OAKLAND, Calif., May 25 /PRNewswire-FirstCall/ -- -- World Heart Corporation, a developer of mechanical circulatory support systems, today announced changes to its Board of Directors.
C. Ian Ross, who has been a member of WorldHeart’s Board for seven years and currently is Chairman, is retiring from the Board and will not stand for re-election at the upcoming Annual Meeting scheduled for June 28, 2007.
“I would like to thank Ian Ross for his innumerable contributions to WorldHeart and, in particular, for his guidance to me over the last three years,” said Jal Jassawalla, President and Chief Executive Officer. “We look forward to working with Mike Estes and Gary Goertz, our newest Board member and Board nominee, who bring unique and complimentary industry-specific experience.”
Michael Sumner Estes, Ph.D., who joined the Board in April 2007, is expected to become Chairman after the election of the Board at the Annual Meeting and the expiration of Mr. Ross’ term on that date. Dr. Estes is also expected to replace Mr. Ross on the Compensation Committee and the Corporate Governance and Nominating Committee of the Board. Dr. Estes is Chairman of the Board of Directors of Medical Entrepreneurs II, Inc., a company that develops and manufactures replacement heart valves. From 2001 until 2005, he was an independent consultant to Corazon, Inc., a company formed to develop new technology for the less invasive treatment of heart disease. From 1996 to 1999, Dr. Estes was the President and Chief Executive Officer of Orquest, Inc., a company involved in bone replacement technology. Dr. Estes also held executive positions with American Hospital Supply Corporation and Baxter HealthCare Corporation, including responsibility for the worldwide Cardiovascular Group at Baxter HealthCare. He is currently on the Board of Directors of nContact, Inc., a private cardiovascular company.
Gary W. Goertz has been nominated to become a new director of WorldHeart. If elected, he is expected to replace Mr. Ross as a member and Chairman of the Audit Committee. Mr. Goertz has been a professional director since early 2003 after serving as Executive Vice President, Finance and Chief Financial Officer of MDS Inc., a global public health and life sciences company, from 1999 until February 2003. Prior to MDS, Mr. Goertz was Chief Financial Officer at TELUS Communications Inc. Mr. Goertz is a Chartered Accountant and is currently on the Board of Directors of Pet Valu Canada Inc. and is a trustee of Associated Brands Income Fund.
WorldHeart intends to mail to all shareholders a proxy statement that will contain important information regarding the election of the directors as well as other matters. The shareholders are advised to review the proxy statement for further information regarding the participants of the solicitation (including their direct or indirect interests, if any). When available, copies of the proxy statement, and other relevant documents, will be available for free at the Securities and Exchange Commission’s web site and at WorldHeart’s web site at worldheart.com.
About WorldHeart
WorldHeart is a developer of mechanical circulatory support systems with broad-based next-generation technologies. The company is headquartered in Oakland, California, USA with additional facilities in Salt Lake City, Utah and in Heesch, Netherlands. WorldHeart’s registered office is Ottawa, Ontario, Canada.
Any forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include statements regarding the Company’s expectations with respect to the election of directors by shareholders at the forthcoming Annual Meeting and Board Committee memberships, as well as other statements that can be identified by the use of forward-looking language, such as “believes,” “feels,” “expects,” “may,” “will,” “should,” “seeks,” “plans,” “anticipates,” or “intends” or the negative of those terms, or by discussions of strategy or intentions. Investors are cautioned that all forward-looking statements involve risk and uncertainties, including without limitation risks detailed in the Company’s filings with the United States Securities and Exchange Commission, including its Annual Report on Form 10-KSB for the year ended December 31, 2006, as amended.
Contact Information: World Heart Corporation Genesis Select Corporation Mr. Richard Juelis (510) 563-4713 Mr. Stephen Laird (203) 341-0214 Ms. Peggy Allman (510) 563-4721 www.genesisselect.comwww.worldheart.com
World Heart Corporation
CONTACT: Mr. Richard Juelis, +1-510-563-4713, Ms. Peggy Allman,+1-510-563-4721, both of World Heart Corporation; or Mr. Stephen Laird ofGenesis Select Corporation, +1-203-341-0214, for World Heart Corporation
