LAS VEGAS, Nov. 6, 2014 /PRNewswire/ -- CardioVascular BioTherapeutics, Inc. ("CVBT" or the "Company") announced that on September 16, 2014, the Delaware Vice Chancellor signed a Final Order upholding the Company's shareholder vote to replace the existing directors of the Company with Calvin A. Wallen III, Jon S. Ross Esq., Mickael A. Flaa, Grant Gordon, Robert (Wayne) Blackburn, James R. Richards, Robert W. Schleizer and Alfred C. Moran.
Upon notification of the Final Order, a meeting of the new CVBT Board of Directors was held, at which Calvin A. Wallen III was appointed Chairman, Mickael A. Flaa was appointed President and CFO, and Jon S. Ross Esq. was appointed Secretary.
Daniel C. Montano, John (Jack) Jacobs, Ernest C. Montano, Viktoriya T. Montano, Ernest Montano III, and Joong Ki Baik were removed from all positions, committees and involvement in CVBT. They no longer have any authority to act on behalf of CVBT or to access Company property or Company confidential information and the Company intends to take all necessary action to enforce such restrictions.
Prior to the entry of the Final Order, the Company was undercapitalized for several years and under a Status Quo Order for approximately 13 months. The Status Quo Order is now lifted and the new Board of Directors and Management are working diligently to put the Company back on track after years of inactivity. This will take time, commitment and sacrifice but the Board of Directors has adopted a plan, which Management is in the process of implementing, to (1) restructure and recapitalize the Company, (2) initiate manufacturing of CVBT's active pharmaceutical ingredient, (3) clarify the regulatory pathway with the FDA for CVBT's Chronic Diabetic Foot Ulcer clinical program and CVBT's Treatment of Severe Coronary Heart Disease clinical program, and (4) take the Company public again.
The new Board of Directors appreciates the support from the shareholders and understands the desire for updates and news. While the new Board of Directors intends to report on "Results That Matter," please understand that it will take time to rebuild CVBT and currently there is much to be done.
About CardioVascular BioTherapeutics
CVBT is a biopharmaceutical company developing drug candidates for diseases characterized by inadequate blood flow to tissue or organs. The Company is the sponsor of a currently paused Phase II trial to treat severe coronary heart disease (CVBT-141H), and has received FDA authorization for a Phase I trial to treat peripheral arterial disease (CVBT-141C). A trial to treat chronic diabetic foot ulcers (CVBT-141B) is planned pending FDA approval.
Forward Looking Statements
This news release contains forward-looking statements that involve risks and uncertainties. Actual results and outcomes may differ materially from those discussed or anticipated. For example, statements regarding expectations for new research, progress with clinical trials or future business initiatives are forward looking statements. Factors that might affect actual outcomes include, but are not limited to, FDA approval of CVBT drug candidates, market acceptance of CVBT products by customers, new developments in the industry, future revenues, future expenses, future margins, access to capital, cash usage and financial performance.
Corey M. Flaa
CardioVascular BioTherapeutics, Inc.
SOURCE CardioVascular BioTherapeutics, Inc.