Imaging Diagnostic Systems (IDSI) has received and accepted the resignations of three outside directors Jay Bendis, Patrick Gorman and Sherman Lazrus, which were tendered to comply with a request by Charlton Avenue, an investment firm, as a condition to funding.
Linda B. Grable, a co-founder of IDSI and its former chairman of the board and CEO, who retired in April 2004, agreed to come out of retirement and now serves as the its chairman of the board and interim CEO, according to the Fort Lauderdale, Fla.-based company.
“I am gratified that Linda has come out of retirement to serve IDSI as chairman of the board and Interim CEO. Her passion and experience will be a driving force to enable the company to achieve its financial goals and to complete the PMA [premarket approval] filing process,” said Allan Schwartz, executive vice president and chief financial officer.
On April 21, the company said it entered into a new sixth private equity credit agreement with Charlton Avenue, providing a maximum commitment of $15 million for a period of three years from the effective date of registration statement.
In connection with their resignations, IDSI said that the three directors will receive full vesting on the options for 200,000 shares each, which the company granted in early 2008.