3 Dec 2013 07:00
AorTech International Plc ("Aortech" or the "Company")
Board Reorganisation
As previously announced to shareholders, AorTech is currently transitioning from a medical polymer manufacturing business to a pure play Intellectual Property exploitation company. In future, and as previously announced, AorTech will no longer supply medical polymers but will derive its income from license and royalty fees from customers who have taken the rights to incorporate AorTech polymers into medical devices or to manufacture the polymers on behalf of existing and future customers.
Within the next month AorTech will cease all operations in the US, including manufacturing, which will result in cost savings due to the significantly lower cost base in the UK. As this transition completes, Frank Maguire, the Chief Executive, has decided to resign with immediate effect to pursue other business opportunities. The Board would like to thank Frank for his contribution over the past 13 years and in particular his efforts over the past year in managing the exit from the Rogers, MN facility and the sharing of IP and knowhow with our manufacturing licensee, Biomerics. To ensure a smooth handover of responsibilities, Frank will remain available to the Company on a consultancy basis.
Eddie McDaid will become the Chief Executive Officer of the Group with immediate effect and Roy Mitchell, who remains non-executive, will take on the role previously performed by Eddie as Finance Director of the business. Over the past year, Eddie has become much more actively involved in all client related issues and as a result, we anticipate an orderly hand over. Roy is a Chartered Accountant with international taxation expertise and is perfectly suited and qualified to assume the Finance role.
Enquiries:
AorTech International plc
Bill Brown, Chairman
Tel: +44 (0) 7730 718296
finnCap
Stuart Andrews/James ThompsonfinnCap as Nominated AdviserTel: 020 7220 0500