Medical Ventures Corp.

Medical Ventures Corp.

October 01, 2007 17:18 ET

Medical Ventures Announces Change in Executive Management

Alexei Marko Assumes Role of Company President

RICHMOND, BRITISH COLUMBIA--(Marketwire - Oct. 1, 2007) - MEDICAL VENTURES CORP. (TSX VENTURE:MEV) announces Alexei Marko has taken on the role of company president and chief operating officer, effective immediately. Paul Geyer will continue in his capacity as CEO and chair of the board of directors.

Mr. Marko has been part of Medical Ventures' senior management team since 2003, when the company acquired Angiometrx Inc., where he was co-founder and president. He was appointed vice-president and chief operating officer of Medical Ventures in November, 2006. Mr. Marko is a key developer of the company's patented Metricath® vascular measurement technology, an angioplasty device approved for use in multiple markets.

"Alexei is a tremendous leader," said Mr. Geyer. "He has a passion for this industry and a vision for how to take this company forward that inspires a great deal of confidence. He has a proven aptitude for developing successful medical technologies, stemming from his strong background in engineering and his understanding of how to match unmet clinical needs with opportunity. His business operations experience within the medical device industry makes this a natural step for Alexei and for Medical Ventures."

An additional change to the executive management team promotes Chris Clark from director of finance to chief financial officer. With this change, former CFO Craig Wallace, who has held the position on a part-time basis since the company's inception, has resigned. Mr. Wallace will continue to provide services on an as-needed basis.

"I would like to thank Craig Wallace for his years of service," added Mr. Geyer, "and I look forward to Chris taking on the role of CFO. Chris has shown himself already to be a great asset to this organization. He is well-suited to guide MEV's financial operations as the company continues to grow."

Medical Ventures also announces it has granted a total of 250,000 stock options to a director of the company, at a price of $0.14 per share.

About Medical Ventures Corp.

Medical Ventures Corp. develops, manufactures and commercializes medical devices for the quickly growing vascular and surgical marketplace. MEV products help doctors treat a wide range of health concerns, including vascular disease and obesity. MEV products include the Metricath® vascular measurement system and PeriPatch™, a line of surgical tissue products. Medical Ventures is also a contract medical devices manufacturer. For more information, please visit

Statements contained herein that are not based on historical or current fact, including without limitation statements containing the words "anticipates", "believes", "may", "continues", "estimates", "expects", and "will" and words of similar import, constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions, both nationally and in the regions in which the Company operates; technology changes; competition; changes in business strategy or development plans; the ability to attract and retain qualified personnel; existing governmental regulations and changes in, or the failure to comply with, governmental regulations; liability and other claims asserted against the Company; and other factors referenced in the Company's filings with Canadian securities regulators. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company does not assume the obligation to update any forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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