CVR Medical Announces Peter Bakema Resigns As CEO, President And Chairman of Board
The Board of Directors Currently Interviewing Candidates To Serve In Senior Executive and Director Roles
Denver, North Carolina--(Newsfile Corp. - November 26, 2019) - CVR Medical Corp. (TSXV: CVM) (OTC Pink: CRRVF) ("CVR Medical") has announced effective immediately, it has accepted the resignation of Peter Bakema who has served as CEO, President and Chairman of the Board. The company is currently engaged in dialogue with several highly experienced candidates to serve in various senior executive and board of director roles. Additionally, the company has begun dialogue with certain former members of the management team and board who resigned earlier in the year. Dr. Dallas Hack, CVR Medical Interim CFO and Director will also temporarily assume the role as CEO until suitable replacements can be announced.
Dr. Dallas Hack interim CEO/CFO and Director stated, "We are grateful for the contributions of Peter Bakema. On behalf of the Company and our stakeholders, we extend our sincerest appreciation for his dedication to advancing the commercialization of the CSS device, we wish him all the best. We are currently speaking with numerous individuals to serve in both Executive and Director level roles and will keep all of our stakeholders abreast of our progress." Dr. Hack went on to say, "Our focus in the very near term is to complete and file our Q3 financials, continue dialogue with the Canadian Regulatory bodies pertaining to the Trading Halt and prepare the necessary documents pertaining to the Annual Shareholders meeting which is set for January 15, 2020."
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 (CSS). The CSS device 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 is currently in clinical trials at several preeminent research institutions including The Mayo Clinic, The Cleveland Clinic, Thomas Jefferson University and Henry Ford Hospital and plans to re-submit its CSS device to the FDA as a De Novo application. CVR Medical trades on the TSX Venture Exchange under the symbol CVM and on the OTCQB under the symbol CRRVF. Additional information regarding the Company can be found in our recent filings on SEDAR as well as the information maintained on our website at www.cvrmed.com
ON BEHALF OF THE BOARD:
(signed) "Dr. Dallas Hack"
Interim Chief Executive Officer, CFO & Director
For further information contact:
This press release contains forward-looking information that involves various risks and uncertainties regarding future events related to the Joint Venture. 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 downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with commercialization of technology and the practice of medicine, (3) a change in health regulations, (4) any number of events or causes which may delay or cease commercialization and development of the Joint Venture, (5) the risk that the Company or the Joint Venture does not execute its business plan, (6) inability to retain key employees, (7) inability to finance operations and growth, and (8) other factors 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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