IDC ANNOUNCES SENIOR MANAGEMENT CHANGES
Transition will ensure continuity in executing the Company’s strategic growth initiatives
Calgary, Canada – November 9, 2010 – Imaging Dynamics Company Ltd. (“IDC” or the “Company”) (TSX: IDL) - The Board of Directors of IDC has unanimously approved and is pleased to announce that Mr. Swapan Kakumanu, currently the Executive Vice President and Chief Financial Officer of IDC, will be appointed as the new President and Chief Executive Officer of the Company effective November 12, 2010 replacing M. Thomas Boon who has served in this capacity since joining the Company in February 2008. In addition, Mr. Kakumanu will be appointed to the Board of Directors of the Company effective November 12, 2010 and will lead the Company’s internal finance team. Mr. Boon will be returning to the United States and will continue to serve on the Board of Directors to assist IDC with its strategic growth initiatives to expand the product portfolio and strengthen IDC’s global distribution channels.
Mr. Kakumanu joined IDC in December 2006 as Chief Financial Officer and was appointed as Executive Vice President and Chief Financial Officer in July 2009. He is a Chartered Accountant and Management Accountant from India and also holds a Certified General Accountant designation from Canada. He has over 15 years of experience at senior management levels both with public and private companies in Canada, the Middle East and India. During the last four years with IDC, Mr. Kakumanu was instrumental in leading the improvements in the Company’s balance sheet, implementing several cost reduction initiatives, the implementation of an ERP system, managing the working capital needs, and has also taken additional responsibility of operations and human resources functions as well as overseeing channel expansion in the Asia Pacific and Europe, Middle East, Africa and South Asia regions.
Mr. Swapan Kakumanu stated, “I believe that with all the initiatives that have been put in place over the past two years, and with signs of recovery in sight for the global economy and the digital radiography industry globally and having effectively streamlined internal cost structure, IDC is well positioned to capture its share of the market.” Mr. Kakumanu continued, “I am excited and looking forward to leading IDC in my new role. I am cautiously optimistic that 2011 will be the year that shows the fruition of the efforts of the management team and its focus over the past few years.”
Mr. Jerry Cirino, Chairman of the Board of IDC stated, “Since joining IDC in 2008, Mr. Boon has been instrumental in solidifying the Company’s future in the global diagnostic imaging market. Tom’s relationships with customers, distributors, vendors, shareholders and employees has enabled the Company to sustain the business over the past several years in which the digital radiography market has been challenged by a global economic downturn. By continuing to serve as a Director of the Company, Tom will provide ongoing leadership for IDC’s strategic growth initiatives, and in particular, assist Swapan with an effective transition to his new role of President and CEO of the Company.”
Mr. Cirino continued, “Swapan and Tom have worked closely together over the past three years and I am highly confident that these changes in the executive leadership of the business will ensure that IDC will continue to execute on its strategic initiatives, and most important, to enable the Company to achieve its financial objectives of profitable growth in the near term. I am confident that our shareholders, customers and employees will see this transition as a positive sign of the capable leadership that these two individuals have consistently demonstrated. Swapan’s knowledge of our business, his global business relationships, and his financial acumen bring considerable value during this phase of IDC and validates he is the right choice to succeed Tom.”
About Imaging Dynamics Company (IDC):
IDC is a medical devices technology company and innovative force in the high growth field of digital radiography (DR) technology. The IDC direct capture DR technology replaces conventional film-based diagnostic imaging and provides a cost-effective solution for producing high quality diagnostic images, enhancing patient care and improving workflow.
Each IDC DR solution provides high resolution radiographic images in the digital format required for today’s (PACS) Picture Archiving & Communication Systems and the growing requirements for the electronic health record, all without the use of film, environmentally unfriendly chemicals, cassettes or expensive imaging plates.
Throughout its history, IDC has been recognized by multiple industry organizations and research analysts such as: Frost & Sullivan, Deloitte Technology and PROFIT; for its consistent dedication to innovation, global growth, and customer focused value proposition.
IDC is based in Calgary, Alberta, Canada.
Statements in this release which describe IDC's intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of IDC to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. IDC may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions. Known and unknown risks and uncertainties include: IDC's ability to manufacture its products with a sufficient level of quality and in volumes which satisfy market demand; the ability of IDC to establish direct and indirect sales channels; the ability of IDC to establish industry partnerships; IDC's ability to attract and retain key personnel; the strength and breadth of IDC's patents; and other factors relating to general economic conditions, specific industry conditions and IDC's particular situation.