Novatek changes its leadership as it prepares to change businesses Board accepts resignation of chairman

Manufacturing

August 02, 1996|By Mark Guidera | Mark Guidera,SUN STAFF

Novatek International Inc., a Columbia-based building supplies company that is reorganizing to become a medical supplies company, announced yesterday that its board of directors voted to accept the resignation of Frank Cooney, its chairman and chief executive officer.

Dr. Gaston Oxman, president of Novatek, was appointed to fill the vacancy, the company said.

The company also announced that the board voted to sell its unprofitable construction division to a group headed by Cooney. Shareholders must approve that decision.

The construction division sells concrete panels, steel supports and other building parts that are designed for rapid construction of a building's outer shell.

Meanwhile, the company, which recently moved from Boyton Beach, Fla., to Columbia, is awaiting regulatory approval to change its name to Medical Products Inc.

Novatek's board said it also has scheduled an annual shareholders meeting for Sept. 10, and said it planned to mail notices to shareholders soon.

At that meeting, the company said, a new slate of directors will be proposed to help the company change its focus from the construction field to the medical diagnostic field.

Among the company's first sales efforts is providing rapid serum and whole blood HIV 1 and HIV 2 test kits to the Brazilian government for testing. If the tests are successful, the company expects to begin shipments of the devices to Brazil in September.

Pub Date: 8/02/96

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