Healthcare Industry News: hyperbaric oxygen
News Release - February 13, 2007
The Center for Wound Healing, Inc. Announces New Chief Executive Officer
EDISON, N.J., Feb 13--(HSMN NewsFeed)--The Center for Wound Healing, Inc. (CFWH-PK), a company that engages in the development and management of hospital-based wound care centers with hyperbaric oxygen therapy in the United States has announced the hiring of Andrew G. Barnett as Chief Executive Officer. Dr. Phillip Forman will remain as a member of the Board of Directors of The Center for Wound Healing, Inc.From January 1, 2001 through January, 2007, Andrew G. Barnett was a principal of Morris Anderson & Associates, Ltd., a financial and management consulting firm. Mr. Barnett brings extensive expertise in the development and implementation of strategic plans, operational and financial strategies. Mr. Barnett has served in advisory and senior management capacities as CEO, COO, and CFO to both publicly and privately held companies. Mr. Barnett has served a broad range of clients with operations throughout the United States as well as in Europe, the Middle East and Asia. Industry experience includes retail, manufacturing, consumer products, publishing, financial services, wholesale distribution and professional services.
Previously, Mr. Barnett had been a partner with Eisner, LLP; the partner-in-charge of the New York office of a boutique management consulting firm, and a senior manager at Arthur Anderson, initially beginning his career at Citibank. Mr. Barnett received a BBA degree in Finance from Emory University and did graduate work at the Stern School of Business at New York University.
In addition The Center for Wound Healing, Inc. announced that Donald T. Kelly, the Company’s chief financial officer, has tendered his resignation. Mr. Kelly will be leaving for a position to pursue other opportunities.
Dave Walz, the Company’s president, stated, “We would like to thank Don for his hard work and dedication over the last many months and wish him well in his new opportunity.”
Andrew Barnett, will also assume the duties of chief financial officer after Mr. Kelly’s departure. Mr. Kelly’s departure date is still to be determined as he continues to assist the Company in filing its June 30, 2006 10KSB as its chief financial officer. The Company will file a Form 8-K with the Securities and Exchange Commission at such time as Mr. Kelly no longer holds the position of chief financial officer and Mr. Barnett assumes this position.
About The Center for Wound Healing, Inc.
The Center For Wound Healing, Inc. engages in the development and management of hospital-based wound care centers with hyperbaric oxygen therapy in the United States. The Center for Wound Healing, Inc. was organized in 2005 and is based in Edison, New Jersey.
This press release may contain forward-looking statements. Such forward-looking statements are subject to a number of material risks, uncertainties and contingencies that could cause actual results to differ materially from those set forth in the forward-looking statements. Those risks and uncertainties include but are not limited allowance for doubtful accounts, the anticipated life of Company's long-term assets, including its medical equipment and leasehold improvements. Under current accounting principles the Company is required to periodically evaluate the recoverability of these and other long-lived assets. If projected discounted cash flows are not adequate, the Company may be required to expense some or all of these costs in the period in which such a determination is made or reduce the remaining useful life. The adequacy of the Company's allowance for doubtful accounts is dependent upon continued financial success of the hospitals in which the Company operates its centers and upon the continued reimbursement by health providers and government agencies for treatments. The occurrence of any of these events could materially reduce the Company's financial results, net assets and cash flows in the period in which the event or events occur. Other risks include uncertainties set forth in the Company's 10-K for the year and other filings with the Securities and Exchange Commission.
Source: The Center for Wound Healing
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