CTMI Cti Molecular Imaging - Common Stock (MM)

CTI Molecular Imaging Announces Three Executive Promotions CTI Expands Senior Executive Team to Better Integrate Business Capabilities and Enhance Management Strengths KNOXVILLE, Tenn., Sept. 14 /PRNewswire-FirstCall/ -- CTI Molecular Imaging, Inc. (NASDAQ:CTMI), a leading provider of positron emission tomography (PET) equipment, molecular biomarkers and services, today announced the promotion of three executive officers, Joseph C. Sardano to Senior Vice President of Sales and Marketing, Mark S. Andreaco to Senior Vice President of PETNET Pharmaceuticals, Inc., and Cliffreda W. Gilreath to Chief Operating Officer. "The elevation of these talented individuals reflects our commitment to maximizing the resources of our team and enhancing the competitive position of our company," said Ronald Nutt, Ph.D., President and Chief Executive Officer of CTI Molecular Imaging. "Our strategy is to capitalize on our leadership in PET tomography equipment in order to take PET and molecular imaging to a new level in the development of new molecular biomarkers and new PET applications." Joe Sardano, in his new responsibilities as Senior Vice President of Sales and Marketing, will lead the sales and marketing activities for all business units of CTI Molecular Imaging, including the sales of scanners under the sales agency agreement with Siemens Medical Solutions USA, Inc. Mr. Sardano has over 30 years experience in sales and marketing of technology systems. Most recently, he focused entirely on the direct sales initiative of CTI- branded PET and PET/CT equipment. Prior to joining CTI, Mr. Sardano managed sales and marketing activities for such companies as Johnson & Johnson (Technicare), Toshiba America Medical Systems, and GE Medical Systems. Mark Andreaco, as Senior Vice President of PETNET Pharmaceuticals, Inc., will oversee all operational activities at PETNET, with particular focus on improving manufacturing efficiencies, increasing operating margins, and evaluating production alternatives for new molecular biomarkers. An accomplished operations management professional, Mr. Andreaco has 18 years of experience with CTI Molecular Imaging, with the majority of the time spent leading the production operations of the Detector Materials business unit. In that capacity, he developed a process to produce large quantities of detector crystals on a commercial scale, led the initiative to transition manufacturing from BGO to higher-performance LSO crystals, and significantly improved the gross margins and reduced the production costs of the Detector Materials business. As Chief Operating Officer, Cliffreda Gilreath will be responsible for overall company-wide operational policies, objectives and initiatives. During her 16-year tenure with CTI Molecular Imaging, Ms. Gilreath has directed all aspects of manufacturing, including cyclotron, scanner and detector production, as well as research and development. Ms. Gilreath was responsible for implementing a major outsourcing program and a lean manufacturing initiative, which led to significantly reduced inventory cost and improvement in the entire business process. In addition, she has been responsible for realigning the calibration sources business and tomograph service business. Ms. Gilreath will continue to have responsibility for Human Resources, Regulatory Management and other service functions. "I want to congratulate these individuals for their new leadership positions within our company. CTI Molecular Imaging is in the midst of an evolutionary process that will ensure its continued leadership of the future of molecular medicine," added Dr. Nutt. "As we move forward, each of these individuals will play a vital role in positioning our organization for the achievement of this objective." About CTI Molecular Imaging: CTI Molecular Imaging, Inc. is a leading supplier of products and services for positron emission tomography (PET), a diagnostic imaging technology used in the detection and treatment of cancer, neurological disorders, and cardiac disease. Additional information is available at: http://www.ctimi.com/ . Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which may be identified by words such as "assume," "expect," "anticipate," "intend," "estimate" or similar expressions, include statements regarding the anticipated financial impact and operational improvements resulting from the new distribution arrangement with Siemens and any other statements that necessarily depend on future events. Forward-looking statements involve a number of risks and uncertainties and there can be no assurance that any forward-looking statements will prove to be accurate. Various factors could cause actual results to differ materially from those anticipated in the forward-looking statements. CTI undertakes no obligation to update or revise any forward-looking statements. Further information regarding risks, uncertainties and other factors that could adversely affect CTI or cause actual results to differ materially from those anticipated in forward-looking statements are included in CTI's Annual Report on Form 10-K for the fiscal year ended September 30, 2003 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2004. DATASOURCE: CTI Molecular Imaging, Inc. CONTACT: Michael A. Lawless of CTI Molecular Imaging, Inc., +1-865-218-2000 Web site: http://www.ctimi.com/

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