Intermagnetics Names Michael Mainelli to Head Medical Device Businesses

Intermagnetics Names Michael Mainelli to Head Medical Device Businesses LATHAM, N.Y., Jan. 24 /PRNewswire-FirstCall/ -- Intermagnetics General Corporation (NASDAQ:IMGC) today announced that Michael Mainelli has been named president of Invivo Corporation with overall responsibility for the company's medical device businesses. Before joining Intermagnetics, Mainelli, 43, was president of Stryker Spine and previously was president of Stryker Japan. Stryker Corporation is one of the world's largest medical device companies with a market capitalization of more than $19 billion and more than $4 billion in sales during the past year. "Mike's depth of medical device market experience and demonstrated success in leading businesses to new levels of growth makes him an ideal candidate to take on the leadership of our newly formed Medical Devices business segment," said Glenn H. Epstein, chairman and chief executive officer of Intermagnetics. "In his more than 15 years in the medical technology/medical device markets, Mike has developed exceptional strategic insight and the ability to drive businesses through periods of rapid growth. He is especially well suited to building and working within Intermagnetics' close team dynamic, and he places great emphasis on developing the organizational, technical and marketing horsepower to consistently deliver performance." Mainelli added: "I am proud to be joining Intermagnetics' outstanding management team at this exciting point in the company's evolution. I believe that the medical device businesses represent an exceptional opportunity, and I look forward to contributing to the company's proven track record of delivering dynamic growth based on a foundation of financial strength." Prior to joining Stryker, Mainelli spent more than 12 years with General Electric, primarily within GE Medical Systems, where he held executive positions in GE's Magnetic Resonance Imaging unit and product management positions in the Ultrasound business. He has a BSME from Northeastern University, an MSE from the University of Pennsylvania and an MBA from the University of Chicago. Epstein noted that Thomas O'Brien, who has served as Invivo's interim president over the past year, will now focus on his primary responsibilities as executive vice president of corporate development. "Tom did an exceptional job of overseeing the establishment and development of the medical devices segment, which was created from a combination of acquired and historical businesses," Epstein said. "Tom will now return to his primary role of pursuing avenues of continued growth for the broader Intermagnetics enterprise." Intermagnetics' Medical Devices business segment consists of Invivo Diagnostic Imaging division, with facilities in Gainesville, Florida, and Pewaukee, Wisconsin, and Invivo Patient Care division in Orlando, Florida and Valencia, California. The businesses employ more than 600 people. Intermagnetics (http://www.intermagnetics.com/) draws on the financial strength, operational excellence and technical leadership in its expanding businesses within Medical Devices that encompass Magnetic Resonance Imaging Magnet Systems, Invivo Diagnostic Imaging (focusing on MRI components and imaging sub-systems) and Invivo Patient Care (focusing on monitoring and other patient care devices). Intermagnetics is also a key supplier to the markets within Instrumentation and has become a prominent participant in superconducting applications for Energy Technology. The company has a more than 30-year history as a successful developer, manufacturer and marketer of superconducting materials, high-field magnets, medical systems & components and other specialized high-value added devices. Source: Intermagnetics General Corporation CONTACT: Glenn H. Epstein, Chairman & CEO, or Cathy Yudzevich, IR Manager, both of Intermagnetics General Corporation. +1-518-782-1122 Web site: http://www.intermagnetics.com/ ------- Profile: International Entertainment