Zecotek Announces Board and Management Changes
Vancouver, January 22, 2007 - Zecotek Medical Systems Inc. (TSX-Venture - ZMS; Frankfurt - W1I.F) announces that, with a view of bringing added independence to its Board of Directors and as recommended by its Corporate Governance Committee, it has instituted a number of changes to the composition of its board of directors.
Mr. Michel Coderre, a co-founder of the Company, has agreed to step down from the board and as an officer of ZMS. In addition, Mr. David Wynne has resigned from the board, but will remain COO of the Company’s Singapore operations. At the last Annual General Meeting, Shirley Kancs did not stand for re-election so that Mr. Frank Ramsperger, an independent director, could be elected.
Mr. Ramsperger, who will take on the role as Chair of the Compensation Committee and the lead director in charge of administrative affairs of the board, previously served as member of the Executive Board and Chief Investment Officer of Bank Hofmann AG, Zurich. His banking background and knowledge of public markets will be an asset to Zecotek as it proceeds in its development as an internationally recognised company. The Company is presently in discussions with individuals to fill the vacant seats on the Board of Directors and will announce its decision in due course.
Mr. Eric Sager will remain as a director and also will take on the role of Executive Vice President for Business Development and Corporate Affairs. The Board and Management of Zecotek Medical Systems wish to thank Mr. Coderre, Ms. Kancs and Mr. Wynne for working with the Company to benefit from greater board independence. Gratitude and thanks are also being extended for their most valuable contributions in the past two years.
“These changes are part of Zecotek’s efforts to meet international governance standards as we move forward with the development of our business objectives” stated Dr. Faouzi Zerrouk, President and CEO.
Zecotek Medical Systems Inc. has granted 50,000 stock options to a consultant for his contributions to the Company. The exercise price is set at $1.10 and will expire on Jan. 22, 2012. The stock options are subject to regulatory approval.
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Zecotek Medical Systems is a bio-photonics technology company developing high-performance crystals, photo detectors, medical lasers, optical imaging and 3D display technologies for commercial applications in the medical diagnostics and high-tech industry. Founded in 2003, the company has three distinct operating divisions: medical imaging, medical lasers and 3D display and labs located in Canada, Singapore and Russia. Zecotek commercializes its novel, patented and patent-pending bio-photonic technologies directly and through strategic alliances and joint ventures with multinational OEMs, distributors and other industry leaders.
For additional information on Zecotek Medical Systems and our technologies please see our website at Zecotek Photonics.
For additional information please contact:
Zecotek Medical Systems
CFO; VP Corporate Development
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