TORONTO, ONTARIO--(Marketwire - March 19, 2013) - Titan Medical Inc. (the "Company") (TSX VENTURE:TMD)(OTCQX:TITXF) announced today that Craig Leon will be stepping down as the Company's Chairman and CEO, effective immediately. John Hargrove, a director of the Company, will be appointed as Chairman and interim CEO. The Board of Directors will also be establishing a search committee for a new permanent CEO.
Martin Bernholtz, a member of the board of Titan, stated "On behalf of the Company, its board and its shareholders, we would like to extend our thanks and gratitude to Mr. Leon for all the hard work and effort that he has devoted to Titan over the years to advance the business of the Company. We wish him the best of success as he embarks on new opportunities."
Mr. Hargrove is currently a principal with H & H Consulting Group, and has over 30 years of executive-level health care experience. The majority of his distinguished health care career was spent with the Johnson & Johnson Family of Companies where he held positions of increasing responsibility in sales, marketing and corporate account management at Ethicon, Ethicon Endo-Surgery and Johnson & Johnson Health Care Systems. During his final position with Johnson & Johnson as Vice President of Corporate Accounts, Mr. Hargrove developed and led one of the first and most effective corporate sales programs in the health care industry. Following Johnson & Johnson, Mr. Hargrove joined Ohmeda Inc. as President, Corporate Account Management. While at Ohmeda, he successfully developed and implemented a multi-divisional corporate sales program, resulting in multi-year contracts with the majority of the largest Group Purchasing Organizations in the United States. Under Mr. Hargrove's supervision, Ohmeda's Corporate Account Division assisted buying groups, hospitals and integrated delivery networks in overall business and strategic planning and helped numerous customers who were under pressure to measure quality healthcare according to business as well as clinical and safety outcomes. Mr. Hargrove holds a Bachelor of Arts degree in Marketing from the University of Georgia and has completed executive management programs at Duke, Harvard and the University of Michigan.
Mr. Leon will remain a director of Titan until the expiry of his term.
About Titan Medical Inc.
Titan Medical Inc. is a Canadian public company (TSX VENTURE:TMD)(OTCQX:TITXF) focused on the design, development and commercialization of new robotic surgical technologies. The Company is advancing the development of a robust product portfolio with the objective to meet current needs in surgical procedures which would benefit all stakeholders, including patients, surgeons, and hospitals. The Company's product portfolio includes solutions for both single-site and multi-port surgical procedures that are under-served by robotic and non-robotic minimally invasive techniques. Robotic surgery has developed over the past 10 years into a proven and growing method of treatment. According to a Robotic Surgery Equipment Manufacturing report in October 2011, industry revenue is projected to increase at an average annual rate of 14.9% to $4.2 billion from 2011 to 2016. For more information, visit the Company's website at www.titanmedicalinc.com.
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, opportunities and the future development of the robotic surgery industry. Wherever possible, words such as "may", "would", "could", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate", "potential for" 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 Annual Information Form dated March 30, 2012 (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.
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