



|
|
| Torrance,
CA June 27, 2005 |
News Release Index
|
|
EYE DYNAMICS' DUE DILIGENCE OF ORTHONETX IS PROCEEDING AS ORTHONETX EXPANDS ITS BOARD OF DIRECTORS.
|
|
Eye Dynamics, Inc.
(
EYDY,
Trade),
continues its due diligence of OrthoNetx, Inc., a privately-held, Colorado-based leading provider of medical devices for osteoplastic surgery. Today OrthoNetx announced that Stephen D. Moses, Vice Chairman of MP Biomedicals, Inc. and a finance and business development veteran has joined OrthoNetx's Board of Directors as a member.
"Stephen has a brilliant stature in the investment community and a depth of business, finance and industry expertise, combined with experience serving on public company boards, that will be instrumental in positioning OrthoNetx for growth," said Terry R. Knapp, MD, President and Chief Executive Officer of OrthoNetx. "His addition to the board makes it evident that the company is strengthening its governance in all aspects as we prepare for expansion."
In March of this year, Eye Dynamics, Inc. announced it had signed a letter of intent to acquire OrthoNetx, with Dr. Knapp to lead the merged companies as CEO. It is the intention of both companies that Mr. Moses will serve as Chairman of the Board of the merged entity after the acquisition is completed.
Mr. Moses is Vice Chairman of MP Biomedicals, Inc., a company dedicated to promoting research in the life science and biotech industries, and has been Chairman of the Board of Stephen Moses Interests since 1981. He was founder and chairman of National Investment Development Corp. and of Brentwood Bank.
"For much of my career I have had a keen interest in helping companies in this industry sector bring innovative solutions to market," said Mr. Moses. "OrthoNetx and the anticipated combined product offerings with Eye Dynamics present significant opportunities for the companies and I look forward to working closely with these companies to bring exciting developments to market."
Mr. Moses has been involved in the privatization and capitalization of businesses in the emerging economics of the former Soviet Bloc, as a member of the Board of ICN Pharmaceuticals (NYSE) and Chairman of its Audit Committee. He is a member of the Board of The Central Asian-American Enterprise Fund, appointed by the President of the United States, and was Chair of its Investment Committee. Mr. Moses has been active in the field of government housing programs and real estate syndication and development for nearly 20 years. He has held senior level positions at Boise Cascade Corporation, City Construction Corporation (an amalgamation of the resources of Kidder, Peabody & Co., Inc. and Prudential Insurance Company of America) and Transcontinental Realty Corporation.
Mr. Moses is a senior advisor with Galen Capital Group, a merchant banking firm currently working with OrthoNetx. He also serves on various boards of not-for profit and for-profit organizations, has been active on several Presidential Commissions and served on a range of national political campaigns. He received a BS in Economics from Franklin & Marshall College and is a Cum Laude graduate of Harvard Law School.
About OrthoNetx, Inc.
OrthoNetx, Inc. designs, develops, manufactures and markets patented, FDA-approved medical devices and systems for oseteoplastic surgery and distraction osteogenesis-the practice of generating, forming and molding bone. Physician customers include plastic surgeons, oral and maxillofacial surgeons, otolaryngologists, and orthopedic surgeons who correct deformities and deficiencies of the skeleton caused by errors of birth, trauma, infections and tumors. OrthoNetx, Inc. is also developing a "smart device" process management system to support a broad range of medical devices that leverage the body's physiological and biological attributes to create medical benefits. The privately-held company is headquartered in Superior, CO.
For more information visit: www.orthonetx.com.
About Eye Dynamics, Inc.
Eye Dynamics is in the business of developing and manufacturing proprietary products and services to the institutional, medical and government markets. The company is a leader in the Video ENG medical product market, having invented the Video ENG system and brought it to market in 1994. SafetyScope™, the company's latest product, is designed for the 'fitness-for-duty' screening of workers. SafetyScope™ is simple to use, takes only 90 seconds and does not require any bodily fluids like urine-based drug testing. It is based on the manual methods of evaluating eye responses of an individual to detect driving under impairment (DUI) used by law enforcement throughout the United States. Law enforcement as well as Department of Defense applications are active research & development programs for the company.
As previously announced, Eye Dynamics signed a Letter of Intent to acquire OrthoNetx (Superior, CO www.orthonetx.com), a leading provider of medical devices for osteoplastic surgery and 'human data consent' technology for medical device and clinical applications. The acquisition will be completed as a stock transaction. Due diligence has begun. The acquisition is subject to certain customary conditions including certain regulatory approvals.
To find out more about Eye Dynamics, Inc.
(OTC:EYDY), visit our web site
WWW.EYEDYNAMICS.COM
Safe Harbor for Forward Looking Statements
This news release includes forward-looking statements that are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey to the public the company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the company at this time, actual results may differ materially from those described. The company's operations and business prospects are always subject to risk and uncertainties. Important factors that may cause actual results to differ are set forth in the company's periodic filings with the U.S. Securities and Exchange Commission.
|
|