Titan Medical Inc.

Titan Medical Inc.

April 05, 2013 09:58 ET

Titan Medical Inc. Corporate Update

TORONTO, ONTARIO--(Marketwired - April 5, 2013) -


Titan Medical Inc. (the "Company") (TSX VENTURE:TMD)(OTCQX:TITXF) takes this opportunity to provide an update.

Craig Leon has tendered his resignation as a director of the Company effective immediately. The Board takes this opportunity to thank Craig Leon for his services as a Director and as C.E.O. the position from which he resigned on March 19, 2013. Mr. Leon co-founded the Company with Dr. Reiza Rayman with a view to developing a new robotic surgical platform and oversaw the going public transaction and listing of the company on the TSX Venture Exchange in July 2008, and the financing of the Company since its inception. Mr. Leon also worked closely with Dr. Rayman and other senior management personnel in providing strategic direction for the Company's research and development program.

Moving forward, John Hargrove has been appointed Interim C.E.O. and Chairman of Titan. Mr. Hargrove is a senior corporate executive with extensive experience in the health industry, including senior positions at Johnson & Johnson Health Care Systems and Ethicon.

Dr. Reiza Rayman continues as President and a Director of Titan and he will continue to oversee the Company's research and development program which is carried out by internal technology personnel in conjunction with top tier external development firms. John Hargrove, Reiza Rayman, Martin Bernholtz and John Barker all continue to serve as Directors. Joe Talarico, a former executive with the world's leading surgical robot company, continues as Senior Vice-President and is responsible for the ongoing development of Titan's single site robotic platform as well as Titan's strategic relationships with leading hospitals and universities. Stephen Randall, an experienced financial executive, continues to serve as Chief Financial Officer of the Company.

The Company remains fully committed to its development program and announcements will be made as developments take place.

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.

Forward-Looking Statements

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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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