Latest News

Management restructure and operations update

December 7th, 2011

Uscom today announced the appointment of Mr Tom Rowe as the new Company Secretary of Uscom Ltd. This appointment completes the restructure of the Company triggered by the failed reelection of two Board members at the AGM on November 22nd.

Tom is a practicing lawyer with qualifications in both applied finance and corporate governance and over 10yrs experience as in house counsel and consultant to both ASX 100 and small cap companies. He specialises in corporate transactions, capital raising, listed company secretarial practice and corporate governance.

Mr Carl Swindle, based in California, has also been appointed as the consultant in charge of development of Uscom Strategic Partnerships. Carl has over 20yrs in the medical device business having been previously employed by Edwards Life Sciences and Research Medical as Director of Business Development. More recently Carl has been active in the bio-device sector specialising in capital raising and strategic partnerships.

As part of the global restructuring Mr Joe Trygar, Senior VP Global Sales and more recently CEO, has left Uscom Ltd. Mr Rob Phillips will assume the vacant CEO role.

As part of the restructuring a review of operations was conducted by the incoming Board to allow development of a new budget in response to the circumstances left by the departing Board. From June 30th revenue from sales until Nov 22 was $0.29m, the capitalised value of the Company was $6.25m and cash on hand was approximately $1m.

Executive Director of Uscom, Rob Phillips said, “The current financial situation reflects the prior management strategy, and we are hopeful that the re-motivation of our global distribution partners, particularly in the USA, will result in a boost to revenue, while a renewed focus on cost will further consolidate the Company’s finances. Carl Swindle has been briefed to re-initiate conversations with potential international business partners and investigate opportunities to generate incremental growth. The appointment of Tom Rowe completes the new Board and management appointments and will provide a fresh and objective approach to optimizing the opportunities that are the future of Uscom.”

New board appointments

November 25th, 2011

Uscom today announced the appointment of Ms Sheena Jack and Mr Christian Bernecker to the Board of Directors of Uscom Ltd. The appointment of the new Board will bring to an end the voluntary ASX trading halt. This trading halt was necessary after two Board vacancies were announced to the market as a result of the failed re-election of two Board members at the AGM on November 22nd.

Both new Board appointees bring substantial skills in health management and corporate financial administration to Uscom and have been appointed to oversee the consolidation of Uscom, the management of costs in the short term, and the drive new incremental growth opportunities including business partnerships and technology licensing.

Ms Sheena Jack is currently the Chief Financial Officer of HCF and has 26 years experience as a finance professional and corporate executive. Sheena has had experience across a range of corporate organisations including ASX listed, Government and not for profit and in both mature and start up businesses. Sheena has significant experience in mergers and acquisitions, business integration, strategy development and implementation, capital markets and organisational transformation. Sheena is a Chartered Accountant and a graduate member of the Australian Institute of Company Directors.

Mr Christian Bernecker has experience as a Corporate Executive and Non executive Director with a background of capital management and investment across a range of companies including life sciences in listed and unlisted entities. Christian is a member of the Institute of Chartered Accountants and holds a Bachelor of Commerce degree.

Executive Director of Uscom, Rob Phillips said, “Sheena and Christian bring the right skill sets to Uscom to consolidate the Company as it moves to re-establish sound operations overseen by a transparent and stable Board. I welcome Sheena and Christian to Uscom and look forward to the contribution they will both make in growing the Company.”

In coming Board member, Sheena Jack said, “Uscom is a great emerging Australian Company with established technology and global product recognition. While Uscom technology is saving the lives of children and adults worldwide, our immediate task is to convert this to return on investments for shareholders. While the task is complex, I look forward to working with the Board and management to develop strategies to grow the Company.”

Ms Sheena Jack and Mr Christian Bernecker have been appointed to the Uscom Board to replace Mr Phil Kiely and Mr Jochen Bonitz. Mr Rob Phillips was re-elected at the AGM and continues on the Board.

Appointment of new CEO

September 16th, 2011

Uscom announces today that Mr. Joe Trygar has been appointed Chief Executive Officer of the company.

Mr. Trygar is based in North America and has been with the company since July 2011 when he joined as SVP of Sales. His promotion to CEO comes at a time when the company needs to start improving the support to its new distributors and develop partnerships that will enhance the effectiveness of our global channels strategy in generating sales.

Mr. Trygar joins Uscom with more than 30 years experience in the medical instrumentation and automation markets including research, engineering, strategic development, & global distribution. He has effectively turned around several small to mid sized companies, launched innovative products into new markets, and has combined a successful entrepreneurial career with equal success with Fortune 500 companies.

Executive Chairman of Uscom, Phil Kiely said, “We have put much effort into building a global distribution network and now need to develop sound strategies to capitalize on these relationships. We also need to develop a coordinated approach across our entire channel initiatives and production capabilities and Joe is the right person to achieve this. Joe is recognized for his ability to distill complex issues to fundamentals, create blueprints for growth, & implement systems & initiatives to grow sales revenues, profitability, sustainability, competitive advantage, & high close ratios.”

Mr. Kiely said, “We have barely scratched the surface of the US$2.8b revenues generated in the cardiac patient monitor market and Mr. Trygar’s pivotal appointment at this time will help Uscom secure its fair share of this rapidly expanding marketplace”.

Mr Trygar said, “I fully believe in Uscom’s unique technology and with the right execution plan we can become a market leader in this space. I bring a wealth of knowledge and contacts in the medical device industry to Uscom and am already in the process of implementing a comprehensive plan to achieve sales growth with sustainability.”

Mr Rob Phillips, the company founder, will continue in the role of Chief Science Officer.