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Microfluidics International Corporation (OTCBB: MFIC) today announced that Dr. Thomai "Mimi" Panagiotou has been promoted to the position of Chief Technology Officer. Dr. Panagiotou previously held the position of Vice President of Research and Development.
In this role, Dr. Panagiotou will assume responsibility for the overall direction of the Company's technology and lead Microfluidics' research and development initiatives. Central to these activities will be the ongoing development and expansion of the Company's proprietary Microfluidics Reaction Technology (MRT) which enables the optimal and consistent production of nanomaterials at smaller sizes not achievable using conventional processing methods. Dr. Panagiotou will also be charged with identifying innovative new product and technology opportunities both internally and in collaboration with strategic university and business partners. Dr. Panagiotou will report to Michael C. Ferrara, Chief Executive Officer of Microfluidics International Corporation.
"Since Mimi joined Microfluidics five years ago, she has played a leading role in advancing the Company's technology, including establishing the Microfluidics Technology Center to broaden our application across various industries and the initial development of both MRT and our plug and play machine technology platform," said Michael C. Ferrara. "Mimi's scientific expertise, her depth of industry experience and her extensive understanding of our technology and products will be important to our growth efforts as we focus on building and leveraging a robust, dynamic product portfolio."
Dr. Panagiotou received her PhD in Mechanical Engineering from Northeastern University. She has published and presented extensively in major scientific journals and international conferences in the areas of nanoencapsulation, crystallization, drug delivery, nanomaterial processing and Process Intensification. Dr. Panagiotou joined Microfluidics in 2003 as Director of Research and Development and was promoted to Vice President of Research and Development in 2005. Prior to joining Microfluidics, Dr. Panagiotou was a Manager at Arthur D. Little and TIAX LLC, and a Principal Engineer at Physical Sciences, Inc. In her previous work experience, she has provided technical leadership across a variety of projects including a multi-million dollar pulmonary insulin delivery project, the development of drug eluting coatings for stents and self healing coatings for vascular grafts. Dr. Panagiotou is also the inventor of methods and hardware to produce polymer microspheres and coatings for stents that led to the award of two patents.
About Microfluidics International Corporation
Microfluidics International Corporation designs, manufactures and distributes proprietary high performance Microfluidizer® materials processing and formulation equipment to the biotechnology, pharmaceutical, chemical, cosmetics/personal care and food industries. Microfluidics applies its more than 20 years of high pressure processing experience to produce the most uniform and smallest liquid and suspended solid particles available, and has provided manufacturing systems for nanoparticle products for more than 15 years.
The Company is a leader in advanced materials processing equipment for laboratory, pilot scale and manufacturing applications, offering innovative technology and comprehensive solutions for nanoparticles and other materials processing and production. More than 3,000 systems are in use and afford significant competitive and economic advantages to Microfluidics’ equipment customers.
Management believes that this release contains forward-looking statements that are subject to certain risks and uncertainties including statements relating to our plan to achieve, maintain and/or increase growth in revenue and/or market share, to achieve, maintain, and/or increase operating profitability, and/or to achieve, maintain, and/or increase net operating profitability. Such statements are based on our current expectations and are subject to a number of factors and uncertainties that could cause actual results achieved by us to differ materially from those described in the forward-looking statements. We caution investors that there can be no assurance that the actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors, including but not limited to, the following risks and uncertainties: (i) whether the performance advantages of our Microfluidizer materials processing equipment will be realized commercially or that a commercial market for the equipment will continue to develop, (ii) whether the timing of orders will significantly affect quarter to quarter revenues and resulting net income results for a particular quarter, which may cause increased volatility in our stock price, (iii) whether we will have access to sufficient working capital through continued and improving cash flow from sales and ongoing borrowing availability, the latter being subject to our ability to maintain compliance with the covenants and terms of our loan agreement with our senior lender, (iv) whether our Microfluidics Reaction Technology will be adopted by customers as a means of producing innovative materials in large quantities, (v) whether we are able to deploy prototype Microfluidics Reaction Technology systems for nanoparticle production and then manufacture and introduce commercial production Microfluidics Reaction Technology equipment, and (vi) whether we will achieve a greater proportion of our sales in the future through the sale of advanced processor production systems.
Microfluidics International Corporation
Brian E. LeClair
FD Ashton Partners
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