WESTBURY, N.Y., April 17, 2013 /PRNewswire/ -- Vasomedical, Inc. (OTC BB: VASO) (the "Company"), a diversified medical technology company specializing in the design, manufacture and sale of medical devices and in the domestic sale of diagnostic imaging products, today announced the appointment of Mr. Randy Hill to the Board of Directors effective immediately.
Mr. Hill, 66, a veteran of the medical device industry, is currently Senior Vice President of Vasomedical and Chief Executive Officer of Vaso Diagnostics, Inc. d/b/a/ VasoHealthcare, a wholly owned subsidiary of Vasomedical, Inc. Prior to joining Vasomedical in July 2012, Mr. Hill held several senior leadership positions at major medical device and technology companies. Mr. Hill was, until May 2011, interim Chief Executive Officer of Siemens Healthcare USA, the U.S. organization of the healthcare sector of Siemens AG, a German multinational conglomerate. At Siemens Healthcare USA, he was responsible for sales, marketing, service, and logistics across the Siemens Healthcare portfolio, including medical imaging equipment, healthcare information technology and medical therapy. For several years prior to that, Mr. Hill was Chief Operating Officer of Siemens Healthcare USA, responsible for setting and implementing national strategies to sell Siemens products and services, and achieving synchronization across Siemens Healthcare's U.S. Business Management and Solutions Implementation teams.
As a recognized leader in the medical imaging business, Mr. Hill is also former Chair of the Board of Medical Imaging & Technology Alliance (MITA), a leading organization and collective voice of medical imaging equipment manufacturers, innovators, and product developers. MITA represents companies whose sales comprise more than 90 percent of the global market for medical imaging technology.
"Randy has done an outstanding job in leading VasoHealthcare and we believe he will be an invaluable asset to the Board with his in-depth knowledge of the diagnostic imaging business and broad understanding of the medical device industry," commented Dr. Jun Ma, President and CEO of Vasomedical. "We are excited to have Randy join the Board and participate in the strategic planning and future of the entire company."
"I am honored to join the Vasomedical Board of Directors and take an even more active role in helping plan the future strategy for the Company's overall business," said Mr. Hill. "I am eager to hit the ground running and share my industry expertise with the group. I look forward to working with my fellow Board members in advancing the interests and growth of the Company."
Mr. Hill will stand for election as a Class 1 director at the 2013 Annual Meeting of Stockholders.
Vasomedical, Inc. is a diversified medical technology company specializing in the manufacture and sale of medical devices and in the domestic sale of diagnostic imaging products. The Company's main proprietary products are EECP® Therapy systems, the gold standard of ECP treatment. The Company operates through three wholly owned subsidiaries: VasoSolutions, Vasomedical Global and VasoHealthcare. VasoSolutions manages and coordinates the design, manufacture and sales of EECP® Therapy systems, and other medical equipment operations; Vasomedical Global operates the Company's China-based subsidiaries; and VasoHealthcare is the operating subsidiary for the exclusive sales representation of GE Healthcare diagnostic imaging products in certain market segments. Additional information is available on the Company's website at www.vasomedical.com.
Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this release, words such as "anticipates", "believes", "could", "estimates", "expects", "may", "plans", "potential" and "intends" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company's management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions; the effect of the dramatic changes taking place in the healthcare environment; the impact of competitive procedures and products and their pricing; medical insurance reimbursement policies; unexpected manufacturing or supplier problems; unforeseen difficulties and delays in the conduct of clinical trials and other product development programs; the actions of regulatory authorities and third-party payers in the United States and overseas; uncertainties about the acceptance of a novel therapeutic modality by the medical community; continuation of the GEHC agreement; and the risk factors reported from time to time in the Company's SEC reports. The Company undertakes no obligation to update forward-looking statements as a result of future events or developments.
SOURCE Vasomedical, Inc.