ROCHESTER, N.Y., Dec. 17, 2015 /PRNewswire/ -- VirtualScopics, Inc. (NASDAQ: VSCP), a leading provider of clinical trial imaging solutions, today announced that Ronald Way, 60, has been promoted to chief operating officer (COO). Mr. Way joined VirtualScopics in January 2011 as director of operations and was promoted to vice president of operations in August 2014. Mr. Way will be responsible for leading all functions required to deliver superb clinical trial imaging solutions to the company's customers using regulatory compliant processes. Mr. Way has contributed to the increased customer loyalty retention rate over the past few years.
"Ron's ascension to a top leadership position in this company should come as no surprise internally or to our shareholders," said President and Chief Executive Officer, Eric T. Converse. "His new role is a direct reflection of how he has been successful in our continuing efforts to deliver top-quality work. This has been central to achieving our accomplishments thus far, and will help us grow our business further and return the company to profitability." Mr. Converse continued, "I look at 2016 with a lot of optimism and Ron is a key component to the company's future. VirtualScopics has spent much of the last year expanding its Phase III operational capabilities and strengthening our reputation of operational excellence. Ron has been an important part of this cultural shift and both the company and our customers are benefiting tremendously."
Mr. Way has stated in the past that his main focus has always been on meeting the customer's needs. "With the evolution of our team, it has been possible to focus on the operational capabilities of the company as a whole." Mr. Way continued, "The key to our success is the dedication and quality of all our employees at VirtualScopics. I am proud to lead this team."
Prior to working at VirtualScopics, Mr. Way spent 25 years as the director of manufacturing operations for Ultralife, Inc., a manufacturer of lithium battery systems for the military, medical and consumer markets. Mr. Way was responsible for the integration of all of the company's manufacturing operations in Texas, Mississippi and England, as well as the operational knowledge transfer to the company's facility in China.
Mr. Way has a B.S. degree in Business Management from the University of Phoenix. He received his Lean Six Sigma Black Belt Certification in 2009. Mr. Way is a recipient of the New York State Volunteer Service Award for his involvement in numerous youth activities over the years.
About VirtualScopics, Inc. VirtualScopics, Inc. (NASDAQ: VSCP) is a leading imaging CRO/Central reader, providing clinical trial imaging solutions to accelerate drug development. Medical and scientific expertise, operational flexibility and responsiveness are hallmarks of our daily work and collaborative approach. We understand the risks and time constraints that clinical trial study teams, medical directors, radiologists, and imaging scientists face. We focus on addressing these challenges by consistently delivering quality imaging data and imaging services on time and within budget. It's these exceptional performance advantages that truly set our clinical trial imaging services apart. For more information about VirtualScopics, Inc., please visit www.virtualscopics.com.
Forward-looking Statements The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created thereby. These forward-looking statements include, but are not limited to, statements of optimism regarding the expected benefits of appointing new executive officers and the Company's future profitability and/or statements preceded by, followed by or that include the words "believes", "could", "expects", "anticipates", "estimates", "intends", "plans", "projects", "seeks", or similar expressions. Forward-looking statements deal with the company's current plans, intentions, beliefs and expectations. Investors are cautioned that all forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Many of these risks and uncertainties are discussed in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014 filed with the SEC, and in any subsequent reports filed with the SEC, all of which are available at the SEC's website at www.sec.gov. These include without limitation: the risk of cancellation or delay of customer contracts or that contract awards do not turn into signed contracts. Other risks include the company's dependence on its largest customers and risk of contract performance, protection of our intellectual property and the risks of infringement on the intellectual property rights of others. All forward-looking statements speak only as of the date of this press release and the company undertakes no obligation to update such forwardlooking statements.
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