Aspect Medical Systems Announces Departure of Chief Financial Officer.NORWOOD, Mass. -- Aspect Medical Systems, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ASPM ASPM Abnormal Spindle-Like Microcephaly Associated ASPM Asociación del Secretariado Profesional de Madrid (Spanish: Association of the Professional Secretaryship of Madrid) ASPM Armed Services Procurement Regulation Manual ) Aspect Medical Systems announced today that Michael F. Falvey, Vice President and Chief Financial Officer, has resigned effective December 31, 2008 to pursue other opportunities. Until a successor is elected, Mr. Falvey's responsibilities will be assumed by J. Neal Armstrong, who served as Aspect's chief financial officer from 1996 to 2005. Mr. Falvey will assist Mr. Armstrong in an advisory and consulting capacity during the first quarter of next year. Mr. Falvey said "working at Aspect these past four years has been an extraordinary opportunity, and I am honored to have been part of this management team. While leaving is difficult, I know that the company is in good hands." Nassib Chamoun, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said "Mike has played an integral role in Aspect's global growth and development. In addition to his contributions to the Company's strategy, he has done an excellent job in keeping us fiscally disciplined and has been a valued member of the executive team." "Until Mike's permanent successor has been named, we are extremely fortunate that Neal is willing to rejoin Aspect as our Acting Chief Financial Officer. Neal has acted in an advisory capacity to the company since retiring from Aspect in 2005. Neal's depth and experience will provide invaluable assistance during this transition." About the Company Aspect Medical Systems, Inc. (NASDAQ: ASPM) is a global market leader in brain monitoring technology. To date, the Company's Bispectral Index A Bispectral index (BIS) monitor is a modern neurophysiological monitoring device which continually analyses a patient's electroencephalograms during general anaesthesia to assess the level of consciousness during anaesthesia. (BIS) technology has been used to assess approximately 29 million patients and has been the subject of over 3,100 published articles and abstracts. BIS technology is installed in approximately 80 percent of hospitals listed in the July 2008 U.S News and World Report ranking of America's Best Hospitals America's Best Hospitals Media & health An annual 'report card' on the quality of care received in US hospitals published by US News & World Report, that is either proudly quoted by those who are rated or dismissed by those who are not and in approximately 68 percent of all domestic operating rooms. In the last twelve months BIS technology was used in approximately 19 percent of all U.S. surgical procedures Surgical procedures have long and possibly daunting names. The meaning of many surgical procedure names can often be understood if the name is broken into parts. For example in splenectomy, "ectomy" is a suffix meaning the removal of a part of the body. "Splene-" means spleen. requiring general anesthesia Anesthesia, General Definition General anesthesia is the induction of a state of unconsciousness with the absence of pain sensation over the entire body, through the administration of anesthetic drugs. or deep sedation Sedation Definition Sedation is the act of calming by administration of a sedative. A sedative is a medication that commonly induces the nervous system to calm. Purpose The process of sedation has two primary intentions. . BIS technology is available in more than 160 countries. Aspect Medical Systems has OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and agreements with nine leading manufacturers of patient monitoring systems. Cautionary Statement Regarding Forward Looking Information Certain statements in this press release are forward-looking and may involve risks and uncertainties, including the expected impact of the departure of Mr. Falvey and the interim appointment of Mr. Armstrong. There are important factors that could cause the Company's actual results to vary from its forward-looking statements, including without limitation those set forth under the heading "Risk Factors" in the Company's Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the fiscal quarter ended September 27, 2008 as filed with the Securities and Exchange Commission. In addition, the statements in this press release represent the Company's expectations and beliefs as of the date of this press release. The Company anticipates that subsequent events and developments may cause these expectations and beliefs to change. However, while the Company may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's expectations or beliefs as of any date subsequent to the date of this press release. Aspect, BIS and BISx are trademarks of Aspect Medical Systems, Inc. and are registered in the USA, EU and other countries. BIS VISTA and BIS VIEW are trademarks of Aspect Medical Systems, Inc. All other trademarks, service marks and company names are the property of their respective owners. |
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