Tuesday, 16 December 2008

LMS President & CEO Tenders Resignation

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

On the same day LMS was offered a 60 day deferral on the TSX’s review of its listing, LMS also announced its president and CEO resigned. The news release also noted Diane Cote is threatening legal action for constructive dismissal.

Whoever is selected to be the next president and CEO of LMS Medical, will inherit a company with:
· Proven technology - $60 million invested to date
· FDA and Health Canada approvals
· Over 30 patents
· Over 100 clients, representing $2 million in recurring revenue
· Insurance supporters, distribution partners and a direct sales force
· Sales totaling $5 million last year

Of course the future hinges on whether or not LMS can close a financing in the near future.
Stay tuned…