CardioTech Forms New Subsidiary -- AdvanSource Biomaterials -- To Accurately Reflect its Strategic Business Model.WILMINGTON, Mass. -- CardioTech International, Inc. (AMEX AMEX See: American Stock Exchange : CTE (Coefficient of Thermal Expansion) The difference between the way two materials expand when heat is applied. This is very critical when chips are mounted to printed circuit boards, because the silicon chip expands at a different rate than the plastic board. ), a leading developer and manufacturer of advanced biomaterials which provide characteristics critical to medical devices, announced today that it has formed AdvanSource Biomaterials Corporation to conduct its business and align its name with its strategic focus. The new subsidiary was formed in anticipation of a Company name change and is subject to stockholder approval later in 2008. Commenting on today's announcement, CardioTech's 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. Michael Adams
Michael Adams (born November 17, 1971 in Truro, Cornwall, England) is an International Grandmaster of chess. said: "AdvanSource Biomaterials reflects more accurately our strategic business model which focuses our advanced polymer technology and customization capabilities on a broad range of disease states and medical device sectors." In connection with its restructuring during the past year, CardioTech has sold two subsidiaries that no longer fit its strategic focus, realizing approximately $7.5 million in cash. About CardioTech International: Through its newly formed AdvanSource Biomaterials Corporation subsidiary, CardioTech develops advanced polymer materials which provide critical characteristics in the design and development of medical devices. The Company's biomaterials are used in devices that are designed for treating a broad range of anatomical sites and disease states. The Company's business model leverages its proprietary materials science materials science Study of the properties of solid materials and how those properties are determined by the material's composition and structure, both macroscopic and microscopic. technology and manufacturing expertise in order to expand its product sales and royalty and license fee income. CardioTech is conducting a clinical trial for regulatory approval in Europe for its CardioPass[TM] synthetic coronary bypass coronary bypass Surgical treatment for coronary heart disease to relieve angina pectoris and prevent heart attacks. It became widely used in the 1960s. One or more blood vessels—usually an artery in the chest or a vein from the leg—are transplanted to create graft. More information about CardioTech is available at its website: http://www.cardiotech-inc.com Forward-Looking Statements: CardioTech believes that this press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements are subject to risks and uncertainties. Such statements are based on management's current expectations and are subject to risks and uncertainties that could cause results to differ materially from the forward-looking statements. For further information on such risks and uncertainties, you are encouraged to review CardioTech's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K/A for the fiscal year ended March 31, 2007 and its Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. for the periods ended June 30, 2007, September 30, 2007 and December 31, 2007. CardioTech assumes no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law. |
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