AdvanSource Biomaterials Corporation (NYSE Alternext US: ASB), a
leading developer of advanced polymer materials for a broad range of
medical devices, today announced that Eric Walters, the Company’s CFO,
has offered his resignation to pursue other personal interests, which
the Company has accepted. The Company also announced the appointment of
David Volpe as interim CFO.
President and CEO Michael Adams stated: “We sincerely appreciate Eric’s
contributions since he joined the Company in October 2005 as a seasoned
financial executive, including his role in leading the sale of two
divisions and transitioning the Company to its strategic goal of
becoming a preeminent and innovative biomaterials provider to the
medical device industry. We will miss Eric, and wish him well.”
Eric Walters said: I have enjoyed my three and one half years working at
the Company, an exciting period in which the Company has positioned
itself to leverage its materials technology to address the needs of
medical device companies worldwide.”
About AdvanSource Biomaterials Corporation
AdvanSource Biomaterials Corporation manufactures advanced polymer
materials which provide critical characteristics in the design and
development of medical devices. The Company’s biomaterials are used in
devices that are designed for treating a broad range of anatomical sites
and disease states. AdvanSource’s business model leverages its
proprietary materials science technology and manufacturing expertise in
order to expand its product sales and royalty and license fee income.
The Company is conducting a clinical trial for regulatory approval at
two sites in Europe for its CardioPass™ synthetic coronary bypass graft.
More information about AdvanSource is available at its website: www.advbiomaterials.com
Forward-Looking Statements:
AdvanSource believes that this press release contains forward-looking
statements as that term is defined in the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements are subject to risks
and uncertainties. Such statements are based on management’s current
expectations and are subject to risks and uncertainties that could cause
results to differ materially from the forward-looking statements. For
further information on such risks and uncertainties, you are encouraged
to review AdvanSource’s filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for the fiscal year
ended March 31, 2008 and its Quarterly Reports for the periods ended
June 30, 2008 and September 30, 2008 and December 31, 2008. AdvanSource
assumes no obligation to update any forward-looking statements as a
result of new information or future events or developments, except as
required by law.
AdvanSource Biomaterials Corporation
Michael Adams,
978-657-0075
President and CEO
madams@advbiomaterials.com
