WAYNE, Pa., July 1 /PRNewswire-FirstCall/ --
Escalon Medical Corp. (Nasdaq: ESMC) today announced that effective June 30,
2002 and in conjunction with the expiration of his employment contract, Ronald
L. Hueneke, President and Chief Operating Officer, has left the Company to
pursue other opportunities.
"We'd like to thank Ron for his contributions over the last 11 years and
we wish him well in his future pursuits," commented Richard J. DePiano,
Chairman and CEO. Escalon's current management team will assume Mr. Hueneke's
responsibilities. This is in keeping with the company's strategy of
centralizing senior management while placing operational responsibilities at
our remote sites.
Mr. Hueneke co-founded Trek Medical Products and served as its President
until October 1991 when it was acquired by Escalon. He held various senior
management positions with Escalon from 1991 until July 1998 when he was
appointed President and Chief Operating Officer.
Mr. DePiano continued, "Ron leaves behind a strong operations team at our
Wisconsin facility who will continue to further develop the manufacturing and
sales support to satisfy our growth objectives. Additionally, over the last
two years, the company has built an experienced and effective senior
management group at our headquarters in Pennsylvania who will absorb the
balance of Mr. Hueneke's responsibilities and will continue to lead the
Company into the future."
Founded in 1987, Escalon develops, markets and distributes ophthalmic
diagnostic, surgical and pharmaceutical products as well as vascular access
devices. The Company seeks to utilize strategic partnerships to help finance
its development programs and is also seeking acquisitions to further diversify
its product line to achieve critical mass in sales and take better advantage
of the Company's distribution capabilities. Escalon has headquarters in
Wayne, Pennsylvania and manufacturing operations in Long Island, New York and
New Berlin, Wisconsin.
Note: This press release contains statements that are forward-looking,
including statements about the Company's future prospects. They are based on
the Company's current expectations and are subject to a number of
uncertainties and risks, and actual results may differ materially. The
uncertainties and risks include whether the Company is able to improve upon
the operations of Sonomed, Trek, the vascular access business and Escalon
Medical Imaging, generate cash and identify, finance and enter into business
relationships and acquisitions, uncertainties and risks related to new product
development, manufacturing and market acceptance of new products, marketing
acceptance of existing products in new markets, research and development
activities, including failure to demonstrate clinical efficacy, delays by
regulatory authorities, scientific and technical advances by the Company or
third parties, introduction of competitive products, third party reimbursement
and physician training as well as general economic conditions. Further
information about these and other relevant risks and uncertainties may be
found in the Company's report on Form 10-K, and its other filings with the
Securities and Exchange Commission, all of which are available from the
Commission as well as other sources.
SOURCE Escalon Medical Corp.
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CONTACT: Richard J. DePiano, Chairman and CEO of Escalon Medical Corp., +1-610-688-6830, or Alison Ziegler of FRB Weber Shandwick, +1-212-445-8432
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