Cedara (NASDAQ:CDSW)
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Cedara Software Announces the Appointment of Two Directors to
Replace Analogic Appointees
TORONTO, Nov. 8 /PRNewswire-FirstCall/ -- Cedara Software Corp.
(NASDAQ:CDSWNASDAQ:andNASDAQ:TSX:CDE) a leading independent developer of
medical software technologies for the global healthcare market, announced today
the appointment of two new Directors to its Board, R. Ian Lennox and Dianne
Lister.
Ian Lennox is currently Chairman of the Board, Stressgen Biotechnologies
Corporation of San Diego, Lead Director of KBSH Capital Management Inc of
Toronto and a Director of MSBi Ventures of Montreal. He was formerly President
and CEO of MDS Pharmaceutical and Biotechnology Markets (2002-2004); President
and CEO of MDS Drug Discovery and Development Sector (2000-2002); President and
CEO of Phoenix International Life Sciences (1999-2000); Chairman and CEO of
Drug Royalty Corporation Inc. (1996-2002); and, President and CEO of Monsanto
Company Canada (1991-1997). Mr. Lennox holds an MBA and a HSBc. (Dean's List -
Physiology & Pharmacology) from the University of Western Ontario.
Dianne Lister is founder of The Dianne Lister Group, a national consulting firm
providing strategic counsel for the non-profit and philanthropic sectors. From
1993-2003 she was President and Chief Executive Officer of The Hospital for
Sick Children Foundation which raises over $50 million annually. The endowment
base quadrupled from $100 million to $425 million during her tenure. A graduate
of Trent University, and Osgoode Hall Law School, Ms. Lister previously
practiced law as a child welfare lawyer and litigator.
Mr. Lennox and Ms. Lister replace Analogic Corporation (NASDAQ:ALOGE)
appointees, Bernard M. Gordon, Analogic Founder, Chairman Emeritus, and a
member of its board of directors; and John J. Millerick, Analogic's Senior Vice
President and CFO.
In September of 2001, Analogic acquired a then 19% interest in Cedara Software
Corporation which included the right to two seats on Cedara's Board. In
summarizing the purpose of that agreement, Mr. Gordon said that Analogic and
Cedara had major customers in common and shared complementary technologies. By
forming a relationship, the two companies could expand their capabilities and
offer a broader range of products and services to their OEM (Original Equipment
Manufacturer) customers.
John Millerick noted today that, "Cedara has effected a dramatic turnaround
over the past two years and is now well positioned for continuing growth.
Analogic's original objectives in investing in Cedara have been accomplished.
We intend to maintain a close working relationship with the company. Cedara,
for example, provides advanced image-processing and document workflow software
to ANEXA(TM), our subsidiary that provides next-generation, digital imaging
solutions to select end-user markets such as orthopedic and trauma centers."
"This announcement is extremely good news for Cedara and demonstrates the
continued progress of the company", said Abe Schwartz, Cedara President and
CEO. "I am delighted to welcome Ian Lennox and Dianne Lister to Cedara's Board
of Directors. Cedara's ability to attract such high-caliber Board members is a
testament to the company's recent accomplishments."
"I would also like to thank Bernard Gordon, Analogic's founder, and John
Millerick, Analogic's CFO for all that they have done for Cedara. Analogic
rescued Cedara in 2001 and has continued to support Cedara until it was able to
effect the dramatic turnaround over the last two years. Today, there is a clear
and growing perception in both the financial markets and the medical industry
that Cedara is now more than strong enough to stand on its own feet. Analogic
continues to act in Cedara's best interests by recognizing this. Analogic has
also benefited from its relationship with Cedara both financially and
operationally. Cedara and Analogic's close business relationship will continue.
Cedara is excited with what Analogic is doing through its ANEXA subsidiary. At
the same time, Analogic is excited about what Cedara is doing with its recent
acquisition, eMed Technologies Corporation. Working together, we are optimistic
about our future mutual opportunities," said Mr. Schwartz.
Analogic currently holds 4,580,461 shares of Cedara Software Corporation, which
represents 14.6% of Cedara's outstanding shares. Analogic Corporation is a
leading designer and manufacturer of advanced health and security systems and
subsystems sold primarily to Original Equipment Manufacturers (OEMs). The
Company is recognized worldwide for advancing the state of the art in Computed
Tomography (CT), Digital Radiography (DR), Ultrasound, Magnetic Resonance
Imaging (MRI), Patient Monitoring, Cardiovascular Information Management, and
Embedded Multiprocessing.
For more information about Cedara, visit the Cedara website at
http://www.cedara.com/ or contact: Brian Pedlar, Chief Financial Officer,
(905) 672-2100 ext. 2015
Email:
About Cedara Software:
Cedara Software Corp. is a leading independent provider of medical technologies
for many of the world's leading medical device and healthcare information
technology companies. Cedara software is deployed in hospitals and clinics
worldwide -- approximately 28,000 medical imaging systems and 6,400 Picture
Archiving and Communications System (PACS) workstations have been licensed to
date. Cedara is enabling the future of the healthcare industry with new
innovative approaches to workflow, data and image management, integration, the
web, software components and professional services. The Company's medical
imaging solutions are used in all aspects of clinical workflow including the
capture of patient digital images; the sharing and archiving of images;
sophisticated tools to analyze and manipulate images; and even the use of
imaging in surgery. Cedara is unique in that it has expertise and technologies
that span all the major digital imaging modalities including angiography,
computed tomography (CT), echo-cardiology, digital X-ray, fluoroscopy,
mammography, magnetic resonance imaging (MRI), nuclear medicine, positron
emission tomography (PET) and ultrasound.
Certain statements contained in this news release are forward-looking within
the meaning of securities laws and are based on current expectations that are
subject to a number of assumptions, uncertainties and risks, and the actual
results may differ materially from what is currently expected. These
assumptions, uncertainties and risks include, but are not limited to: the
management of the growth of the Company, dependence on key personnel of the
Company, competitive pressures (including price competition), changes in market
activity, risks associated with international operations, the development of
new products and services, the enhancement of existing products and services,
the introduction of competing products having technological and/or other
advantages, the dependence on key customers, regulatory changes to the health
care industry, seasonality, economic and political conditions and adequate
protection of the proprietary interests of the Company. Further information
about these risks and uncertainties can be found in the continuous disclosure
documents filed from time to time by Cedara with the securities regulatory
authorities, which documents are available at http://www.sedar.com/.
All trademarks appearing in this release are the property of Cedara Software
Corp.
DATASOURCE: Cedara Software Corp.
CONTACT: Brian Pedlar, Chief Financial Officer,
Cedara Software Corp., (905) 672-2100 ext. 2015, ;
To request a free copy of this organization's annual report, please go to
http://www.newswire.ca/ and click on reports@cnw.