Prodescos Board Of Directors Announces Launch Of New Company Secant Medical LLC

Prodesco, Inc., founded in 1942 and a leading supplier of highly engineered fabrics for applications in the medical, aerospace, filtration and automotive markets, today announced the formation of a new company SECANT MEDICAL. As a wholly owned subsidiary of Prodesco, Secant Medical will offer its growing base of customers in the medical device and biotechnology industries dedicated resources for the design, development and manufacture of engineered fabric and composite structures. Prodesco will continue to focus on the needs of industrial markets.”Prodescos Medical Division has enjoyed significant growth over the past few years and now has an excellent worldwide reputation for supplying component structures for medical implant applications. With the launch of Secant Medical, the company will continue to be the premier developer and supplier of engineered components for use in the demanding and expanding field of Class III implants,” stated Steve Chadwick, President and CEO of Secant Medical.The following were appointed as officers of the company:Mr. Robert Sievers has been elected Chairman of the Board of Secant Medical. Mr. Sievers has been in the Prodesco organization since 1988, serving successively as Chief Operating Officer, Chief Executive Officer and Chairman of the Board. His prior experience includes a 33-year career at DuPont, capped by assignment as President, DuPont Japan, Ltd. He is a graduate of the Polytechnic Institute of Brooklyn with a BS in Chemical Engineering.Mr. Stephen K. Chadwick has been appointed President and CEO of Secant Medical. Mr. Chadwick joined Prodesco in 1992 as Chief Operating Officer and was appointed President and Chief Executive Officer in 2001. He graduated from the US Naval Academy in 1962 and served as a Surface Warfare Officer before transferring to the retired list as a Rear Admiral in 1990. Mr. Chadwick is a Director of Hitco Carbon Composites, Incorporated. In the non-profit sector he is a Director of Pearl S. Buck International and Chairman of the Annual Fund for the U. S. Naval Academy Foundation.Mr. Thomas Molz has been appointed Executive Vice President and Chief Operating Officer of Secant Medical. Mr. Molz joined Prodesco in 1995 as Marketing Director and was promoted in 2001 to Executive VP. Prior to working at Prodesco, Tom held key management and sales positions at Magnetec Corp, Mars Electronics and DuPont. He graduated from Virginia Polytechnic Institute with a BS in Mechanical Engineering and West Virginia College with an MBA.Dr. Skott Greenhalgh has been appointed Vice President and Chief Technology Officer of Secant Medical. Dr. Greenhalgh joined Prodesco in 1998 as Director of R and D and Engineering Services and was promoted in 2001 to Vice President, R and D. Prior to Prodesco, Skott was head of the Biomaterials Program at Philadelphia University and worked in R and D for Flexmedics and Pfizer. He graduated from Drexel University with BS in Mechanical Engineering and North Carolina State University with a MS in Textile Engineering and a Ph.D. in Fiber and Polymer Science.Mr. Thomas Dertouzos has been appointed Secretary, Treasurer and Chief Financial Officer of Secant Medical. Mr. Dertouzos joined Prodesco in 1995 as Chief Financial Officer and was promoted to VP of Finance in 2001. His prior experience includes Controllership and Vice President of Finance positions at ThomasandBetts, Contrologic, Inc., and Markel Corp. He is a CPA and holds a BA from Susquehanna University.Wallace M. Starke has been appointed Assistant Secretary and Corporate Counsel of Secant Medical. He is a partner at Troutman Sanders and is Prodescos Corporate Counsel.For over 35 years, Prodescos medical division has been manufacturing OEM class III implants for its customers, concentrating on items such as vascular grafts, implantable meshes, adhesion barriers, heart valve components, scaffold structures and stents. This will form the core of Secant Medicals growing business. The company has worked with leading global health care providers, including CR Bard, Boston Scientific, Edwards LifeSciences, Genzyme, Guidant, JohnsonandJohnson, Medtronic, Tyco and many others. Secant Medical will be ISO 9001 certified and an FDA registered device manufacturer. All products are produced to GMP standards.Tom Molz, COO, commented, “The establishment of Secant Medical will provide our customers dedicated, experienced resources and an even greater focus to solve the clinical needs of the medical community.””The key to our success has been our ability to provide innovative and proprietary solutions for our customers challenging design issues, adding value to the end product. We have extensive experience with numerous biocompatible, bio-absorbable and metallic fibers for many types of medical devices,” added Dr. Skott Greenhalgh, VP and CTO.About Secant Medical:Secant Medical, a privately held company headquartered in Perkasie, Pennsylvania, is an OEM developer and manufacturer of highly engineered fabric and composite structures for cardiovascular, orthopedic, neurologic and other medical applications. For more information, visit their web site at Tom Molz, COO(215) 257-8680, ext. 115(877) 774-2835, ext.