Cardiogenesis Announces Opening of New Facility
Cardiogenesis Relocates to New Facility in Irvine California
IRVINE, Calif., Oct. 11 /PRNewswire-FirstCall/ -- Cardiogenesis Corporation (OTC: CGCP), a leading developer of surgical products and accessories used in angina-relieving procedures, announced today that the Company has moved into a new facility in Irvine, California.
The new corporate office and light manufacturing facility is located at 11 Musick, Irvine, California. "Our new facility provides us with additional lab and testing space as well as warehousing for our controlled inventory. It is a single level facility that will enhance our productivity, as well as reduce our overall operating costs. We are consolidating what was previously spread out among three sites into our new facility," stated Joseph R. Kletzel, II Chairman and CEO.
The company had previously announced it was taking specific steps to improve its overall operating efficiency. Kletzel explained, "Our new facility supports our operating objectives for growth and efficiency going forward. At the same time, we expect that this move will reduce our overall facility costs by over 50% or approximately $300,000 on an annualized basis." The company completed the move on the weekend of October 7th and 8th, and is now fully functional in its new Irvine facility.
With the exception of historical information, the statements set forth above include forward-looking statements. Any forward-looking statements in this news release related to the Company's sales, profitability, the adoption of its technology and products and FDA clearances are based on current expectations and beliefs and are subject to numerous risks and uncertainties, many of which are outside the Company's control, that could cause actual results to differ materially. Factors that could affect the accuracy of these forward-looking statements include, but are not limited to: any inability by the Company to sustain profitable operations or obtain additional financing on favorable terms if and when needed; any failure to obtain required regulatory approvals; failure of the medical community to expand its acceptance of TMR or PMC procedures; possible adverse governmental rulings or regulations, including any FDA regulations or rulings; the Company's ability to comply with international and domestic regulatory requirements; possible adverse Medicare or other third-party reimbursement policies or adverse changes in those policies; any inability by the Company to ship product on a timely basis; the Company's ability to manage its growth; adverse economic developments that could adversely affect the market for our products or our ability to raise needed financing; actions by our competitors; restrictions contained in our convertible debt obligations requiring the issuance of shares rather than repayment in cash; and the Company's ability to protect its intellectual property. Other factors that could cause Cardiogenesis' actual results to differ materially are discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2005, the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2006, and the Company's other recent SEC filings. The Company disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
SOURCE Cardiogenesis Corporation
-0- 10/11/2006
/CONTACT: William R. Abbott, Senior Vice President and Chief Financial
Officer of Cardiogenesis Corporation, +1-949-420-1800/
(CGCP)
CO: Cardiogenesis Corporation
ST: California
IN: BIO HEA MTC OTC
SU:
