CALGARY, Nov. 14 /CNW/ - The Board of Directors of IDC (Imaging Dynamics Company Ltd.) (TSX:IDL) today announced that in response to the Company's 3rd quarter results, it is reorganizing the Company's executive leadership to meet the growing operational demands of the organization. Mr. Darryl Stein will step down as CEO effective December 31st, 2007. He will retain the position of President with responsibility for global sales and strategic planning.
The Board has created a Special Operating Committee of the Board through this transition and will conduct an executive search for CEO. The committee, consisting of: Mr. Jerry C. Cirino, Chairman, Rich Barno, Director and John Cooper, Director; will work closely with Mr. Stein and the IDC executive management team of Mr. Mike Shannon, Senior VP of Operations, Mr. Swapan Kakumanu, CFO, Mr. Robin Winsor, CTO, and Ms. Landis Jackson, Human Resources Director on identified improvement initiatives.
Mr. Karim Teja, who formerly held the positions of CFO and COO for IDC, will re-join the company as a consultant on a short-term contract basis to assist the Board during the transition period.
According to IDC Board Chairman, Mr. Jerry C. Cirino, "This reorganization will enable IDC to maximize our unique strengths in technology and sales, while allowing the company to appoint a CEO who can accelerate the pace of operational improvements that is already underway and improve our overall performance." Cirino added, "Mr. Stein has been instrumental in establishing IDC in the radiography market and will continue to manage our growth strategies and sales initiatives."
"The Company has reached a point that demands dedicated management in both operations and growth." said Mr. Darryl Stein. "I believe that our recent 'large scale' successes in North America, Latin America and the Middle East represent global opportunities for the Company. These opportunities require increasing amounts of management time and focus. We continue to strengthen the organization internally, and I look forward to working with the Board and with management in taking the Company to the next level."
As previously announced in a November 11, 2007 press release, IDC will hold a conference call on Thursday, November 15 at 8:00 a.m. EST (6:00 a.m. MST) to review 3rd Quarter 2007 financial results. Jerry Cirino, Chairman of the IDC Board of Directors, will participate in the call to discuss the executive reorganization and will be available for comment during the question-and-answer period.
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 of direct capture technology replaces conventional film-based X-rays and provides a cost-effective alternative to cassette based film or 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 harmful chemicals, cassettes or expensive imaging plates. In addition to its number one ranking for customer service by MD Buyline, IDC is the recipient of the 2007 Frost & Sullivan Technology Innovation Award. IDC is based in Calgary, Alberta, Canada.
You may also 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.
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