Escalon® Medical Corp. Announces Executive Management Transition
ARDMORE, Pa., Sept. 25, 2013
ARDMORE, Pa., Sept. 25, 2013 /PRNewswire/ --Escalon Medical Corp. (Nasdaq:
ESMC) today announced that Richard J. DePiano, Chairman and Chief Executive
Officer, will retire from day to day operations effective September 25, 2013.
Mr. DePiano, age 72, will assume the role of executive Chairman of the Board
of Directors. He will be succeeded by his son, Richard J. DePiano Jr., who
will add the Chief Executive Officer title to his current role as President
and General Counsel.
"I am confident that Escalon Medical is in excellent hands," commented Richard
J. DePiano. "Rich has the operational and financial leadership as well as the
knowledge of the business to take on this expanded role. He will be supported
by an executive management team that has been in place for over ten years as
well as dedicated and professional operational level management, some of whom
have over twenty-five years of experience with the company. Rich has been
focused on and instrumental in returning Escalon to its ophthalmic roots and
is ideally suited to improve our financial position."
Richard J. DePiano Jr., age 47, joined Escalon Medical in November 2000 as
Vice President Corporate and Legal Affairs. He was appointed Chief Operating
Officer and General Counsel in December 2006 and assumed the title of
President in January 2008. He was named to the Board of Directors in May
2012. Prior to joining Escalon, Mr. DePiano Jr. spent nearly ten years in the
private practice of law. Mr. DePiano, Jr. currently serves as Chairman of the
Board of Directors of the Montgomery County Industrial Development Authority,
is a member of the Board of Directors of Senior Health Properties-South, Inc.
and serves as Chairman of the Board of Directors of the Amoore Group Inc.
"First, I want to thank the Board for their confidence in my ability to lead
Escalon Medical at this important stage in the company's evolution," commented
Mr. DePiano Jr. "I am truly excited about the opportunities as we refocus our
operations on our core Sonomed Escalon ophthalmic business. We have spent
significant efforts over the last several years returning the company back to
its ophthalmic roots and improving our financial position. Today we have no
long-term debt and are poised to pursue strategic growth opportunities to
leverage our technology and exciting research and development programs."
"I also want to take this opportunity to thank my father for his leadership
and long-standing commitment to the business, our customers and employees
since he assumed the helm at Escalon in 1997. The Board and I look forward to
his continued guidance and expertise."
About Escalon Medical Founded in 1987, Escalon Medical Corp.
(www.escalonmed.com) develops markets and distributes ophthalmic diagnostic
and surgical products. The Company seeks to further develop and diversify its
product offering through internal development programs, strategic
partnerships, and acquisition of technology so as to best leverage the
Company's distribution capabilities, although such development, partnerships
or acquisitions may or may not occur. The Company has headquarters in Ardmore,
Pennsylvania and operations in Lake Success, New York, New Berlin, Wisconsin
and Stoneham, Massachusetts.
Note: This press release contains statements that are considered
forward-looking under the Private Securities Litigation Reform Act of 1995,
including statements about the Company's future prospects. These statements
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:
oimplement its growth and marketing strategies, improve upon the operations
of the Company including the ability to make acquisitions and the
integration of any acquisitions it may undertake, if any, of which there
can be no assurance,
ogrow our remaining ophthalmic business unit,
oimprove our financial position,
oimplement cost reductions,
oidentify, finance and enter into business relationships and acquisitions.
Other factors include uncertainties and risks related to:
onew product development, commercialization, manufacturing and market
acceptance of new products,
omarketing acceptance of existing products in new markets,
oresearch and development activities, including failure to demonstrate
odelays by regulatory authorities, scientific and technical advances by the
Company or third parties,
ointroduction of competitive products,
oability to reduce staffing and other costs and retain benefit of prior
othird party reimbursement and physician training, and
ogeneral economic conditions.
Further information about these and other relevant risks and uncertainties may
be found in the Company's report on Form 10- K for year ended June 30, 2013,
and its other filings with the Securities and Exchange Commission, all of
which are available from the Securities and Exchange Commission as well as
SOURCE Escalon Medical Corp.
Contact: Richard J. DePiano, Jr, President and CEO, +1-610-688-6830
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