WAYNE, Pa., Dec. 27 Escalon Medical Corp.(Nasdaq: ESMC) today announced two executive management promotions, effectiveJanuary 1, 2008. Richard J. DePiano, Jr. has been promoted to President ofEscalon Medical Corp. Escalon also announced the promotion of Mark Wallace toChief Operating Officer.
Mr. DePiano, Jr. joined Escalon in 2003. He most recently served as ChiefOperating Officer and General Counsel, managing the ophthalmic diagnostic,surgical products and vascular access business and overseeing all legalmatters. Prior to serving in this role, Mr. DePiano, Jr. served as VicePresident of Corporate and Legal Affairs. Before joining Escalon, Mr. DePiano,Jr. engaged in private practice of law for eleven years, where he representedindividual and business clients in mergers and acquisitions, corporate andsecurities law matters, venture capital financings and general business andcommercial matters.
Mr. DePiano, Jr. received a Bachelor of Science degree from VillanovaUniversity and a Juris Doctor Degree from Widener University School of Law. Hecurrently serves as President and as a member of the Board of Directors of theDelaware Valley Corporate Counsel Association ("DELVACCA"). He also serves asVice Chairman of the Board of Directors of the Montgomery County IndustrialDevelopment Authority.
Mark Wallace's career spans over 18 years in the medical device industry.He joined Escalon in 1997, serving most recently as Escalon's Executive VicePresident with operational responsibilities for its Escalon Digital Solutionsand Trek Medical subsidiaries. He also has held the position of VicePresident-Quality, with quality and regulatory responsibilities for all of theEscalon companies, and has also previously served as Operations Manager atSonomed, Inc. and Quality Manager of Escalon Medical. Mr. Wallace hadpreviously worked with Lunar Corp. (now GE Healthcare) and Trek Medical. Mr.Wallace holds a Bachelor of Science in Industrial Engineering and a Masters ofScience in Manufacturing Systems Engineering, both from the University ofWisconsin-Madison. He is also a senior member of the American Society ofQuality.
Richard J. DePiano, Chairman and Chief Executive Officer, commented, "I ampleased to announce these promotions as Richard and Mark have bothdemonstrated their leadership capabilities and contributed greatly to ourtargeted growth strategies. I'm sure they will both continue to deliver strongleadership for our customers, employees and shareholders."
Founded in 1987, Escalon develops markets and distributes ophthalmicdiagnostic and surgical products as well as vascular access devices. DrewScientific, which operates as a separate business unit, providesinstrumentation and consumables for the diagnosis and monitoring of medicaldisorders in the areas of diabetes, cardiovascular diseases and hematology, aswell as veterinary hematology and blood chemistry. Escalon seeks to utilizestrategic partnerships to help finance its development programs and is alsoseeking acquisitions to further diversify its product line to achieve criticalmass in sales and take better advantage of Escalon's distributioncapabilities. Escalon has headquarters in Wayne, Pennsylvania andmanufacturing operations in Long Island, New York, New Berlin, Wisconsin,Dallas, Texas, Waterbury, Connecticut and Barrow-in-Furness, U.K.
Note: This press release contains statements that are considered forward-looking under the Private Securities Litigation Reform Act of 1995, includingstatements about Escalon's future prospects. They are based on Escalon'scurrent expectations and are subject to a number of uncertainties and risks,and actual results may differ materially. The uncertainties and risks includewhether Escalon is able to:
Further information about these and other relevant risks and uncertaintiesmay be found in Escalon's report on Form 10-K, and its other filings