Stereotaxis CFO Steps Down to Pursue New Career Opportunity
Company Vice President and Controller Martin Stammer to Assume Role of Interim
ST. LOUIS, Feb. 7, 2013 (GLOBE NEWSWIRE) -- Stereotaxis, Inc. (Nasdaq:STXS)
has announced that Sam Duggan, Chief Financial Officer, will resign from the
Company, effective February 22, 2013. Serving as Stereotaxis CFO since October
2011, Mr. Duggan is leaving to accept a CFO position with a large, privately
held company headquartered in St. Louis. Martin Stammer, Vice President and
Controller, will assume the role of Interim CFO.
Michael Kaminski, Stereotaxis Chief Executive Officer, said, "Sam joined the
company during a difficult period and has been instrumental in significantly
reducing our cost structure and improving our financial performance. We will
miss his thoughtful counsel and collaborative leadership but wish him great
success in this new opportunity at a much larger company."
Upon Mr. Duggan's departure, Mr. Stammer will be promoted to Principal
Accounting Officer and Interim CFO. Since joining the Company in October 2009,
he has assumed increasing levels of responsibility. Promoted to Corporate
Controller in August 2011, he was then named Vice President and Controller in
"Marty has proven to be a valuable member and leader within our financial
organization over the past few years, playing a key role in developing and
executing our strategic financial initiatives, as well as securing essential
funding and banking relationships," said Mr. Kaminski. "We are very confident
in his ability to seamlessly assume the role of interim CFO and continue to
advance our goals of delivering expected results and strengthening our
Stereotaxis is a healthcare technology and innovation leader in the
development of robotic cardiology instrument navigation systems designed to
enhance the treatment of arrhythmias and coronary disease, as well as
information management solutions for the interventional lab. With over 100
patents for use in a hospital's interventional surgical suite, Stereotaxis
helps physicians around the world provide unsurpassed patient care with
robotic precision and safety, improved lab efficiency and productivity, and
enhanced collaboration of life-saving information. Stereotaxis' core
technologies are the Niobe^® ES Remote Magnetic Navigation system, the
Odyssey^® portfolio of lab optimization, networking and patient information
management systems and the Vdrive^™ Robotic Mechanical Navigation system and
The core components of Stereotaxis systems have received regulatory clearance
in the U.S., Europe, Canada and elsewhere. The V-Loop^™ circular catheter
manipulator is currently in clinical trials in order to obtain clearance by
the U.S. Food and Drug Administration; the Company also is pursuing U.S.
clearance for the V-Sono™ ICE catheter manipulator. For more information,
please visit www.stereotaxis.com and www.odysseyexperience.com.
This press release includes statements that may constitute "forward-looking"
statements, usually containing the words "believe," "estimate," "project,"
"expect" or similar expressions. Forward-looking statements inherently involve
risks and uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that would cause or contribute to
such differences include, but are not limited to, our continued access to
capital and financial resources on a timely basis and on terms that are
acceptable, our continued listing on the Nasdaq Global Market, continued
acceptance of the Company's products in the marketplace, the effect of global
economic conditions on the ability and willingness of customers to purchase
our systems and the timing of such purchases, the outcome of various
shareholder litigation recently filed against us, competitive factors, changes
resulting from the recently enacted healthcare reform in the U.S., including
changes in government reimbursement procedures, dependence upon third-party
vendors, timing of regulatory approvals, and other risks discussed in the
Company's periodic and other filings with the Securities and Exchange
Commission. By making these forward-looking statements, the Company undertakes
no obligation to update these statements for revisions or changes after the
date of this release. There can be no assurance that the Company will
recognize revenue related to its purchase orders and other commitments in any
particular period or at all because some of these purchase orders and other
commitments are subject to contingencies that are outside of the Company's
control. In addition, these orders and commitments may be revised, modified,
delayed or canceled, either by their express terms, as a result of
negotiations, or by overall project changes or delays.
CONTACT: Company Contact:
Chief Executive Officer
Todd Kehrli / Jim Byers
MKR Group, Inc.
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