano, Chairman and CEO, +1-610-688-6830, or Joseph
Calabrese, of Financial Relations Board, +1-212-827-3772
