Business
Board Changes and Restructuring Initiatives
Board Changes and Restructuring Initiatives.
About this update from Imaging Biometrics Limited
[{"type":"text","content":"\n \nRNS Number : 3591X IQ-AI Limited 18 December 2019 \n\nIQ-AI Ltd\n(\"IQ-AI\" or the \"Company\")\n \nBoard Changes and Restructuring Initiatives\n \nStoneChecker Software Limited\nFollowing a strategic review of its product portfolio, the Directors of IQ-AI have concluded that maximising shareholder value is likely to be enhanced by prioritising the application of resources to the accelerated development of innovative medical software solutions. As a result of this review, a buyer or partner will now be sought for StoneChecker Software Limited.\nIQ-AI has previously announced its plans to develop a portfolio of products using the Imaging Biometrics, LLC (\"IB\" or \"Imaging Biometrics\") team in Milwaukee, Wisconsin that could reduce and eventually eliminate the use of Gadolinium in medical imaging, and last month, further plans were announced to leverage the Company's neuroradiology suite of products for use in stroke diagnosis. Products from this portfolio are expected to be introduced in 2020. \nTrevor Brown, CEO of IQ-AI Ltd, commented 'The shareholder funds needed to deploy resources to develop the StoneChecker product ourselves would be more productively invested in software product development. We are committed to building upon the core technologies of Imaging Biometrics because we believe it will show the greatest return for our shareholders, which includes board members and other members of the team. The size of the kidney stone market, relative to the other markets addressed by Imaging Biometrics' products, was an important factor in our decision making'.\n \nBoard Appointments\nIQ-AI Ltd is pleased to announce the immediate appointment of Michael Schmainda as Non-Executive Director. \nMichael has a 20-year history of successfully building global medical imaging businesses including Prism Clinical Imaging and Imaging Biometrics. As co-founder of IB, and has overseen all aspects of the company's development, operation, and growth since its inception. He has established strong collaborative relationships with leaders in the medical imaging field who drive new product development and has led the translation and commercialisation of sophisticated imaging solutions, achieved regulatory approvals in the US and Europe, and global product adoption. \nMichael's career began with 3M Company, a comp...