Catheter Precision, Inc. (VTAK) Announces Changes to Executive Management and Board of Directors
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FORT MILL, SC / ACCESSWIRE / January 3, 2024 / Catheter Precision, Inc. (the "Company") (NYSE American:VTAK), a US based innovative medical device company focused on electrophysiology products, today announced changes to the executive management and board of directors, including a change to the Chief Financial Officer. Mr. Passey's employment was terminated effective December 31, 2023. In his place, the Board of Directors has appointed Margrit Thomassen, CPA, to be interim Chief Financial Officer as of January 2, 2024. Margrit has been a full-time employee at the Company's Catheter Precision subsidiary since 2019 and has served as controller of the Company since the acquisition of Catheter Precision by Ra Medical in January 2023.
In addition, David Jenkins, previously Interim Chief Executive Officer, is named Chief Executive Officer effective January 2, 2024. He will continue as Executive Chairman of the Board. Susanne Meline has resigned from the Board of Directors as of December 28, 2023, and is replaced by John Francis as of January 2, 2024. Mr. Francis, Ms. Meline's spouse, is a Managing Member of Francis Capital Management, LLC, an investment management firm specializing in small capitalization equities, since 2000. He has more than 20 years of experience in investment management, finance, accounting and has extensive experience investing in small cap medical device companies.
David Jenkins, CEO, said. "We look forward to starting the new year with Margrit as interim CFO as well as adding John Francis to the Board of Directors. Margrit has been an integral part of Catheter Precision as Controller for many years now and it was a logical step to ask her to become interim CFO. John's previous experience is an asset to Catheter Precision as we continue to grow our business and strive to meet the needs of patients, hospitals, and physicians."
About Catheter Precision
Catheter Precision is an innovative U.S.-based medical device company bringing new solutions to market to improve the treatment of cardiac arrhythmias. It is focused on developing groundbreaking technology for electrophysiology procedures by collaborating with physicians and continuously advancing its products. Reincorporated as Ra Medical Systems, Inc. in Delaware in 2018, the Company changed its name to Catheter Precision, Inc. on August 17, 2023.
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to substantial risk and uncertainties. Forward-looking statements can be identified by words such as "believe," "anticipate," "may," "might," "can," "could," "continue," "depends," "expect," "expand," "forecast," "intend," "predict," "plan," "rely," "should," "will," "may," "seek," or the negative of these terms and other similar expressions, although not all forward-looking statements contain these words. These forward-looking statements include, but are not limited to, our business growth, our ability to meet the needs of patients, hospitals and physicians, and our ability to develop groundbreaking technology for electrophysiology procedures by collaborating with physicians and continuously advancing our products. The Company's expectations and beliefs regarding these matters may not materialize. Actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of uncertainties, risks and changes in circumstances, including but not limited to risks and uncertainties included under the caption "Risk Factors" in the Company's Form 10-K for the year ended December 31, 2022 and Forms 10-Q for the quarters ended March 31, 2023, June 30, 2023, and September 30, 2023, filed with the U.S. Securities and Exchange Commission and available at www.sec.gov. These risks and uncertainties include, but aren't limited to, that we will not be able to reach profitability unless we are able to achieve our product expansion and growth goals, our research and development and commercialization efforts may depend on entering into agreements with corporate collaborators, we have entered into joint marketing agreements with respect to our products, and may enter into additional join marketing agreements, that will reduce our revenues from product sales, royalty agreements with respect to our LockeT device will reduce any future profits from this product, if we experience significant disruptions in our information technology systems, our business may be adversely affected, litigation and other legal proceedings may adversely affect our business, if we make acquisitions or divestitures, we could encounter difficulties that harm our business, failure to attract and retain sufficient qualified personnel could also impede our growth, failure to maintain effective internal controls could cause our investors to lose confidence in us and adversely affect the market price of our common stock, if our internal controls are not effective, we may not be able to accurately report our financial results or prevent fraud, our revenues may depend on our customers' receipt of adequate reimbursement from private insurers and government sponsored healthcare programs, we may be unable to compete successfully with companies in our highly competitive industry, many of whom have substantially greater resources than we do, our future operating results depend upon our ability to obtain components in sufficient quantities on commercially reasonable terms or according to schedules, prices, quality and volumes that are acceptable to us, and suppliers may fail to deliver components, or we may be unable to manage these components effectively or obtain these components on such terms, if hospitals, physicians and patients do not accept our current and future products or if the market for indications for which any product candidate is approved is smaller than expected, we may be unable to generate significant revenue, if any, our medical device operations are subject to pervasive and continuing FDA regulatory requirements, our products may be subject to additional recalls, revocations or suspensions after receiving FDA or foreign approval or clearance, which could divert managerial and financial resources, harm our reputation, and adversely affect our business, changes in trade policies among the U.S. and other countries, in particular the imposition of new or higher tariffs, could place pressure on our average selling prices as our customers seek to offset the impact of increased tariffs on their own products, increased tariffs or the imposition of other barriers to international trade could have a material adverse effect on our revenues and operating results.
The forward-looking statements included in this communication are made only as of the date hereof. The Company assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
CONTACTS:
At the Company
David Jenkins
973-691-2000
IR@catheterprecision.com
SOURCE: Catheter Precision, Inc
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