Electrophysiology device developer EP MedSystems of West Berlin, NJ, said it has terminated Reinhard Schmidt's employment as its president, CEO, and chief operating officer (COO).
The U.S. Department of Commerce and the U.S. Attorney's Office for the District of New Jersey is investigating certain sales by the company to Iran in violation of U.S. law, as well as the accuracy and completeness of voluntary statements filed with the Department of Commerce about the transactions, according to the company.
Schmidt's termination resulted from his certification and authorization of such statements, some of which were determined to have been inaccurate or incomplete by the firm's audit committee, which has been conducting an independent investigation, EP MedSystems said.
David Jenkins, the founder of EP MedSystems and its chairman, has been appointed to serve as president, CEO, and COO.
By AuntMinnie.com staff writers
October 11, 2005
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