IDC BOARD OF DIRECTORS ANNOUNCES CHANGES TO EXECUTIVE LEADERSHIP
Calgary, Alberta – November 14th, 2007 – The Board of Directors of IDC (Imaging Dynamics Company Ltd.) (TSX:IDL) today announced that in response to the Company’s 3rd quarter results, it is reorganizing the Company’s executive leadership to meet the growing operational demands of the organization. Mr. Darryl Stein will step down as CEO effective December 31st, 2007. He will retain the position of President with responsibility for global sales and strategic planning.
The Board has created a Special Operating Committee of the Board through this transition and will conduct an executive search for CEO. The committee, comprised of: Mr. Jerry C. Cirino, Chairman, Rich Barno, Director and John Cooper, Director; will work closely with Mr. Stein and the IDC executive management team of Mr. Mike Shannon, Senior VP of Operations, Mr. Swapan Kakumanu, CFO, Mr. Robin Winsor, CTO, and Ms. Landis Jackson, Human Resources Director on identified improvement initiatives.
Mr. Karim Teja, who formerly held the positions of CFO and COO for IDC, will re-join the company as a consultant on a short-term contract basis to assist the Board during the transition period.
According to IDC Board Chairman, Mr. Jerry C. Cirino, “This reorganization will enable IDC to maximize our unique strengths in technology and sales, while allowing the company to appoint a CEO who can accelerate the pace of operational improvements that is already underway and improve our overall performance.” Cirino added, “Mr. Stein has been instrumental in establishing IDC in the radiography market and will continue to manage our growth strategies and sales initiatives.”
“The Company has reached a point that demands dedicated management in both operations and growth.” said Mr. Darryl Stein. “I believe that our recent ‘large scale’ successes in North America, Latin America and the Middle East represent global opportunities for the Company. These opportunities require increasing amounts of management time and focus. We continue to strengthen the organization internally, and I look forward to working with the Board and with management in taking the Company to the next level.”
As previously announced in a November 11, 2007 press release, IDC will hold a conference call on Thursday, November 15 at 8:00 a.m. EST (6:00 a.m. MST) to review 3rd Quarter 2007 financial results. Jerry Cirino, Chairman of the IDC Board of Directors, will participate in the call to discuss the executive reorganization and will be available for comment during the question-and-answer period.
For more information, please contact:
Ms. Michelle Naismith
Marketing Manager, IDC
1.866.975.6737
mnaismith@imagingdynamics.com