NewCardio Announces Changes in Board of Directors and Executive Management
PRINCETON, N.J., Jan. 10, 2012 /PRNewswire via COMTEX/ -- NewCardio, Inc., (OTC
BB: NWCI) a cardiovascular diagnostic solutions developer, announced changes to
its Board of Directors and executive management.
Effective January 1, 2012, Jess Jones, M.D. has been named Chief Executive
Officer of the company, replacing Vincent W. Renz, Jr. Dr. Jones has been a
member of the Company's Board of Directors since December 2008. From 2006 to
December 2010 Dr. Jones worked with Vision Capital Advisors, LLC in New York
City as the Director of Healthcare Investing, analyzing investment opportunities
in the biotechnology, pharmaceutical, medical technology, and medical services
fields, and assisted companies in implementing their business plans. From 2001
to 2007, Dr. Jones attended Columbia College of Physicians & Surgeons in New
York City, where he received his medical degree in May 2007. Additionally, Dr.
Jones earned a BA degree from the University of Utah in 2001 and an MBA from
Columbia Business School in May 2007.
In addition, Greg Sadowski has been named Chief Operating Officer of the
company. Mr. Sadowski has served as Senior Vice President, Client Services for
NewCardio since October 2008. In that position, he has been responsible for
preparing, delivering and supporting the NewCardio cardiovascular diagnostic
technology solutions, including the Professional Services, Information
Technology, Customer Care and Quality Assurance groups. From October 1997 to
October 2008, Mr. Sadowski worked with eResearchTechnology (eRT), where he
served on the Executive Management Team as Senior VP of eRT's Electronic Patient
Reported Outcomes (ePRO) business.
Simultaneously, Mr. Renz, Patrick Maguire, M.D., Ph.D., and Mark W. Kroll, Ph.D,
FACC, FHRS, resigned from the Company's Board of Directors. Also effective
January 1, Richard D. Brounstein has resigned from the office of Chief Financial
Officer of the Company. Both Mr. Renz and Mr. Brounstein will continue to serve
the company as consultants.
Dr. Jones commented, "With the ongoing support and patience of our creditors,
who are also shareholders, this new management team remains committed to the
development of our cardiovascular platform technology in order to create
long-term value for our shareholders, customers and employees. In order to
accomplish this strategic goal, in the short term, we will be focused on our
QTinno solution while maintaining a significantly reduced level of expenses,
with the goal of generating positive cash flow based on improving commercial
acceptance of QTinno. In addition, the new management and streamlined board of
directors will continue efforts to secure long-term financing during 2012 as we
remain committed to NewCardio's ultimate success based on our ability to deliver
solutions, such as CardioBip and my3KG from our proven technology. I would like
to thank Vinnie, Rick and the departing board members for their years of service
and hard work at NewCardio. Without their efforts the company would not have
been able to complete the commercialization of QTinno and initiate the revenue
generating phase of the company."
