Cogentix Medical Announces Settlement Agreement in Connection with Proxy Contest and Related Litigation and Leadership Changes; Annual Meeting To Be Held May 24, 2016 at 12:00 P.M. Central Daylight Time
MINNEAPOLIS, May 24, 2016 /PRNewswire/ -- Cogentix Medical, Inc. (NASDAQ:CGNT), a global medical device company with innovative and proprietary products serving urology and airway management markets, has entered into a settlement agreement which will be attached to a Form 8-K to be filed by Cogentix.
Pursuant to the settlement agreement, Cogentix and its Board of Directors have agreed to support the proposals set forth in the definitive proxy statement filed by Lewis C. Pell in connection with the Annual Meeting, including the nomination for election at the Annual Meeting of Mr. Pell, Howard I. Zauberman and James D'Orta. Also pursuant to the settlement agreement, Robert C. Kill, Chairman of the Board and CEO, will resign as a director and officer of Cogentix and Darin Hammers, the current Chief Operating Officer, will be named as the interim CEO. Directors Kevin Roche and Ken Paulus will also depart Cogentix pursuant to the settlement agreement.
The Company's Annual Meeting of stockholders will be held Tuesday, May 24, 2016 at 12:00 P.M. Central Daylight Time at the Minneapolis Marriott Southwest.
"The Company is grateful for the service and efforts of Mr. Kill, Mr. Roche and Mr. Paulus," commented Dr. Cheryl Pegus. As part of the settlement agreement, it is intended that the Board will use best efforts to nominate and elect two new outside, independent directors who meet the qualifications of the Company's certificate of incorporation, bylaws, Governance and Nominating Committee Charter and Nominating Policy. The settlement agreement will be attached to a Form 8-K to be filed by Cogentix.
About Cogentix Medical Cogentix Medical, Inc., headquartered in Minnetonka, Minnesota, with additional operations in New York, Massachusetts, The Netherlands and the United Kingdom, is a global medical device company. We design, develop, manufacture and market products for flexible endoscopy with our unique product lines featuring a streamlined visualization system and proprietary sterile disposable microbial barrier, known as EndoSheath technology, providing users with efficient and cost effective endoscope turnover while enhancing patient safety. We also commercialize the Urgent® PC Neuromodulation System, an FDA-cleared device that delivers percutaneous tibial nerve stimulation (PTNS) for the office-based treatment of overactive bladder (OAB). OAB is a chronic condition that affects approximately 42 million U.S. adults. The symptoms include urinary urgency, frequency and urge incontinence. We also offer Macroplastique®, an injectable urethral bulking agent for the treatment of adult female stress urinary incontinence primarily due to intrinsic sphincter deficiency. For more information on Cogentix Medical and our products, please visit us at www.cogentixmedical.com.
For Further Information: EVC Group Doug Sherk/Brian Moore (Investors) 415-652-9100/310-579-6199
SOURCE Cogentix Medical, Inc.