Healthcare Industry News: HSMN NewsFeed
News Release - September 21, 2011
Vasomedical Announces Corporate Restructure and Appointment of New Chief Financial OfficerWESTBURY, N.Y.--(Healthcare Sales & Marketing Network)-- Vasomedical, Inc. (“Vasomedical”) (OTC:VASO.PK.ob ), a leader in the manufacture and sale of devices for the non-invasive treatment and management of cardiovascular diseases and a leader in the sale of diagnostic imaging products, today announced the restructure of the Company to further align its business management structure and long term growth strategy. The Company will now be operating through three wholly-owned subsidiaries. Vaso Diagnostics, Inc., d/b/a/ VasoHealthcare will continue as an operating subsidiary for the sales representation of GE Healthcare diagnostic imaging products; Vasomedical Global Corp. will operate the Company’s newly acquired Chinese companies; and Vasomedical Solutions, Inc. has been formed to manage and coordinate its EECP® therapy business as well as other medical equipment operations.
Vasomedical also has appointed Michael J. Beecher, as its Chief Financial Officer. Jonathan P. Newton, our previous Chief Financial Officer, will now assume the role of Vice President of Finance and Controller. Prior to joining Vasomedical, Mr. Beecher was Chief Financial Officer of Direct Insite Corp., a publicly held company, from December 2003 to September 2011. Prior to his position at Direct Insite, Mr. Beecher was Chief Financial Officer and Treasurer of FiberCore, Inc., also a publicly held company, in the fiber-optics industry. From 1989 to 1995 he was Vice-President Administration and Finance at the University of Bridgeport. During his many years as a financial executive, Mr. Beecher has accumulated extensive experience in private and public financings, mergers and acquisitions as well as in the integration of international and domestic operations. He began his career in public accounting with Haskins & Sells, an international public accounting firm. Mr. Beecher is a graduate of the University of Connecticut, a Certified Public Accountant and a member of the American Institute of Certified Public Accountants.
Welcoming Mr. Beecher to Vasomedical, President and CEO Jun Ma stated, “Together with the acquisition of the two companies in China, Life Enhancement Technology Limited and Biox Instruments Co. Ltd., the restructure of the Company is another important element of our global growth strategy. The timely addition of Mr. Beecher brings additional resources and valuable expertise to our management team and will help us move forward with our plans for future growth and expansion.”
Vasomedical, Inc. is engaged in designing, manufacturing, marketing and supporting EECP® external counterpulsation systems based on the Company's proprietary technology. EECP® therapy is a non-invasive, outpatient therapy for the treatment of cardiovascular diseases and is currently indicated for use in cases of angina, cardiogenic shock, acute myocardial infarction and congestive heart failure. The Company provides hospitals, clinics and private practices with EECP® equipment, treatment guidance and a staff training and maintenance program designed to provide optimal patient outcomes. The Company also provides other noninvasive medical equipment including Holter monitors and ambulatory blood pressure monitors.
Vaso Diagnostics d/b/a VasoHealthcare, a wholly owned subsidiary of Vasomedical, Inc., is a professional sales representation organization offering vendors of medical devices an alternative third party sales channel. Through an agreement with GE Healthcare, it is currently engaged as an exclusive sales representative for certain GE Healthcare products. Additional information is available on the Company's website at www.vasomedical.com.
Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this release, words such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “may”, “plans”, “potential” and “intends” and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company’s management, as well as assumptions made by and information currently available to the Company’s management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions; the effect of the dramatic changes taking place in the healthcare environment; the impact of competitive procedures and products and their pricing; medical insurance reimbursement policies; unexpected manufacturing or supplier problems; unforeseen difficulties and delays in the conduct of clinical trials and other product development programs; the actions of regulatory authorities and third-party payers in the United States and overseas; uncertainties about the acceptance of a novel therapeutic modality by the medical community; continuation of the GEHC agreement; and the risk factors reported from time to time in the Company’s SEC reports. The Company undertakes no obligation to update forward-looking statements as a result of future events or developments.
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