TORONTO, ONTARIO--(Marketwired - Feb 5, 2016) - Prism Medical Ltd. ("Prism Medical" or the "Company") (TSX VENTURE:PM) announced today that Ross Scavuzzo, its Senior Vice President, Canada, has been appointed as Chief Executive Officer of the Company effective immediately. Mr. Scavuzzo replaces Andrew McIntyre as CEO and John C. Charles as Interim CEO. Mr. McIntyre will remain as Chairman and as a member of the Board. John Charles will remain as Vice Chairman and as a member of the Board.
Mr. Scavuzzo has held the position of Senior Vice President, Canada, with Prism Medical since February, 2010. Previously, he held positions in executive management at GETINGE North America Extended Care Group (d.b.a. as ARJO) and Baxter International (Canada). Mr. Scavuzzo has over 30 years of sales, marketing, and general management experience in the medical devices and safe patient handling industry.
"We are pleased that Ross will serve as Chief Executive Officer," said Mr. McIntyre. "He has worked with Prism Medical for more than 6 years and has extensive knowledge about our products, customers, suppliers and other members of management. He has participated in the development and implementation of the Company's strategic plan and we look forward to continued growth and success under his leadership."
Mr. McIntyre took a medical leave during November, 2015. His treatment is proceeding well, however, he has decided not to return to the Company in a full time capacity as CEO. The Board expressed its appreciation to Mr. McIntyre who founded the Company in 1997 and was responsible for its growth into a leading manufacturer and service provider of moving and handling devices in North America.
"I am very pleased to accept the appointment of CEO," said Mr. Scavuzzo. "Prism is an excellent company and well respected in the industry. Andy has created a great platform. During his tenure annual sales have grown from approximately $750,000 to $56,000,000 following the sale of the UK operations, approximately 15 acquisitions were completed, a diversified product line created and operations expanded from Canada to the United States and the UK. In addition, substantial shareholder value was created. The share price has appreciated more than 10 fold and the Company has made distributions to its shareholders of more than $45,000,000 including regular and special dividends and share buybacks. I feel that Andy's greatest achievement is the management team and other high caliber personnel that he assembled. They are very professional and committed to the Company and its customers. It is my privilege to working with them to continue Prism's tradition of excellence."
About Prism Medical Ltd.
Prism Medical is a vertically integrated manufacturer and leading provider of equipment and services used to move and handle mobility challenged individuals in a safe and dignified manner. Prism Medical's products are marketed under the brand names of Prism Medical, ErgoSafe, Waverly Glen and Nightingale in the homecare, acute care and long-term care markets throughout North America. The Company offers solutions that encourage improved care, quality of life and mobility, while seeking to lower the overall cost of the caregiving function in a number of ways, including reducing the incidence of handling-related injuries among caregivers. In addition, the Company through its network of Nightingale dealers provides an integrated suite of products and services that make home care a viable option for many people. For further information visit Prism Medical's website at www.prismmedicalltd.com or www.sedar.com.
This document contains forward-looking statements relating to our operations and to the environment in which we operate and our strategy, action plans and investments, which may involve estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and/or are beyond our control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. These factors include those set forth in this report and our other public filings. Consequently, readers should not place any undue reliance on such forward-looking statements. These forward-looking statements are made as of the date of this report. Prism Medical is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. All forward-looking statements attributable to Prism Medical are expressly qualified by these cautionary statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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