Medical Ventures Corp.

Medical Ventures Corp.

May 03, 2007 13:40 ET

Medical Ventures Corp. Builds Board and Management Team

New additions add expertise in sales, finance

RICHMOND, BRITISH COLUMBIA--(CCNMatthews - May 3, 2007) - MEDICAL VENTURES CORP. (TSX VENTURE:MEV), a medical devices company specializing in products for the quickly growing vascular and surgical marketplace, has appointed Mr. Gene Starr to its board of directors. The Company has also hired Mr. Chris Clark, CA, as director of finance.

Mr. Starr was formerly president and CEO of Venetec International (San Diego, CA), where he successfully managed market introduction of the firm's vascular medical products. He also implemented sales management and training programs that helped to triple the company's sales, from $11 million to $33 million, in two years. After managing the company to profitability in three years, Mr. Starr sold Venetec to C.R. Bard, a large multi-national medical technology company, for $168 million in 2006. His additional experience in the medical products industry includes executive and senior sales positions at numerous other multi-national corporations, including: Conmed-Aspen Laboratories, Tyco Healthcare Group (Canada), and United States Surgical Corporation.

Mr. Clark, a chartered accountant, brings over 12 years' financial management experience to Medical Ventures. His previous experience includes driving financial processes at two start-up Canadian biotech firms and holding finance positions at several public companies. Most recently, he managed finance and administration activities for Mr. Lube Canada, a franchise business with over 90 locations and system sales in excess of $100 million.

"We have sought to expand our management team in order to capitalize on growth opportunities in our core markets of vascular disease treatment and surgical devices," said Medical Ventures' president and CEO, Paul Geyer. "Gene comes to us with extensive experience introducing medical products to market, and with a background in corporate sales and acquisitions. His expertise will be invaluable to us as we look to further commercialize our catheter and surgical tissue products.

"We are also happy to have attracted an experienced financial executive in Chris Clark. We expect he will be an integral part of our team going forward as we grow our company's product suite and operational activities."

Medical Ventures also announces it has issued 150,000 stock options to a director of the company, at a price of $0.17 per share.

About Medical Ventures Corp.:

Medical Ventures Corp. is a medical device company dedicated to developing products that address clinical needs in the quickly growing vascular and surgical marketplace. MEV products help doctors treat a wide range of health concerns, including vascular disease 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 device 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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