FORT WORTH, Texas, March 22, 2012 /PRNewswire/ -- The Board of Directors of Wound Management Technologies, Inc., (OTCQB: WNDM | WNDM.PK) a leading innovator in advanced wound care solutions, announced today that Robert Lutz, Jr. has been appointed to the Board of Directors of the Company. In addition, Scott A. Haire has resigned as Chairman of the Board of Directors and as Chief Executive Officer of the Company, and Deborah Jenkins Hutchinson has resigned as President of the Company, and Mr. Lutz has been elected as the new Chairman of the Board, Chief Executive Officer and President of the Company. Mr. Haire and Ms Jenkins Hutchinson will continue on as directors of the Company.
Mr. Lutz has extensive management and leadership experience with both public and private companies, including subsidiaries of Liberty Corp, American Express and AMRESCO. Mr. Lutz brings a proven track record in significantly growing the revenue and net income of companies, and has significant experience in negotiating business contracts with Fortune 100 firms, including IBM and AT&T.
In conjunction with Mr. Lutz joining Wound Management, the Company has reacquired the North American distribution rights for its CellerateRX® advanced wound care powder from Juventas, LLC. By doing so, Wound Management will be able to create a unified sales and distribution program for CellerateRX and its other products. This reacquisition includes the acquisition of a newly-packaged specialized CellerateRX powder kit for use in the biologic surgical closure market that was successfully established by Juventas. As a result, the management agreement between Wound Management and Juventas previously announced in November 2011 has also been terminated, and Juventas is no longer involved with Wound Management.
"After extensive due diligence with Wound Management and its core subsidiary, Wound Care Innovations, LLC, I am very impressed