MINNEAPOLIS, Nov. 9 /PRNewswire-FirstCall/ -- Uroplasty, Inc. announced today the appointment of Mahedi (Medi) Jiwani as the Vice President, Chief Financial Officer and Treasurer of the Company, effective November 14, 2005. Daniel G. Holman, current Chairman and Chief Financial Officer, will continue to serve as Chairman.
Between 2003 and 2005, Mr. Jiwani served as Chief Financial Officer of M.A. Gedney Company, a Chaska, Minnesota-based food products distributor. Between 1997 and 2003, he was employed by Telex Communications Inc., most recently as Vice President of Finance. Mr. Jiwani served at Tennant Company between 1983 and 1997, most recently as corporate controller and principal accounting officer. He holds MBA and Master of Engineering degrees from the University of Minnesota.
Commenting on Mr. Jiwani's appointment, Sam B. Humphries, President and CEO of Uroplasty, said: "We are pleased to have Medi join our organization. His experience will provide leadership in our finance and accounting organization as we move forward in our next phase of growth."
"I'm happy to join Uroplasty and add my skills to a high-caliber team," said Jiwani. "It is an exciting opportunity to be a part of a team beginning to commercialize products in the United States that can help improve the quality of life for many who suffer from incontinence, and Uroplasty is strategically positioned to serve both the medical community and patients."
Mr. Jiwani will assume the responsibility for the overall financial management of the Company. This includes management of the finance and accounting functions and investor relations. He will also assume many administrative responsibilities including management of the Company's IT and Human Resources functions.
In accordance with American Stock Exchange rules, the Company also announced that as part of Mr. Jiwani's compensation, the Company is granting him options to purchase 100,000 shares of Common Stock at an exercise price equal to the closing price of the Company's Common Stock on the American Stock Exchange on his start date of employment. These options are not under any of the Company's stock option plans.
Uroplasty, Inc., headquartered in Minneapolis, Minnesota, with wholly-owned subsidiaries in The Netherlands and the United Kingdom, is a medical device company that develops, manufactures and markets innovative, proprietary products for the treatment of voiding dysfunctions, including urinary and fecal incontinence, overactive bladder and vesicoureteral reflux.
Macroplastique(R) Implants, Uroplasty's patented soft tissue bulking agent, is used to treat both female and male urinary incontinence and to treat vesicoureteral reflux in children. When Macroplastique is injected into tissue, it stabilizes and "bulks" the tissue, providing the surrounding muscles with increased capability to control the flow of urine. Additionally, Uroplasty markets soft tissue bulking agents for specific indications such as PTQ(TM) Implants for the treatment of fecal incontinence, VOX(R) Implants for the treatment of vocal cord rehabilitation and Bioplastique(R) for augmentation or restoration of soft tissue defects in plastic surgery indications. Uroplasty's bulking products are sold outside the United States.
The I-STOP(TM) Mid-Urethral Sling is a biocompatible, tension-free sling used to treat female stress urinary incontinence. The I-STOP sling provides a hammock-like support for the urethra to prevent urine leakage associated with activities such as coughing, laughing, lifting or jumping. Uroplasty sells the I-STOP Sling in the United Kingdom and in the United States.
Uroplasty's Urgent(R) PC Neuromodulation System is a proprietary, minimally invasive nerve stimulation device designed for office-based treatment of overactive bladder symptoms of urge incontinence, urinary urgency and urinary frequency. Application of neuromodulation therapy targets specific nerve tissue and disrupts the signals that lead to the symptoms of overactive bladder. Uroplasty sells the Urgent PC system in the United States, in Canada and in countries recognizing the CE symbol.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. This press release contains forward-looking statements, which reflect our views regarding future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties, including those identified below, which could cause actual results to differ materially from historical results or those anticipated. The words "aim," "believe," "expect," "anticipate," "intend," "estimate" and other expressions, which indicate future events and trends, identify forward-looking statements. Actual future results and trends may differ materially from historical results or those anticipated depending upon a variety of factors, including, but not limited to: the effect of government regulation, including when and if we receive approval for marketing products in the United States; the impact of international currency fluctuations on our cash flows and operating results; the impact of technological innovation and competition; acceptance of our products by physicians and patients, our historical reliance on a single product for most of our current sales; our ability to commercialize our recently licensed product lines; our intellectual property and the ability to prevent competitors from infringing our rights; the ability to receive third party reimbursement for our products; the results of clinical trials; our continued losses and the possible need to raise additional capital in the future; our ability to manage our international operations; our ability to hire and retain key technical and sales personnel; our dependence on key suppliers; future changes in applicable accounting rules; and volatility in our stock price.
FOR FURTHER INFORMATION: visit Uroplasty's web page at http://www.uroplasty.com or contact Mr. Humphries.
UROPLASTY, INC. Sam B. Humphries, President / CEO 2718 Summer Street N.E. Minneapolis, MN 55413-2820 Tel: 612-378-1180 Fax: 612-378-2027 E-mail: samh@uroplasty.com
Uroplasty, Inc.CONTACT: Sam B. Humphries, President-CEO of Uroplasty, Inc.,+1-612-378-1180, Fax, +1-612-378-2027, or E-mail, samh@uroplasty.com
Web site: http://www.uroplasty.com/
