Medical Ventures Corp.
TSX VENTURE : MEV

Medical Ventures Corp.

November 06, 2006 08:30 ET

Medical Ventures Completes Consolidation, Restructures Leadership Roles

RICHMOND, BRITISH COLUMBIA--(CCNMatthews - Nov. 6, 2006) - MEDICAL VENTURES CORP. (TSX VENTURE:MEV), a medical devices company specializing in products for the cardiovascular and surgical markets, has completed consolidation of its two subsidiary units: Angiometrx Inc. and PM Devices Inc.

Medical Ventures began consolidating the two companies into one operation and facility in Richmond, B.C. in Q2 2006, in an effort to streamline operations, improve productivity efficiencies and reduce costs. To date, the company has realized savings in materials and direct labour in the manufacturing of both its Metricath® catheter and PeriPatch™ tissue product lines; centralized purchasing activities; and modified its procurement schedule to reduce transport, labour and materials costs.

In conjunction with its consolidation activities, Medical Ventures announces the following changes to its leadership team:

- Alexei Marko has been named the company's vice president and chief operating officer. He will be responsible for all operational activities for the firm, including: product development, clinical trials and manufacturing. Mr. Marko was formerly vice president, product development at Medical Ventures and president of its Angiometrx catheter division. Mr. Marko will continue to sit on Medical Ventures' board of directors.

- Kevin McKim has been promoted to the position of vice president, sales and marketing, and will oversee business development and commercialization activities for all MEV products.

- Carlos Vonderwalde has resigned from his position as chief technology officer and vice president, sales and clinical affairs. Mr. Vonderwalde will remain available to the company as a consultant on an as-needed basis.

Of the management changes, Mr. Geyer said:

"Medical Ventures has a strong foundation in the research and development of new medical technologies, and we are eager to build upon that strength and make strides in our commercial efforts going forward. The company has recognized Alexei and Kevin's achievements to date and is looking to them to take on increased areas of responsibility as we bring a growing suite of products into the global marketplace.

"I would also like to thank Mr. Vonderwalde for his years of service to the company and wish him all the best in his future endeavours," Mr. Geyer said.

About Medical Ventures Corp.

Medical Ventures Corp. is a medical device company dedicated to developing products that address clinical needs in the quickly growing cardiovascular and surgical marketplace. MEV products help doctors treat a wide range of health concerns, including cardiovascular disease, hernias and obesity. The company develops and manufactures the patented Metricath® System catheter technology and PeriPatch™, a range of surgical tissue products. Medical Ventures is also a contract medical devices manufacturer. For more information, please visit www.medical-ventures.com.

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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