LAS VEGAS, NV - (Feb 25, 2014) - Cytta Corp. (OTCQB: CYCA) is pleased to announce the addition of two new members to its world class Advisory Board.
The goal of our Advisory Board is to access top talent, create collaborative strategies for our business, and generate profitable avenues for global expansion of the Cytta Connect mobile platform. The addition of Mr. Chao and Mr. Woelflein to our Advisory Board builds upon our already talented team by adding expertise in insurance and healthcare reform and expertise in international finance and banking.
Mr. Philip Chao is an expert in evaluating healthcare law changes and its impact on businesses and institutional entities. As the Principal for Chao & Company, Philip serves as a benefits consultant to employers who are striving to balance the needs of the organization and their employees within a changing economic and regulatory insurance environment (See Mr. Chao's full information below).
Mr. Kevin Woelflein is an expert in international finance and in the redevelopment of global banking relationships to support local initiatives. He is President of U.S. Capital Investments Company, a bank advisory firm. Mr. Woelflein has a long history of working internationally. In 1975 he got his first introduction to Iraq as founding President of an Arab consortium bank, UBAF Arab American Bank, in New York City. In 2003, he became part of the Iraq/US Coalition Provisional Authority as Advisor to all of Iraq's nineteen private banks on strategic and operational issues to recover from the repression of the previous regime and the destruction of the 2003 invasion. At the present time, he is Advisor to an Iraq Private Bank, North Bank, headquartered in Baghdad (See Mr. Woelflein's full information below).
Cytta Corp.'s mobile health platform called Cytta Connect is supportive of the recent trend toward self-managed care and one that is supported by traditional caregivers, the newly instituted Affordable Care Act ("ACA"), and healthcare insurance providers.
"We are very excited to expand our Advisory Board with talented people like Mr. Chao and Mr. Woelflein," stated Mr. Erik Stephansen, President of Cytta Corp, adding, "These exceptional leaders in their respective fields are making a collaborative effort to improve healthcare and reduce costs at a global level."
About our new Advisory Board members:
Mr. Philip Chao founded Chao & Company, Ltd. in 1990 to provide employers and institutions with the independent and thoughtful advice that would serve as an alternative to the conflicted, one-size-fits¬ all, prepackaged solutions among brokers, consultants and investment advisors. He wanted to make available institutional best practices to help fiduciaries and clients make prudent decisions. Chao & Company is an investment advisor registered with the Securities & Exchange Commission.
Mr. Chao is extremely knowledgeable and a much sought after analysist with regard to the Affordable Care Act ("ACA" or "Obamacare") and will provide Cytta with invaluable guidance in this complex area.
Philip serves as an ERISA investment consultant in a co-fiduciary capacity -- as an ERISA Sec 3(21) -- so that clients can rely on his advice with full confidence. For retirement plan sponsors, he implements a prudent investment process to meet their fiduciary responsibilities. When managing defined benefit assets, he also serves as a full fiduciary under ERISA 3(38). He also acts as the Chief Investment Officer for the firm's wealth management practice.
As the Principal for Chao & Company, Philip serves as a benefits consultant to employers who are striving to balance the needs of the organization and their employees within a changing economic and regulatory environment. As the landmark Affordable Care Act is being implemented, Philip has introduced a proprietary actuarial tool -- Play-or-Pay Decision Metrics Tool -- to help guide and advise large employers through this new reality.
Philip acts in the capacity of an independent directed trustee for ERISA health and welfare trusts and is a founding member and a governing board member of The Institute for the Fiduciary Standard. His opinions and thoughts frequently appear in Investment News, Advisor One and RIA biz. He is a passionate supporter of and advocate for the fiduciary standard and has met on many occasions with Department of Labor staff in sharing his thoughts and practical applications regarding the ERISA fiduciary redefinition. His public comments to the DOL can be viewed on the DOL website and on the Securities & Exchange Commission website.
Philip earned his Certified Financial Planner (CFP) designation in 1990 from the Certified Financial Planner Board of Standards, his Accredited Investment Fiduciary Analyst (AIFA) designation in 2004 from Katz School of the University of Pittsburgh and the Center for Fiduciary Studies (Fi360) and Retirement Plan Associates (RPA) designation in 2006 from the Wharton School of the University of Pennsylvania and the International Foundation of Employee Benefit Plans.
Mr. Kevin Woelflein is an experienced financial executive with more than 25 years of domestic and international banking experience in top-level positions. Woelflein was the founding Vice President and General Manager of The First National Bank of Chicago branch in Tokyo. First Chicago appointed him to found the Arab American Bank in New York, where he served as President and Chief Executive Officer.
Mr. Woelflein's world-class experience in banking, finance and implementing new technologies will be invaluable in introducing Cytta's technologies into business environments where the economic model and ROI will rule.
Mr. Woelflein was also President of American Security Bank in Washington, D.C., and President of The Massachusetts Company, a Boston-based specialty bank and a subsidiary of Travelers Corporation. Woelflein has had overall responsibility for managing bank investment portfolios, as large as $500 million, as a banker, and has been a principal broker helping banks manage large portfolios. Subsequent to this position, he served as Chairman of the Board of Connecticut Bancorp. He currently holds a Series 7 license to sell securities. He is President of U.S. Capital Investments Company, a bank advisory firm.
Mr. Woelflein brings significant credentials to his role of assisting financial institutions in crafting and implementing the kind of investment policy they pursue and in analyzing the ongoing results. He is particularly experienced in assisting institutions to sharpen their understanding and control of their investments.
Mr. Woelflein is a uniquely experienced financial executive with more than twenty-five years of domestic and international banking responsibilities. He has a BS in Chemical Engineering from MIT and an MBA from Wharton. In 1975 he got his first introduction to Iraq as founding President of an Arab consortium bank, UBAF Arab American Bank, in New York City. In 2003, he became part of the Coalition Provisional Authority as Advisor to all of Iraq's nineteen private banks on strategic and operational issues to recover from the repression of the previous regime and the destruction of the 2003 invasion. At the present time, he is Advisor to one Iraq Private Bank, North Bank, headquartered in Baghdad with branches in the North.
Mr. Woelflein's background includes the formation or redevelopment of several financial institutions. Mr. Woelflein did apply his Chemical Engineering early in his career, when he was on a three-person team at Atlantic Refining Company that developed the first computer simulation of a complete oil refinery, from crude through products. He has received several major awards from the U.S. Government as well as a MIT Corporate Leadership Award.
About: Cytta Corp.
Cytta Connect is a Remote Data Capture system connecting Bluetooth devices to online Electronic Biometric Records (EBR). Our remote data capture system works over our Special Purpose Network, a proprietary Global Mobile, Satellite, WiFi open source network, and Cloud-based data repository, that connects all Bluetooth medical and wellness devices to Cytta's open source EBR.
Our open source EBR is for use by patients, doctors, caregivers, health insurers (Professional Care) with our reprogrammed Cytta smartphones, and any wellness or fitness user (Consumer) with any Cellular Carrier's smartphone.
Cytta serves two very significant domestic and international markets:
1) Professional Care: Utilizing FDA approved Bluetooth peripherals and our specially programmed unlocked smartphones and provides care for the chronically ill who need to be remotely monitored. Caregivers have diagnostic capability using our Instant EBR and secure biometric data transfers via Cytta's Special Purpose Network. We interconnect patients, their data and caregivers.
2) Consumer Wellness and Fitness: Automatically connects all Bluetooth devices and works with any Mobile Carrier's smartphone and leverages our proprietary Universal Bluetooth Platform and Instant EBR to support all Wellness & Fitness consumers.
Statements included in this press release, which are not historical in nature, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements relating to the future performance of the Company are subject to many factors including, but not limited to, the customer acceptance of the products in the market, the introduction of competitive products and product development, the impact of any product liability or other adverse litigation, working capital and availability of capital, commercialization and technological difficulties, the impact of actions and events involving key customers, vendors, lenders, competitors, and other risks detailed in the Company's Form 10-K for the year ended September 30, 2012, and other subsequent Securities and Exchange Commission filings. Such statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. When used in this press release, the terms "anticipate", "believe", "estimate", "expect", "may", "objective", "plan", "possible", "potential", "project", "will", and similar expressions identify forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof, and we do not undertake any obligation to update any forward looking statements, whether as a result of future events, new information, or otherwise.
Mr. Stuart Brame
VP Corp Information
Investor and Public Relations Contact:
SOURCE: Cytta Corp.