Thursday, 18 December 2008

LMS Names Interim CEO & COO

LMS Medical Systems (LMZ - TSX)
Shares outstanding: 25.8m
Fully Diluted: 30.7 million

On December 18, 2008, LMS announced the appointments of Yves Grou to the position of interim CEO. He will also continue his CFO duties until a replacement is found. Also Bruno Bendavid was appointed interim COO & CTO, and he will remain as VP of Product Development. In the release, LMS also declares that the two will lead the company’s commercialization efforts.

This latest news is in keeping with a series of recent announcements that has seen the CEO resign as well as five board members, but the former CEO will be staying on as a director. While LMS’ situation likely looks grim to anyone following these announcements, we suggest that perhaps there may be some light at the end of the tunnel. While survival is the first and foremost goal, those in charge haven’t lost sight of the fact that LMS was on the verge of breaking out until the last six months set it back on its heels.

As we approach the New Year, the market is patiently waiting for news of a financing. Management has expressed that LMS is working hard to resolve its capital issues as soon as possible.

To view the full release, click here.