VANCOUVER, BC / May 3, 2018 / CVR Medical Corp. (CVM.V) (TSXV: CVM) (FRANKFURT: B3BN) (OTCQB: CRRVF) (“CVR Medical”) has appointed Mr. Tom J. Harris to the position of Chief Financial Officer effective May 1, 2018. As CVR transitions to a sales and marketing focused company, Mr. Erwin Wong retires from his position as CFO. Tom J. Harris will spearhead fiscal preparations while contributing to overall organizational expansions as CVR continues its shift from research and development to a sales and marketing focus for the upcoming launch of their flagship medical device, the Carotid Stenotic Scan (CSS)
Over a career spanning nearly 50 years, Mr. Harris has held various senior executive roles within both public and non-public companies, including Time Warner, Inc., the Associated Press, and several development stage and start-up entities within the biotech and medical device industries. Mr. Harris played a key role in the successful Initial Public Offering of American Television and Communications Corporation, predecessor to Time Warner Cable (TWC), as well as leading the effort to decentralize the TWC’s operations into several dozen autonomous operating units. While serving as CFO of TWC, Mr. Harris lead the efforts to structure, finance and complete several multi-billions dollar (and smaller) acquisitions, and successfully integrate the acquired businesses into TWC, and manage a financing and capital allocation process that resulted in $5 billion in capital investments to improve and increase TWC’s operating footprint.
Mr. Harris brings CVR extensive knowledge of managing acquisitions, restructurings, equity offerings and debt financings, as well as a focus on operational and corporate tax strategies. “After meeting with Peter [Bakema] and the team, and knowing what the market could be for the CSS, it’s been very easy to get excited about joining CVR,” Harris states. Regarding CVR’s transitory state towards high-growth and expansion, he draws from his experiences on the executive board of small, public and non-public companies like Stroma Medical. “I’ve been working with development stage companies for the past seven years, both in a CFO and consulting role. It entails a bit of everything, from the putting together the framework for resource management and international tax strategy to developing long-term business plans.” In addition to his varied achievements in the U.S., Mr. Harris has spent time working within the major foreign markets, bringing a comprehensive understanding of the path CVR intends to take upon both domestic and global market entries.
Mr. Erwin Wong stated, “Upon entering the medical device space in October of 2016, we as a team have made tremendous progress and is now rapidly preparing for market launch. I am pleased that someone of Mr. Harris’s caliber has taken on the role of CFO at CVR Medical as we scale for market launch.
CVR Medical’s CEO, Peter Bakema stated “An executive of Tom Harris’s pedigree joining our senior management team further demonstrates a level of confidence in our project and validation in our ability to execute with a focus on our near, intermediate and longer-term plan.”
“There is a great opportunity with regards to financial potential here, but it’s so much more than that,” Mr. Harris elaborates. “This is truly a situation where once the product gets commercialized, it’s going to be a benefit to humanity. It will be my job to ensure we have the right management platform, operating systems, communication plans and economic strategies in place as we scale up to meet what we expect to be high demand.”
On behalf of the entire team and Board of Directors, we want to thank Mr. Wong for his significant contributions, we look forward to his continued involvement, as he will remain as a strategic financial consultant with the company.
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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