FOR IMMEDIATE RELEASE:
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June 26, 2000 NEWS
NASDAQ-CMED
COLORADO MEDTECH, INC. ANNOUNCES RETIREMENT OF
JOHN V. ATANASOFF AND ELECTION OF NEW CHIEF EXECUTIVE OFFICER
BOULDER, Colorado -- Colorado MEDtech, Inc. (NASDAQ -- CMED), a Boulder,
Colorado-based medical products and services company, announced that its
Chairman and Chief Executive Officer, John V. Atanasoff, age 65, has retired as
Chief Executive Officer. The Board of Directors of the company has elected
Stephen K. Onody, age 47, as Chief Executive Officer and President, effective
immediately.
Mr. Atanasoff will remain Chairman of the company until December 31, 2000 to aid
the company in the management transition. Mr. Onody is also elected a director,
and will assume the additional position of Chairman of the Board of Directors
upon Mr. Atanasoff's retirement from such position. Mr. Onody has been serving
as President of the company's RELA division and as corporate Vice President of
Business Development.
"I am enthusiastic about the opportunities that the medical products outsourcing
market provides for Colorado MEDtech," said Mr. Onody. "I believe that with
Colorado MEDtech's talented employees and technical resources, we will become an
even stronger player in this marketplace. The company and I are looking forward
to the challenges ahead."
Said Mr. Atanasoff, "The Board and I have been working together on a transition
plan since I informed them of my desire to retire. I am delighted that a
talented leader such as Steve Onody exists in our company and I'm confident in
his ability to produce great results in the future."
Speaking on behalf of the board about the management change, board member Robert
L. Sullivan said, "Steve Onody is a dynamic leader with a unique ability to
energize the organization to achieve high goals. His experience in the medical
products market prepares him well to lead the company. The Board of Directors
expresses its great thanks to Mr. Atanasoff for his seven years of service as
Chairman and CEO. During that time the company has grown significantly and
become a major leader in the medical outsourcing services business. The Board
also expresses its appreciation to Mr. Atanasoff for his willingness to remain
as Chairman until the end of the year to ensure a smooth transition."
Mr. Onody joined Colorado MEDtech in 1999 as Vice President of Business
Development, and was recently promoted to President of the RELA division. Mr.
Onody has over 20 years of corporate, global and entrepreneurial leadership
positions in the medical technology industry. Prior to joining Colorado
MEDtech, Mr. Onody was Vice President of Business & New Product Development at
Vital Signs, Inc.
Colorado MEDtech, Inc., through its wholly-owned subsidiaries and operating
divisions, is a leading full-service provider of advanced medical products and
comprehensive outsourcing services.
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Statements in this news release which are not historical facts are forward-
looking statements subject to risks and uncertainties which could cause actual
results to differ materially from those set forth in or implied by forward-
looking statements. Those risks include, but are not limited to, the risk that
the Company's existing level of orders may not be indicative of the level or
trend of future orders, the risk that the Company may not successfully complete
the work encompassed by current or future orders, the risk that unforeseen
technical or production difficulties may adversely impact project timing and
financial performance, and the risk that a downturn in general economic
conditions or customer budgets may adversely affect research and development and
capital expenditure budgets of potential customers upon which the Company is
dependent. These factors are more fully described in the Company's documents
filed with the Securities and Exchange Commission, including its Form 10-K for
the year ended June 30, 1999 and its Form S-3 filed February 7, 2000, copies of
which the Company will provide on request.
CONTACTS:
Colorado MEDtech, Inc.
John V. Atanasoff, Chairman Telephone: 303.530.2660
Stephen K. Onody, President and CEO Fax: 303.581.1010
Website: www.cmed.com Email: cmedinfo@cmed.com