Titan Medical Inc.

Titan Medical Inc.

June 02, 2009 09:24 ET

Titan Medical Inc. Announces the Appointment of New Director

TORONTO, ONTARIO--(Marketwire - June 2, 2009) - Titan Medical Inc. ("the Company") (TSX VENTURE:TMD), today announced that the shareholders elected Mr. John E. Barker as a Director of the Company at their annual meeting on May 28, 2009.

As former Senior Vice President of Finance and Chief Financial Officer of Zenon Environmental Inc., having had sales exceeding $230 million and 1,480 employees, Mr. Barker was responsible for managing the finance and information technology of over 35 subsidiary companies in 25 different countries. Most notably, he led teams that raised over $140 million of capital between 2002 and 2004, and assisted with the sale of Zenon Environmental Inc. to General Electric Company for a 50% premium over the share price. On November 6, 2008, the Company announced that it had entered into a consulting agreement with Mr. Barker as a strategic advisor to the Company.

"I am extremely pleased to have John Barker as our new Director. He brings invaluable management and board experience from Canadian listed corporations. His presence on our Board will be a welcome asset as we advance our efforts in the development and commercialization of Amadeus®, the next generation robotic surgical system" said Craig Leon, Chief Executive Officer.

The shareholders also reelected existing directors Mr. Craig Leon, Dr. Reiza Rayman, Mr. Martin Bernholz and Mr. William Jackson to a second term.

About Titan Medical Inc.: Titan Medical Inc. is a Canadian public company (TSX VENTURE:TMD) focused on the development and commercialization of robotic surgical technologies. The Company is currently developing Amadeus®, a next generation 4-armed robotic surgical system, with the objective of enabling surgeons to remotely manipulate surgical instruments. Robotic surgery has developed over the past 10 years into a proven and growing method of treatment. The global robotic surgical market size is currently estimated to be $3.4 billion with potential for placement of 6,000 robotic surgical systems. The Company is researching and developing innovative technologies to empower surgeons to use robots in the operating room of the future. For more information, visit the Company's website at www.titanmedicalinc.com.

Forward Looking Statements

This news release contains "forward-looking statements" which reflect the current expectations of management of the Company's future growth, results of operations, performance and business prospects and opportunities. Wherever possible, words such as "may", "would", "could", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate" and similar expressions have been used to identify these forward-looking statements. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, without limitation, those listed in the "Risk Factors" section of the Company's Filing Statement dated July 8, 2008 (which may be viewed at www.sedar.com). Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. These factors should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in the news release are based upon what management currently believes to be reasonable assumptions, the Company cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements.

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

Contact Information

  • Titan Medical Inc.
    Craig Leon
    Chief Executive Officer
    (416) 548-7522 (ext. 151)
    (416) 368-1608 (FAX)
    Email: cleon@titanmedicalinc.com