VANCOUVER, BC / May 1, 2018 / CVR Medical Corp. (TSX.V:CVM) (FRANKFURT: B3BN) (OTCQB: CRRVF) (“CVR Medical”) is pleased to announce the addition of Mr. Wayne Hellman to its Board of Directors and appointment as Vice-Chairman. Mr. Hellman will assume an active role focused on the continued development and upcoming launch of CVR Medical’s novel medical device, the “Carotid Stenotic Scan (CSS).” Mr. Hellman’s career spans forty years having spent 16 years in various senior management roles with General Electric, culminating with the final four years reporting directly to Jack Welch (Chairman/CEO) where he led GE’s Venture Lighting Portfolio. In 1983, Mr. Hellman founded Advanced Lighting Technologies and served as its Chief Executive Officer until his retirement in 2014. Advanced Lighting Technologies, a Global Leader in Specialty Chemicals, Advanced Materials, Thin Film Coatings, Metal Halide Lighting and other Specialty Lighting Products launched with first year sales of $900,000. During his tenure, Mr. Hellman maintained consistent revenue growth and expanded global influence achieving Global revenue in excess of $250M. With manufacturing facilities and sales offices in 9 countries, employee headcount in excess of 1,000, completing 7 acquisitions and four international joint ventures in the Asian Pacific market, in 1995, Mr. Hellman led Advanced Lighting’s Initial Public Offering. In addition, he completed three secondary offerings totaling $200M, as well as completing a $100M high yield debt offering. Mr. Hellman took the Company private in 2003 and prior to his retirement, in 2012 he led and completed an additional $170M High Yield Debt Offering where a significant amount was a distribution to the company’s shareholders.
Mr. Hellman’s immense expertise in, product development and launches of novel technologies have shown a strong capacity for new applications with the potential to disrupt industries. As CVR Medical completes its Pivotal Trials (Cleveland Clinic & Henry Ford Hospital), rapidly approaching its planned FDA submission and ultimately preparing the CSS for market launch, he will be instrumental in its transition process from a research and development-based company to one focused on sales and marketing. Mr. Hellman’s contributions, reputation and network of global influencers has already proven invaluable to CVR Medical, resulting in the company conducting its Pivotal Trial at The Cleveland Clinic and other global entities in South Korea expressing interest in exploring various collaborations.
CVR Medical CEO Peter Bakema states, “Wayne Hellman is the type of forward-thinking leader that we have prioritized adding to our Board. His vast experience and knowledge with new product development and release will be leveraged to actualize the incredible potential of the CSS as we rapidly approach its launch. We are excited to continue on that path with his addition.” Mr. Hellman stated, “This is a very exciting time for CVR Medical, I am thrilled to work with their world class management team and Board as they advance this disruptive medical device and bring it to market”.
For additional information on the organization, leadership, and current news please visit the company website www.CVRMed.com
About CVR Medical
CVR Medical is a company that is involved in an equal parts joint venture with CVR Global Inc. (the “Joint Venture”). The Joint Venture operates in the medical industry focused on the commercialization of a proprietary subsonic, infrasonic, and low frequency sound wave analysis technology and has patents to a diagnostic device designed to detect and measure carotid arterial stenosis. CVR Medical is managed by a proven technical team. CVR Medical trades on the TSX Venture Exchange under the symbol CVM.
ON BEHALF OF THE BOARD:
(signed) “Peter Bakema”
CEO, President & Director
For further information contact:
Peter Bakema, CEO, President and Director
Telephone: (734) 718-5115
Brisco Capital Partners Corp.
Scott Koyich, President
Telephone: (403) 262-9888
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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