BURLINGTON, Mass., May 16 /PRNewswire-FirstCall/ --
Palomar Medical Technologies Inc (Nasdaq: PMTI) announced today that Joseph P.
Caruso has been elected as Palomar's Chief Executive Officer, in addition to
his current positions of Director and President, at yesterday's meeting of the
Board of Directors.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000308/PMTILOGO )
Mr. Caruso joined the Company in March 1992 as one of the founding members
of the management team and has served as its Vice President and Chief
Financial Officer since January 1993 before being elected as President and
Chief Operating Officer in July 2000 and Director in October 2001. Mr. Caruso
is responsible for all of the operations of the company, including research,
development, manufacturing, finance and administration, service and sales. Mr.
Caruso was also strategically involved in restructuring the Company over the
past few years. Prior to joining Palomar, Mr. Caruso held various financial
positions in private industry.
Chairman Louis P. (Dan) Valente commented, "At the Board of Director's
meeting that followed the annual meeting of the shareholders and at my urging,
the Board of Directors elected Joe to the position of Chief Executive Officer.
I will remain on as Chairman and continue to oversee the operations for the
foreseeable future. The transition of management is in place. The loss of any
one person cannot disrupt the governance, culture or the resolve that has been
built at Palomar. The Board of Directors has recognized Joe's tremendous
contribution at Palomar and his ability to run all of the operations of the
company. Joe's strong background in business and extensive knowledge of this
industry makes him uniquely qualified for his new responsibilities. Joe has
been instrumental in the turnaround of this company and has been a leading
contributor in developing the focus and direction of Palomar over the past few
years. He is a well known and respected member of the cosmetic laser
industry."
Mr. Caruso commented, "I am honored to be elected as the Chief Executive
Officer. We are focused on capturing a significant share of today's cosmetic
laser/light-based market. Our innovative product lines and recent ramp up in
sales confirms that our investment in new products research will allow us to
maintain our technology leadership position. We are also in the process of
developing proprietary technology with explosive growth potential to yet
untapped markets."
To get more information regarding Palomar and its products, please visit
Palomar's web site at http://www.palmed.com. Also, to continue to receive the most
up-to-date information and latest news on Palomar as it happens, sign up to
receive automatic e-mail alerts by going to the e-mail alerts page in the
Investor Relations' section of the web site.
With the exception of the historical information contained in this
release, the matters described herein contain forward-looking statements,
including but not limited to statements relating to new markets, development
and introduction of new products, and financial projections that involve risk
and uncertainties that may individually or mutually impact the matters herein,
and cause actual results, events and performance to differ materially from
such forward-looking statements. These risk factors include, but are not
limited to, results of future operations, technological difficulties in
developing or introducing new products, the results of future research, lack
of product demand and market acceptance for current and future products, the
effect of economic conditions, the impact of competitive products and pricing,
governmental regulations with respect to medical devices, including whether
FDA clearance will be obtained for future products, the results of litigation,
potential infringement of third-party intellectual property rights, and/or
other factors, which are detailed from time to time in the company's SEC
reports, including the report on Form 10-K for the year ended December 31,
2001 and the Company's quarterly reports on Form 10-Q. Readers are cautioned
not to place undue reliance on these forward-looking statements, which speak
only as of the date hereof. The company undertakes no obligation to release
publicly the result of any revisions to these forward-looking statements that
may be made to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events.
Contacts:
Paul S. Weiner Rob Weir (Investors)
Palomar Medical Technologies Inc Allen & Caron Inc
781-993-2411 212-691-8087
ir@palmed.com robw@allencaron.com
SOURCE Palomar Medical Technologies Inc
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Related links:
http://www.palmed.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20000308/PMTILOGO
PRN Photo Desk, 888-776-6555 or 212-782-2840
Company News On-Call:
http://www.prnewswire.com/comp/107555.html
CONTACT:
Paul S. Weiner of Palomar Medical
Technologies Inc, +1-781-993- 2411, ir@palmed.com; or Rob Weir
(Investors) of Allen & Caron Inc, +1-212-691- 8087,
robw@allencaron.com
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