12.06.13
Raymond Spagnoli has resigned from Repro-Med Inc.’s (RMS) board of directors. Spagnoli has served on the board since 1993.
“I have been a supporter of RMS for many years and have really enjoyed participating in the company’s growth. The time has come, however, for me to pass the baton to the next generation,” Spagnoli stated in his letter of resignation.
Taking Spagnoli’s place on the board is Brad A. Sealfon, full-time employee of the company since 2011. Sealfon is also the son of Andrew Sealfon, president and CEO of RMS. Andrew Sealfon praised contribution to the company and said that his participation will be missed.
RMS concurrently announced that the board of directors has approved a stock buy-back program. The company’s stock trades over-the-counter under the symbol REPR. Following the procedure set forth under SEC Rule 10b-18, the company intends to purchase up to 1 million shares of its stock on the open market when conditions permit.
Andrew Sealfon also reported that the company is putting renewed focus and resources into an unprecedented generation of product offerings.
“Volatility and restrictions on costs in the healthcare market mean RMS must be the highest-value producer in our field, if we are to thrive,” he said. “We achieve this through a long-held belief, that a well-considered product is one that solves a customer’s most pressing problem, with a superior result and at a lower cost. The best way to provide true company growth and stockholder value is to develop such products with the best interests of our patients foremost on our minds, followed closely by the best interests of our customers, employees and shareholders.”
RMS is based in Chester, N.Y., and provides medical products and supplies such as tubing, pumps and suction devices.
“I have been a supporter of RMS for many years and have really enjoyed participating in the company’s growth. The time has come, however, for me to pass the baton to the next generation,” Spagnoli stated in his letter of resignation.
Taking Spagnoli’s place on the board is Brad A. Sealfon, full-time employee of the company since 2011. Sealfon is also the son of Andrew Sealfon, president and CEO of RMS. Andrew Sealfon praised contribution to the company and said that his participation will be missed.
RMS concurrently announced that the board of directors has approved a stock buy-back program. The company’s stock trades over-the-counter under the symbol REPR. Following the procedure set forth under SEC Rule 10b-18, the company intends to purchase up to 1 million shares of its stock on the open market when conditions permit.
Andrew Sealfon also reported that the company is putting renewed focus and resources into an unprecedented generation of product offerings.
“Volatility and restrictions on costs in the healthcare market mean RMS must be the highest-value producer in our field, if we are to thrive,” he said. “We achieve this through a long-held belief, that a well-considered product is one that solves a customer’s most pressing problem, with a superior result and at a lower cost. The best way to provide true company growth and stockholder value is to develop such products with the best interests of our patients foremost on our minds, followed closely by the best interests of our customers, employees and shareholders.”
RMS is based in Chester, N.Y., and provides medical products and supplies such as tubing, pumps and suction devices.