SOURCE: Cardiac Network Inc.

September 11, 2008 17:00 ET

Cardiac Network Names Michael C. Swartzburg as Interim CEO

SAN FRANCISCO, CA--(Marketwire - September 11, 2008) - 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 Information

  • Contact:
    Cardiac Network Inc.
    Michael Swartzburg
    Interim CEO
    415-362-2020
    Email Contact