Cardiac Network Names Michael C. Swartzburg as Interim CEO
September 11 2008 - 5:00PM
Marketwired
Cardiac Network Inc. (PINKSHEETS: CNWI) announced today that
Michael C. Swartzburg has been named Interim CEO effective
immediately. Zev Helfer, the company's co-founder and former
President and CEO, will take over the role of Executive Vice
President, Worldwide Marketing and Sales, in order to better focus
on the company's expansion and new strategic initiatives.
"Michael brings a wealth of experience to Cardiac Network that
we believe will take the company to the next level of growth," said
Zev Helfer. "His experience in the areas of venture funding,
finance and operations for public companies, combined with his
demonstrated successes in previous positions, make him a valuable
addition to the executive management team."
Mr. Swartzburg's responsibilities will include implementing the
next phase of Cardiac Network Inc.'s marketing and product
initiatives, securing funding for the company's growth and ability
to service existing and new contracts, bolstering the company's
executive management team with seasoned medical industry
professionals and overseeing the company's compliance and investor
relations functions.
Mr. Swartzburg, 41, brings an extensive finance and business
background to Cardiac Network, having actively participated in
several mergers ranging in size from multi-millions to billions of
dollars, as well as numerous mergers, acquisitions, and initial
public offerings. Mr. Swartzburg also brings to Cardiac Network
industry-specific experience having previously served as the
Director of Finance for Align Technology, Inc., a medical device
company engaged in the design, manufacture and marketing of the
world's leading invisible orthodontic product. Prior to Align, Mr.
Swartzburg served as Corporate Controller for Cardiac Pathways
Corporation, where he successfully completed a merger with Boston
Scientific Corporation. Mr. Swartzburg has also worked in
management and consultant roles for companies such as Dolby
Laboratories, Hewlett-Packard, VeriFone and many other medical
device, pharmaceutical and technology companies in the San
Francisco Bay area. Mr. Swartzburg worked at Ernst & Young, LLP
in Los Angeles and San Jose, CA, is a Certified Public Accountant
and holds a Masters of Business Administration degree.
"I would like to thank Zev Helfer for his dedication to the
development of Cardiac Network Inc. for the benefit of at-risk
cardiac patients nationwide," said Interim CEO Michael C.
Swartzburg. "Zev's leadership has led to the company's rapid entry
into the healthcare service provider system, including securing
approval for reimbursement from Medicare and leading regional and
national healthcare service providers." Mr. Swartzburg adds, "I
believe our products fill an under-met medical need in cardiac care
services, and will become a standard part of healthcare for the
millions of baby boomers over the next decade and beyond."
About Cardiac Network Inc.
Cardiac Network Inc. is a medical technology company providing
cardiac monitoring and diagnostic services to practitioners and
specialist physicians, for the investigation of patients with
abnormal cardiac rhythm and function. The service uses unique
transtelephonic (by telephone) cardiac recorders that monitor and
provide diagnostic information to physicians and their patients.
Cardiac Network also offers heart attack detection services to
individuals which helps them quickly determine if they are having a
heart attack or potential cardiac problem so they can obtain
immediately needed medical treatment.
About Heart Disease
Cardiovascular disease and coronary heart disease are
widespread, afflicting over 70 million people. Heart attacks are
the single biggest killer in the United States alone. Each year,
about 1.1 million Americans suffer a heart attack. About 460,000 of
those heart attacks are fatal. Cardiac Network Inc. believes that
the number of deaths would be reduced if those people experiencing
a cardiac episode received real-time diagnosis and prompt medical
treatment at a hospital.
Forward-Looking Statements
This press release includes certain forward-looking statements
within the meaning of the "Safe Harbor" provisions of the Private
Securities Litigation Reform Act of 1995 regarding, among other
things, our ability to build upon or sustain our position in our
industry, our growth potential and our strategic direction, the
potential size of the markets we serve, the potential for other
applications of our technology, the benefits of our cardiac
monitoring products and services, our reimbursement momentum, the
effect of the appointment of Mr. Swartzburg as Interim Chief
Executive Officer, expectations regarding Mr. Swartzburg's role
within our organization, with our management team, our outlook for
our businesses, our expectations for new product introductions, our
ability to create stockholder value, our ability to successfully
execute on our business strategies and our confidence in the
Company's future. These statements may be identified by words such
as "will," "expect," "believe" and other words and terms of similar
meaning. Such forward-looking statements are based on current
expectations and involve inherent risks and uncertainties,
including important factors that could delay, divert, or change any
of them, and could cause actual outcomes and results to differ
materially from current expectations. These factors include, among
other things, our integration of our products, the continued
implementation of our restructuring plans, the success of our sales
and marketing initiatives, our ability to attract and retain
talented sales personnel, the commercialization of new products,
market factors, internal research and development initiatives,
partnered research and development initiatives, competitive product
development, changes in governmental regulations and legislation,
the continued consolidation of payors, acceptance of our new
products and services, patent protection and litigation. We
undertake no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events,
or otherwise.
Contact: Cardiac Network Inc. Michael Swartzburg Interim CEO
415-362-2020 Email Contact
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