VANCOUVER, BC / March 10, 2020 / / CVR Medical Corp. (CVM.V) (TSXV: CVM) (OTCQB: CRRVF) (“CVR Medical” or the “Company” or “we“) a Canadian listed and US based healthcare company in the medical device sector announces the resignation of Dr. Dallas Hack as interim CEO/CFO and Director of CVR Medical Corp. Dr. Hack is unable to continue as a Director secondary to time constraints on his consulting business as well as family obligations. The Board of Directors is pleased to announce the addition of Trish Perzyk-Howell to the Board. Trish Howell brings significant expertise with her background in start-up Medical Device Companies. Candidates for CFO are being interviewed and a search for a CEO will continue.
Trish Howell is currently Vice President of Operations at ZipLine Medical (now part of Stryker). Ms. Howell has nearly 30 years’ experience leading Operations functions in multiple industries. Previously, Trish served as Vice President of Operations at Pulmonx where she led Manufacturing, Quality and Supply Chain for the company’s diagnostic device and therapeutic implant products for Interventional Pulmonology. Prior to Pulmonx she served as Vice President of Materials Management at ArthroCare Corporation, scaling the global logistics infrastructure and launching a greenfield manufacturing facility in Costa Rica. From 1988 to 2003, Trish spent 15 years in the automotive industry, predominantly with Ford Motor Company in roles of increasing responsibility in Product Development, Process Engineering, and Supply Chain. She holds a BS in a Mechanical Engineering from the University of Michigan and an MBA in Finance from the University of Michigan-Dearborn.
The Board of Directors also wants to make it clear that significant progress has been achieved towards a restructuring of the company to move forward.
About CVR Medical
CVR Medical Corp. is a healthcare company that operates in the medical device industry focused on the commercialization of its disruptive, proprietary Carotid Stenotic Scan device (the “CSS“). The CSS is a diagnostic tool that encompasses subsonic, infrasonic, and low frequency sound wave analysis technology. The CSS is a patented device designed to detect and measure carotid arterial stenosis. CVR Medical’s shares are listed on the OTCQX under the symbol “CRRVF”. The Company has applied for reinstatement of trading on the TSX-V, and were previously listed for trading under the symbol traded under the symbol “CVM”. Additional information regarding the Company can be found in our recent filings with the SEDAR as well as the information maintained on our website at www.cvrmed.com
ON BEHALF OF THE BOARD:
(signed) Paul Blunden, M.D.
President & Director
For further information contact:
Paul Blunden, M.D., President/ Director
This press release contains forward-looking information that involves various risks and uncertainties regarding future events related to: trading on and dialogue with the Exchange, communications and negotiations with CVR Global, dialogue with certain advisors, the Term Sheet, the Proposed Restructuring, the Definitive Agreement, the License Agreement, the Review, certain corporate and securities law requirements, raising capital, the 2019 Audit and potential litigation. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements and are not guarantees of future performance of the Company. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a failure or material setback in negotiations between the Company and CVR Global; (2) a failure of the Company to resume trading on the Exchange; (3) a failure of the Company to raise capital sufficient capital to relaunch the Company; (4) an inability to enter into a definitive agreement with CVR Global; (5)a downturn in general economic conditions in North America and internationally, (6) the inherent uncertainties and speculative nature associated with commercialization of technology and the practice of medicine;(7) a change in health regulations; (8) any number of events or causes which may delay or cease commercialization and development of the CSS Device; (9) the risk that the Company does not execute its business plan, (10) the risk of litigation between the Company and certain shareholders and the risk of litigation generally; (11) an inability to retain key employees, (12) am inability to finance operations and growth, (13) compliance with certain corporate and securities law requirements; and (14) other factors that are beyond the Company’s control. These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
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