February 11, 2010 09:05 ET

METI Announces Plans for July 2010 Transition for Lou Oberndorf

Michael Bernstein to Assume CEO Role; Oberndorf Will Continue as Chairman

SARASOTA, FL--(Marketwire - February 11, 2010) - METI, the Sarasota-based manufacturer of medical simulation products and educational software, today announced that Lou Oberndorf, founder, CEO and chairman, will complete the succession plan that began in July of 2009 when he appointed Michael Bernstein president. Effective July 1, 2010, Bernstein will assume the role of CEO and Oberndorf will remain chairman where he will continue to focus on corporate development, mergers and acquisitions, strategic partnerships and overseeing the strategy and growth of METI.

Oberndorf founded METI and pioneered an industry using high fidelity human patient simulation for health care education in 1996 with two investors, $500,000 in working capital and five employees. METI has since recorded year-over-year double-digit growth, selling over 6,000 human patient simulators to teaching and health care institutions worldwide and employing nearly 200 at its headquarters in Sarasota. The company has been purchased twice; first by majority shareholder L-3 Communications in April 2006 and then in October 2008 Oberndorf, partnered with Baird Capital Partners (BCP) of Chicago, bought out L-3 Communications in an effort to better position the Company for continued growth and success. Bernstein was an executive-in-residence at BCP at the time of the buyout.

"I am gratified by the enormous success and position of leadership that METI has enjoyed and I am ready to turn over the day-to-day management of this great company to my successor, Mike Bernstein. I remain fully committed to the business as its Board chairman," Oberndorf said. "This completes a succession plan that I announced last summer when we appointed Michael Bernstein the president of METI. Mike has spent a career immersed in the business of health care and has a passion for this industry. His unmatched operational execution and proven leadership skills make him the ideal person to lead METI as we pave the way for a new era in developing learning technologies for health care education."

"METI is one of the most exciting companies in health care today and I'm thrilled to be taking the helm," Bernstein said. "Our technology and educational content leads the industry and we are well positioned for success in the years ahead."

Bernstein brings over 20 years of successful leadership experience in the health care and technology industries. Before joining METI, Bernstein was President and Chief Executive Officer of Innovative Health Strategies, a privately held health care IT company that was sold to IMS Health in 2007. Prior to that, Bernstein was President and Chief Operating Officer of Cobalt Corporation (Blue Cross and Blue Shield of Wisconsin), a publicly traded health insurance holding company, which was sold to industry giant, Wellpoint, in 2003. He also served as Executive Vice President of the University of Wisconsin Medical Foundation, an 850 physician academic group practice, the largest Group Practice in Wisconsin and one of the ten largest in the country.

Bernstein has a J.D. from University of the Pacific, McGeorge School of Law and a B.A. from University of California, Davis.

About METI

Based in Sarasota, Florida, METI has been a leader in interactive human patient simulation since 1996. The entire family of METI simulators, including baby, adolescent and adults, are designed to mimic human medical scenarios including trauma, heart attack, drug overdose and bioterrorism. Today, more than 6,000 METI simulators are in use by defense organizations, medical schools, nursing schools and other entities involved in health care education. METI is privately owned by Lou Oberndorf and Baird Capital Partners (BCP) of Chicago.

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