EXHIBIT 99.1
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MOLECULAR DIAGNOSTICS INC. ADDS TO ITS GROWTH MOMENTUM
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- APPOINTS PRESIDENT AND CHIEF OPERATING OFFICER AND INTERIM CHIEF
FINANCIAL OFFICER -
CHICAGO, JUNE 10, 2002 - MOLECULAR DIAGNOSTICS, INC. (OTCBB: MCDG)
announced today it has expanded its management team by appointing
Stephen G. Wasko to serve as President and Chief Operating Officer and
Michael A. Brodeur to serve as Interim Chief Financial Officer.
Mr. Wasko will be primarily responsible for all operational aspects
and the execution of Molecular Diagnostics' strategic plan for the
InPath[TM] Cervical Cancer Screening System, an innovative cervical
cancer screening system. Mr. Wasko will also support Peter Gombrich,
Chairman and Chief Executive Officer of Molecular Diagnostics, on the
formation and growth of strategic business alliances, and the
direction of future licensing agreements.
Mr. Wasko brings 20 years of experience in successfully managing and
growing high technology businesses. Most recently, Mr. Wasko was
Chief Financial and Business Development Officer at Perceptual
Robotics, an Internet software firm, where he was in charge of
financial management, business development, administration and
strategic management. In that position, he created a premium
valuation for the company, by delivering double-digit annual revenue
growth, improving gross margin profitability and spearheading a
company restructuring that ultimately led to the successful sale of
the company. Mr. Wasko has experience in domestic and international
mergers and acquisitions, creating strategic investments, forming
joint ventures, and raising public and private equity investments,
including leading the successful 1993 IPO of Illinois Superconductor
Corporation. Mr. Wasko holds a Masters of Business Administration
from the Harvard Business School, a Masters of Science from the
University of Southern California and a Bachelor of Science from the
University of Michigan.
Mr. Brodeur will oversee and lead the financial operations for
Molecular Diagnostics, including strategic and financial planning,
financing and investment banking, Securities and Exchange Commission
reporting requirements and controllership functions. Mr. Brodeur is
currently a partner at Tatum CFO Partners LLP, a national partnership
providing proven innovative CFO solutions to companies of all sizes
and industries. He has over 25 years senior financial experience in
highly competitive growth industries such as human capital solutions
services, healthcare, biotechnology, clinical laboratories, and high-
tech manufacturing in both the private and public sectors. Mr.
Brodeur has exceptional capital markets skills as well as successful
business development expertise. Mike is also a "Big-5" Certified
Public Accountant.
Mr. Brodeur commented, "In the last three months, I've had the
opportunity to work closely with the MDI management and become
intimately familiar with the market potential for the InPath
System[TM]. I am excited to take a more active role as the interim
CFO and assist MDI in achieving several key strategic milestones in
the near-term."
"Molecular Diagnostics is in a pivotal phase of its development as we
approach many significant milestones for this year," stated Mr.
Gombrich. "We are pleased that Stephen Wasko and Michael Brodeur have
agreed to provide their expertise to MDI during this pivotal period."
Mr. Gombrich added, "Steve is assuming a key leadership role in MDI as
we transition from a development stage company to a global
organization capable of generating significant product revenues. We
believe that his experience, expertise and business acumen will be
invaluable to the continued success and development of MDI's
business."
Mr. Gombrich concluded, "Mike has been instrumental over the last
several months in assisting us in developing a strong financial
platform while providing significant financial leadership to support
our business objectives. His exceptional financial and capital
markets experience will help our business maintain its momentum during
this important time of growth."
"I believe MDI's technology is positioned to change fundamentally the
way in which cervical and other cancers are currently screened. We
have a tremendous opportunity to create a comprehensive system for
worldwide access to cervical cancer screening." stated Mr. Wasko. "I
am pleased to be able to accept an instrumental role in helping MDI
execute on its strategic plan and achieve success."
ABOUT MOLECULAR DIAGNOSTICS, INC.
Molecular Diagnostics develops cost-effective cancer screening
systems, which can be utilized in a laboratory or at the point-
of-care, to assist in the early detection of cervical,
gastrointestinal, and other cancers. The InPath[TM] System is
being developed to provide medical practitioners with a highly
accurate, low-cost, cervical cancer screening system that can be
integrated into existing medical models or at the point-of-care.
Other products include SAMBA[TM] Telemedicine software used for
medical image processing, database and multimedia case
management, telepathology and teleradiology. Molecular
Diagnostics also makes certain aspects of its technology
available to third parties for development of their own screening
systems.
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Certain statements throughout this release are forward-looking.
These statements are based on Molecular Diagnostics' current
expectations and involve many risks and uncertainties, such as
the possibility that clinical trials will not substantiate the
Molecular Diagnostics' expectations with respect to the
InPath[TM] System, and other factors set forth in reports and
documents filed by Molecular Diagnostics with the Securities and
Exchange Commission. Molecular Diagnostics undertakes no
obligation to publicly update or revise any forward-looking
statements contained herein