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Paradigm Names Former Marketing VP for New President

Posted on: Tuesday, 10 January 2006, 12:00 CST

By Bob Mims, The Salt Lake Tribune

Jan. 10--To guide its fate in a new year, Paradigm Medical Products Inc. on Monday reached into its corporate past to appoint Raymond Cannefax as president and CEO.

Cannefax, 57, replaces John Y. Yoon, who had steered the company since April 2003. Yoon, who could not be reached for comment, had stepped down in late December to pursue unspecified "other opportunities," Paradigm stated.

Cannefax was Paradigm's vice president for sales and marketing when he took a job with Escalon Medical in April 2005, overseeing that company's Asian and Pacific Rim business. The chance to return to Paradigm, though, was too good to pass up, Cannefax said Monday.

"I seem some real opportunity to do some great things here," he said. "John [Yoon] did some significant product development, particularly with our new ultrasound biomicroscope product. I'm taking over where he left off."

The change in leadership comes three months after Paradigm negotiated an end to a long-running class-action lawsuit. The West Valley City medical device maker shelled out more than $2.2 million to end shareholder litigation originally filed almost three years ago.

The suits alleged that from April 2001 to June 2003, Paradigm knowingly violated federal securities laws to artificially boost investors' confidence and share prices.

Now trading on the Over the Counter Bulletin Board system, Paradigm stock closed Monday at well under a penny per share.

However, the company's immediate future was assured last May when it got a $2.5 million infusion via sale of secured convertible notes. The bulk of the money is earmarked for marketing the P60 ultrasound opthalmological biomicroscope.

The P60 is seen as a potential money-maker for Paradigm, offering vision specialists the most detailed images yet to detect glaucoma, eye tumors and corneal disorders earlier.

"We are pleased that Ray Cannefax has rejoined the Company," said Paradigm Chairman Randall A. Mackey. "His experience in sales and marketing should be pivotal in moving the company's proprietary products and technology for the medical industry into the global arena."

Cannefax's duties with Escalon also involved ophthalmic ultrasound products. He said his experience should prove instrumental in "taking [Paradigm] forward via capitalizing on its strengths and with a more aggressive emphasis" in sales and marketing.

Paradigm, after recording $64,000 net income on $3 million in revenues for fiscal 2004, dropped back into the red during its most recent quarter. For the period ending Sept. 30, it reported losses of $365,000 on $550,000 in revenue.

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Source: The Salt Lake Tribune

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