IDC Board of Directors confirms the Company's strategic direction and appoints Mr. Swapan Kakumanu to the position of Executive Vice President and Chief Financial Officer
CALGARY, July 2 /CNW/ - Imaging Dynamics Company Ltd. ("IDC") (TSX: IDL), the global leader in the rapidly growing market for digital radiography ("DR") is pleased to announce that the Board of Directors (the "Board") and the management team of the Company recently concluded a strategic session to review the restructuring plan that was initiated during the third quarter of 2008. The Board provided feedback and advice to the management team for the strategic direction of the Company for the next twelve to eighteen months and confirmed that the Company is on the right path for Profitable Growth and Industry Leadership. In addition, the Company announces the appointment of Swapan Kakumanu to the position of Executive Vice President with expanded operational and geographic responsibilities, in addition to his current position of Chief Financial Officer of the Company.
Jerry C. Cirino, Chairman of the Board, stated, "We are confident in our business fundamentals as demonstrated by the continued improvements in the balance sheet, implementation of sound operational and business processes and strengthening the competitiveness of our CCD based digital radiography platform; that IDC is well positioned to take advantage of the pending economic upturn as it occurs. We believe that the management team has clearly demonstrated their ability to lead the Company through this challenging economic environment and has positioned the Company to achieve it objectives of profitable growth in the near term."
Continued Mr. Cirino, "We are confident that IDC will continue to expand its presence in the emerging markets where we see good growth opportunities. In addition, the Company is solidifying its channel position in the North American markets where we see the potential for modest recovery during the second half of 2009."
The Board has asked the management team to evaluate restarting the Company's patented CCD optically coupled technology for the high growth and profitable digital mammography market segment. The Board and management team will also investigate strategic options for expanding the Company's current DR product portfolio in order to leverage its channel relationships in the countries where it does business. It was also decided that the Company will identify and establish an independent Advisory Board to provide technical and scientific advice to the management team.
Mr. Cirino stated the following in regard to the appointment of Mr. Kakumanu; "We are pleased to announce the appointment of Swapan Kakumanu to the position of Executive Vice President and Chief Financial Officer as he takes on added responsibilities for operational and geographic initiatives. The Board is confident that with his leadership skills and knowledge of international markets he will be instrumental in positioning the Company to achieve its growth objectives."
Mr. Kakumanu was appointed as the Company's Chief Financial Officer ("CFO") in December 2006. As CFO he was instrumental in improving the balance sheet performance, effectively managing the working capital, and driving a number of cost reduction initiatives. He has worked through this dynamic period in effectively leading and tackling the challenges facing IDC both internally and externally. Over the past year Mr. Kakumanu has taken on the additional responsibility for Operations, Human Resources and the Asia Pacific and EMEA & South Asia (Europe, Middle East and Africa) regions where he works closely with the regional Vice Presidents and distribution channels.
About IDC:
IDC (Imaging Dynamics Company) is a medical technology company and innovative force in the fast-growing field of digital radiography (DR) technology. IDC's X-Series line of direct capture technology replaces conventional film-based image capture and provides a cost-effective alternative to cassette based computed radiography (CR) systems.
Each IDC DR solution provides high resolution radiographic images in the digital format required for today's electronic medical record networks, all without the use of film, environmentally damaging chemicals, cassettes or expensive imaging plates. In addition to receiving the 2007 Frost & Sullivan Technology Innovation Award and the 2008 PROFIT 100 ranking as one of Canada's fastest-growing companies and celebration of entrepreneurial achievement. IDC was also recognized by the 2008 Deloitte Technology Fast 500, which ranks the fastest growing technology, media, telecommunications and life sciences companies in North America.
IDC is based in Calgary, Alberta, Canada. Visit the IDC Web site: www.imagingdynamics.com.
Statements in this release which describe IDC's intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of IDC to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. IDC may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions. Known and unknown risks and uncertainties include: IDC's ability to manufacture its products with a sufficient level of quality and in volumes which satisfy market demand; the ability of IDC to establish direct and indirect sales channels; the ability of IDC to establish industry partnerships; IDC's ability to attract and retain key personnel; the strength and breadth of IDC's patents; and other factors relating to general economic conditions, specific industry conditions and IDC's particular situation.