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BARRY McDONALD APPOINTED INTERIM CHIEF EXECUTIVE OFFICER OF TSO3May 1, 2008Jocelyn Vézina announces his departure as the Company’s CEOTSO3 creates a strategic committee and calls on the services of The Sage Group to review its commercial development strategy Québec City, May 1, 2008 – Germain Carrière, the Chairman of the Board of TSO3 Inc. (“TSO3”) (TSX: TOS), announces the appointment of W. Barry McDonald to the position of interim Chief Executive Officer for the Company. This appointment follows Jocelyn Vézina’s decision to leave his position as the Company’s CEO, a departure announced at the Company’s Annuel Shareholders Meeting held today in Québec City. “TSO3 is at a turning point in its history, where the Company is called upon to truly take flight commercially. After sincere reflection, it seemed clear to me that someone else, with a different profile and qualities, could better meet the current and future needs of TSO3. With no regrets, I am leaving the management of the business, more confident than ever in its future. Although the Company, inevitably, must meet new challenges, it can rely on solid assets, including an excellent team, quality patented technology and sufficient financial resources, to dynamically pursue its development activities, both in commercial and technological terms,” said Mr. Vézina. “I want to express our gratitude and appreciation for the outstanding work Jocelyn accomplished building TSO3. As he will remain active on the Company’s Board of Directors, it is not a separation, but rather a new form of collaboration. We are pleased to know that Jocelyn, through his passion, savoir-faire and expertise, can continue to contribute to the Company’s success,” said Mr. Carrière. Appointment of W. Barry McDonald To succeed Mr. Vézina, the Board of TSO3 has hired W. Barry McDonald, who is assuming the position of Chief Executive Officer for the Company on an interim basis. Mr. McDonald will temporarily leave his position as an Executive Director at The Sage Group, an American consulting firm. “Mr. McDonald, who was already acting as a consultant to TSO3, has over 35 years of experience in the healthcare industry. During his career, he has acted both as an executive and as a consultant. This appointment brings two significant advantages to TSO3: Mr. McDonald has deep knowledge of our markets and our sector of activity, plus he thoroughly understands the realities of our Company, which means he will be immediately operational in his new position. He is the man for the times, to ensure a smooth and productive transition at TSO3, from now until we proceed with recruiting a permanent CEO,” continued Mr. Carrière. Before joining The Sage Group, Mr. McDonald was, notably, chief executive officer at Mast/Hitachi, in addition to heading Hitachi Chemical, which oversaw business development and acquisitions at Hitachi Chemical’s life sciences business. Prior to that, Mr. McDonald was senior vice president, sales, marketing and business development at Hycor Biomedical, as well as president and CEO of Photest Diagnostics. Mr. McDonald also serves on the boards of directors for Healthcare Providers Direct, a publicly traded company, and Immunomic Therapeutics, a vaccine biotechnology company. Review of the commercial strategy In order to support the Company in its commercial development projects, the Board of Directors of TSO3 has formed a strategic committee composed of board directors and consultants at The Sage Group. The Board has mandated this committee to re-evaluate the Company’s commercial strategy to ensure that TSO3 can reach both its short- and long-term growth objectives. The Sage Group is a firm recognized for the quality of its international expertise in the healthcare industry, notably regarding marketing and business development. TSO3 has already used the services of this consulting firm several times in the past. “The Board was advised a few days ago of the strategic committee’s first recommendations. It is clear that TSO3 must focus on a better-targeted commercial strategy. We must better define market segments in order to target the niches where our business can offer an advantageous solution and respond to the needs of the targeted clienteles. In geographic terms, our priority market will be North America, particularly the United States,” Mr. Carrière pointed out. The strategic committee at TSO3 will also be looking at the Company’s research and development program to ensure that it is well adapted to the expectations and needs of the market segments targeted by the Company, or markets TSO3 would like to develop. “For TSO3, our technology development activities of the future will continue to play a crucial role in the Company’s growth. Consequently, we intend to increase our investments in this area in the short and medium terms,” concluded Mr. Carrière. About TSO3 TSO3, founded in Québec City in 1998, specializes in the research and development of innovative, high-performance medical instrument sterilization technology with high commercial potential. The Company’s first product, the 125L Ozone Sterilizer, is designed for sterile processing centres in the hospital environment. In contrast to other methods used, the ozone sterilization process developed and patented by TSO3 meets all standards required by the evolution in sterilization needs, which are: significant costs savings, increased safety for patients and hospital staff, and a “green,” environmentally safe process. The Company believes that its technology represents an advantageous replacement solution to other low-temperature sterilization processes currently used in hospitals. The 125L Ozone Sterilizer is cleared for commercialization by the U.S. Food and Drug Administration and by Health Canada. TSO3 is in commercialization phase for this first product since 2006. TSO3 currently has more than 72 employees, about half of whom work in the sales and marketing team. The statements in this release and oral statements made by representatives of TSO3 relating to matters that are not historical facts (including, without limitation, those regarding the timing or outcome of any financing undertaken by TSO3) are forward-looking statements that involve certain risks, uncertainties and hypotheses, including, but not limited to, general business and economic conditions, the condition of the financial markets, the ability of TSO3 to obtain financing on favourable terms and other risks and uncertainties. The TSX has neither approved nor disapproved the information contained herein and accepts no responsibility for it. - 30 - Source: TSO3 Inc. Information: Caroline Côté Director, Corporate Communications & IR (418) 651-0003, Ext. 237 Email: ccote@tso3.com |
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