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WEST BERLIN, NJ – January 11,
2007 - EP MedSystems, Inc. (NASDAQ: EPMD),
today announced the Company has appointed Gerard J.
Michel, to its board of directors and audit
committee. Mr. Michel is the Chief Financial
Officer and Vice President, Corporate Strategy of
NPS Pharmaceuticals, Inc (“NPS”). NPS engages in
the discovery, development, and commercialization of
small molecules and recombinant proteins. The
company’s product candidates are primarily used for
the treatment of bone and mineral disorders,
gastrointestinal disorders, and central nervous
system disorders.
David
Jenkins, EP MedSystems’ Chairman stated, “We are
fortunate to add Gerry’s breadth of experience in
healthcare market segments and business models to
our Board.” In
addition to his NPS experience, Mr. Michel served as
a Principal for the consulting firm of Booz-Allen &
Hamilton from 1995 to 2002 where he worked with
medical device companies, large pharmaceutical
companies, biotech firms, and service firms. From
1988 to 1995, Mr. Michel was with Lederle Labs,
serving in Marketing, Sales and Corporate
Development roles, both domestically and
internationally. Mr. Michel received an M.S. degree
in Microbiology and an M.B.A. degree, both from the
University of Rochester.
Mr. Michel
replaces Paul Ray who passed away last week. David
Bruce, EP MedSystems’ President and CEO stated, “We
are all saddened by the loss of Paul and we’ll miss
his dedication and sensible counsel.”
Mr. Ray was a member of the
Company’s audit, compensation and nominating
committees.
Upon receiving notice
of Mr. Ray’s death, EP MedSystems notified Nasdaq it
was temporarily out of compliance with Nasdaq
Marketplace Rule 4350(c)(1), which requires a
majority of its board of directors to be comprised
of independent directors, and with Nasdaq
Marketplace Rule 4359(d)(2), which requires its
audit committee to consist of at least three
members. With the appointment of Mr. Michel to the
Company’s board the audit committee, Nasdaq informed
the Company it has fully regained compliance.
During the period of noncompliance, there were no
actions taken by the audit committee or the board
other than those related to Mr. Michel’s
appointment.
About EP MedSystems:
EP MedSystems develops and
markets cardiac electrophysiology ("EP") products
used to diagnose and treat certain cardiac rhythm
disorders. The Company's EP product line includes
the EP-WorkMate® Electrophysiology Workstation with
RPM(TM) Real-time Position Management(TM) navigation
technology, the EP-4(TM) Computerized Cardiac
Stimulator, fixed and deflectable diagnostic
electrophysiology catheters and related disposable
supplies, the ALERT® System and ALERT family of
internal cardioversion catheters, and the ViewMate®
intracardiac ultrasound catheter imaging system. For
more information, visit our website at
www.epmedsystems.com.
Forward Looking Statements:
This Release may contain
certain statements of a forward-looking nature
relating to future events or the future financial
performance of the Company. Forward-looking
statements include information concerning our
possible or assumed future results of operations and
statements preceded by, followed by or including the
words "believes", "expects", "anticipates",
"intends", "plans", "estimates", "see opportunities"
or similar expressions. Such forward-looking
statements are based on our management's beliefs and
assumptions and on information currently available
to our management. Such forward-looking statements
are only predictions and are subject to risks and
uncertainties that could cause actual results or
events to differ materially and adversely from the
events discussed in the forward-looking statements.
Factors that could cause or contribute to such
differences include, but are not limited to, EP
MedSystems' history of losses, uncertainty of market
acceptance of our products and level of sales,
uncertainty of future profitability and future
liquidity needs, possible costs, fines or penalties
that may be incurred in connection with government
inquiries and investigations and risks regarding
regulatory approvals and demand for new and existing
products, as stated in the Company's Annual Report
filed on Form 10-K and Quarterly Reports filed on
Form 10-Q.
EP MedSystems cautions investors
and others to review the cautionary statements set
forth in this press release and in EP MedSystems'
reports filed with the Securities and Exchange
Commission and cautions that other factors may prove
to be important in affecting the EP MedSystems'
business and results of operations. Readers are
cautioned not to place undue reliance on this press
release and other forward-looking statements, which
speak only as of the date of this release. EP
MedSystems undertakes no obligation to publicly
release the results of any revisions to these
forward-looking statements that may be made to
reflect events or circumstances after the date of
this report or to reflect the occurrence of
unanticipated events.
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