Isee3D CFO Steps Down
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[Montreal, QUEBEC] Ron Goldenberg, who for the last ten months has acted as Isee3D Inc.'s chief financial officer, stepped down from his post late last week.
A veteran of the medical industry, Isee3D develops software and hardware technology that enables the creation, transmission and display of three-dimensional stereoscopic streaming video to be distributed over the Internet, as well as other local media distribution formats. After spending 13 years in the medical industry, Isee3D has expanded its capabilities to offer 3D viewing experiences to Internet customers who employ the use of free media players.
According to company literature, Isee3D made Internet history earlier this year by hosting the first live streaming 3D Internet event ever broadcast over the Web (the Seattle Kingdome Implosion, which took place on March 26th). The event also marked the advent of Isee3D's relationship with Microsoft, which utilizes Isee3D's technology in conjunction with its WindowsMedia software.
Goldenberg, who joined Isee3D on February 21, 2000, expressed confidence in the company's technology in his resignation announcement. "The potential with regard to the proprietary 3D transport technology and the company's patented single lens stereoscopic system for the industrial inspection applications should bode well for the future of the company," he said.
Morden C. Lazarus, Isee3D's chairman and CEO, thanked Goldenberg for his work. "I would like to express my appreciation and personal gratitude for Ron's contribution to the company, and look forward to his participation on an as-needed basis while the board continues to search for a replacement."
Earlier this year, Eugene R. Joseph, the founder of Montreal's Virtual Prototypes Inc. was brought on board as Isee3D's president and COO. Joseph, who is credited with inventing virtual prototyping and flexible simulation (he was inducted into the Smithsonian Air and Space Museum's Hall of Fame in 1999 for this feat), replaced Gary Oberman. Oberman spent over a year at Isee3D as president and COO, forming relationships with Microsoft and RealNetworks.
In November, Isee3D announced its results for the first nine months of 2000. As of September, it had $1,305,047 (CDN) in cash. From January to September, it raised a net of $1,343,000 (CDN) by the issuance of common shares via the conversion of debentures and stock options. Also during this period, Isee3D used $3,622,368 (CDN) in operations and $599,573 (CDN) for the purchase of capital assets. The company's 20F Nasdaq listing application will be continued into the New Year, pending the filing of the audited financial statements of Isee3D for the year ending December 31, 2000.
"We have trimmed our expenses recently while still continuing to pursue our business plan aggressively," Lazarus stated recently. "We are progressing in the development of Phase One of our Virtual Movie Maker product, and we are actively exploring partnerships in regard to our proprietary 3D transport technology and in microscopy."