OAKLAND, Calif., Dec. 15 /PRNewswire-FirstCall/ -- World Heart Corporation today announced that Jal S. Jassawalla, current President and Chief Executive Officer, has become a member of the Board of Directors.
WorldHeart, previously incorporated under the laws of the Province of Ontario, has now reincorporated under the national laws of Canada. This change in jurisdiction allows WorldHeart to change the composition of its Board to reduce the number of Canadian resident directors from a majority to 25%. Earlier this year, as part of WorldHeart's reincorporation plan, WorldHeart completed its consolidation and move of its headquarters to Oakland, California and intends to further reincorporate from Canada to the United States in the future. As part of these changes, Mark Goudie, a Canadian resident and former Chief Financial Officer, has resigned from the Board, as anticipated.
Mr. C. Ian Ross, Chairman of the Board of WorldHeart said, "We welcome the opportunity for Mr. Jassawalla to join the Board. His depth and breadth of experience and on-going leadership in this pioneering field continue to be important for the success of the Company."
"We remain excited about the prospects of the mechanical circulatory support market and will continue to make progress on our commercialization and development programs, maintaining a technical leadership position in this field," commented Mr. Jassawalla. "I will continue to work closely with the Board and executive team to ensure WorldHeart's success. I would like to thank Mark Goudie for his many contributions as an executive and a Board member."
About World Heart Corporation
World Heart Corporation is a global technology leader in mechanical circulatory support systems headquartered in Oakland, California, USA with additional facilities in Heesch, Netherlands and in Salt Lake City, Utah. WorldHeart's registered office is Ottawa, Ontario, Canada.
Any forward-looking statements in this release, including those referring to the intended reincorporation in the United States, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risk and uncertainties, including without limitation: risks in product development and market acceptance of and demand for the Company's products; possible delays in completing the reincorporation plans in the United States; and other risks detailed in the Company's filings with the U.S. Securities and Exchange Commission, including its Amended Annual Report on Form 10-KSB/A for the year ended December 31, 2004.
WorldHeart CorporationCONTACT: Mr. Richard Juelis, +1-510-563-4713, or Ms. Peggy Allman,+1-510-563-4721, both of World Heart Corporation
Web site: http://www.worldheart.com/
