VITEX Appoints Thomas T. Higgins Executive Vice President Operations and CFO.MELVILLE, N.Y.--(BUSINESS WIRE)--June 24, 1998--V.I. Technologies 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 : VITX) announced today the appointment of Thomas T. Higgins (46) as Executive Vice President-Operations and Chief Financial Officer. In this newly created position, Higgins will have responsibility for manufacturing, distribution and the financial operations of the company. In his position as CFO See Chief Financial Officer. , he replaces Joanne Leonard, Vice President-Finance and Chief Financial Officer, who has resigned to accept another position. Higgins, who has extensive experience in public accounting and operations, was previously with Cabot Corp. of Boston, where he was executive vice president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of the company's LNG LNG (liquefied natural gas): see under natural gas. Division. In announcing the departure of Leonard and the appointment of Higgins, John Barr, President and Chief Executive Officer of VITEX, said, "We regret the resignation of Joanne Leonard, but wish her well in her new endeavor. Ms. Leonard has made many contributions to VITEX since joining the company three years ago. We are grateful for her contributions in ensuring the business has been well capitalized. In particular, we'd like to recognize her efforts in helping to bring about our recently completed Initial Public Offering. "The addition of Tom Higgins," Barr added, "strengthens our operational team and his strategic experience will help position the Company for its planned growth. Mr. Higgins' significant accounting and treasury experience coupled with his entrepreneurial spirit and experience in processing businesses, will be a critical factor as VITEX brings PLAS PLAS Programming Languages and Systems PLAS Performance Labor Accounting System PLAS Passive Linear Array Sonar PLAS Pacific Liquid and Air Systems +SD to market and continues the development of its other blood products and systems." Higgins joined Cabot Corp. in 1985 as a director of corporate accounting and held a number of accounting and management positions. He led the Company's start-up new business venture in Indonesia and went on to lead the company's Pacific Asia Carbon Black Division, before becoming the corporation's executive vice president and COO of the LNG Division. Prior to joining Cabot, he spent 12 years with Price Waterhouse. Higgins is a Magna Cum Laude graduate of Boston University. VITEX is a leading developer of a broad portfolio of blood products and systems using its proprietary viral inactivation inactivation /in·ac·ti·va·tion/ (in-ak?ti-va´shun) the destruction of biological activity, as of a virus, by the action of heat or other agent. technologies. VITEX's technologies are intended to address the risk of viral contamination in blood products, including plasma, plasma derivatives, red blood cells Red blood cells Cells that carry hemoglobin (the molecule that transports oxygen) and help remove wastes from tissues throughout the body. Mentioned in: Bone Marrow Transplantation red blood cells and platelets. Except for the historical information contained herein, the matters discussed are forward-looking statements made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of 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. These statements involve risks and uncertainties, such as quarterly fluctuations in operating results, the timely availability of new products, the impacts of competitive products and pricing, and other risks and uncertainties set forth in the the company's filings with the Securities and Exchange Commission. These risks and uncertainties could cause actual results to differ materially from any forward-looking statements made herein. This release is available on the KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Worldwide website at www.kcsa.com
CONTACT: V.I. Technologies, Inc.
John Barr, 516/752-7314, ext 110
or
KCSA
Leslie A. Schupak/Joseph A. Mansi
212/896-1207, 212/896-1205
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