CLX Medical Announces Appointment of CEO Vera Leonard to Board of Directors
MURRIETA, CA — (Marketwire) — 10/02/08 — CLX Medical, Inc. (OTCBB: CLXN), which is focused on the marketing and distribution of unique medical diagnostic testing products, today announced that in concert with the terms of her three year employment agreement with the company, Chief Executive Officer Vera Leonard has been appointed to the CLX Medical Board of Directors.
The appointment will be reported in a Current Report on Form 8-K expected to be filed with the Securities and Exchange Commission later today.
Ms. Leonard is also expected to file a Form 4 Statement of Change in Beneficial Ownership of Securities with the Securities and Exchange Commission reflecting the acquisition of restricted common stock granted as part of her compensation package
Ms. Leonard’s compensation package includes a combination of a base salary, a schedule of salary increases based on a variety of factors including the company’s revenue and profit performance, the granting of restricted common stock, medical coverage, and expense reimbursements. Ms. Leonard’s full employment agreement, which includes the condition that she will serve on the Board of Directors through the term of the agreement, will be filed as an exhibit to the company’s annual report for the fiscal year ending September 30, 2008.
The employment contract was executed as CLX prepares to close the acquisition of ThyroTest®, a rapid thyroid stimulating hormone (TSH) screening device used for the detection of hypothyroidism in adults, a common thyroid disease.
On September 9, 2008, CLX Medical entered into a product purchase agreement with ThyroTec, LLC, the developer of the ThyroTest® device, pursuant to which CLX Medical will acquire from ThyroTec the exclusive, worldwide rights to ThyroTest®. In addition to working to close the transaction, Ms. Leonard and CLX Medical management is focused on the execution of a post-acquisition marketing and distribution plan for ThyroTest®.
“I am pleased to join the Board of Directors as we chart the future of CLX Medical and implement our strategy for the successful marketing and distribution of the ThyroTest® product,” stated Ms. Leonard. “There is much to be accomplished, but we are confident that the development of revenues from worldwide sales of ThyroTest® and additional products that may be distributed in the future will ultimately be reflected in the value of the company’s stock. For this reason, I am also pleased to report acquisition of restricted common stock as part of my compensation package.”
ThyroTest® is FDA cleared and has also achieved CLIA waived status, so the test can be administered in the more than 100,000 CLIA waived doctor’s offices in the U.S., as well as in any non-waived laboratory. The simple rapid diagnostic test is a qualitative measurement that allows physicians to screen adult patients for hypothyroidism in approximately ten minutes with a whole blood sample.
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