Management Team

Mr. Olsen has been a member of the Company’s Board of Directors since April 1999. He was a founder and the President and CEO of the former Pacific Republic Capital, an investment firm that was located in Newport Beach, California that acquired the Company in April 1999. Concurrently, from March 1998 to June 2003, he was a director of Accuray Incorporated, which manufacturers and markets the CyberKnife® Robotic Radiosurgery System. Previously, he was an Executive Vice President of Far East National Bank from 1991 through 1997. Earlier he was with First Interstate Bank (now Wells Fargo Bank) for 20 years and then served for four years as Chief Financial Officer of Valeant Pharmaceuticals International (NYE:VRX, formerly ICN Pharmaceuticals, Inc.). Mr. Olsen is a graduate of Brigham Young University with a B.S. degree in Business Management. He is also is a graduate of Pacific Coast Banking School.

Olivia Ho Cheng is the President and CEO of Aurora Imaging Technology, Inc., a company that is revolutionizing breast cancer detection and diagnosis with the Aurora 1.5 Tesla Dedicated Breast MRI System with Bilateral SpiralRODEO, the only, FDA cleared, dedicated breast MRI system designed specifically and only for breast imaging.

Cheng, a Taiwan native, earned her master’s degree in economics at UCLA. She started her career as an analyst at Getty Oil Company in Los Angeles and then entered banking in the mid-1980s to pursue a career with more opportunities for women. From 1991 to 1997, she served as a Senior Vice President of Far East National Bank in Southern California. In early 1998, she, with two partners, formed Pacific Republic Capital, a private equity fund specializing with investments in medical technology companies. During this period, she became known to medical companies desiring to expand the market for their products abroad and, particularly in Asia and the Pacific Rim countries, for her international trade acumen and expertise. Her attraction to international trade commenced while in banking as she assisted companies with working capital financing guaranteed by the Export Import Bank. Also, as a result of becoming known for promoting exporting activity for U.S. companies, she was invited to be a White House advisor on export policies.

In addition to her medical technology experience with Aurora, Cheng also has served as a member of the board of directors of two other medical technology companies, Accuray Incorporated (NASDAQ “ARAY” with market capitalization exceeding $1 billion) and The Trylon Corporation. Accuray is a global leader in the field of radiosurgery. Its CyberKnife System is the world’s first and only commercially available intelligent radiosurgery system designed to precisely treat tumors anywhere in the body. In her role as a board member of Accuray, from 1998 through 2002, she actively assisted with its preparation for an initial public offering (IPO). She was also a part of the Trylon Team that commercialized its cervical cancer-detecting procedure, PapSure. Cheng recognized the innovative and groundbreaking technologies that these companies possessed and assisted them in the cultivation of their markets domestically and internationally.

Today, Cheng is actively involved in leading the expansion of Aurora both domestically and internationally. The Company’s unique Aurora® 1.5T Dedicated Breast MRI System with Bilateral SpiralRODEO has proven to be a valuable tool in the management of breast cancer for breast care specialists in the detection, diagnosis and treatment of breast disease. Additionally, the Aurora System includes a fully integrated interventional system that is presently being used primarily for MRI guided biopsies and will eventually be used to guide treatment.

Since aggressive commercialization of the Aurora® 1.5T Dedicated Breast MRI System commenced in 2004, it has been installed in more than 20 breast care centers in the United States, Taiwan and Italy. In addition to the growing market in the United States, the Aurora System is experiencing strong interest from global markets and, therefore, the Company plans to systematically expand internationally. With its growing success and the attention being attracted, Cheng anticipates demand for the Aurora System to accelerate. Among its most compelling benefits, the Aurora System allows radiologists to view with impressive image clarity both breasts, the chest wall and the lymph nodes surrounding the breasts in an integrated manner without compromising quality.

Cheng became CEO of the North Andover, Massachusetts based Aurora in July 2003. She moved from California to Massachusetts so that she could devote her full energy and attention to the growth of the Company. She and her husband, Dr. Ken Cheng, have been married for 26 years. Together they have two grown children, Joshua and Catherine.

Mr. James has served as Executive Vice President/Chief Financial Officer since 2003 and joined the Company as Chief Financial Officer in 1999. From 1997 to 1999, Mr. James was Chief Financial and Accounting Officer of Caprius, Inc. From 1993 to 1997, he served as Chief Financial Officer of Medical Diagnostics, Inc. (“MDI”) after joining that company as its Controller in 1988. Mr. James is a Certified Public Accountant and a member of the AICPA and the Massachusetts Society of CPAs. and received his Bachelor of Sciences degree in Accounting from Bentley College.

Dr. Hong joined the company in 2004. From 1998 until 2004, Dr. Hong managed product design, software development and clinical installation at ONI Medical Systems, a developer of a dedicated orthopedic MRI system. Dr. Hong has an extensive background in MR technology and clinical applications, including gradient coils, RF coils, data acquisition, image reconstruction, pulse sequences, magnet design, engineering management, manufacturing management, and quality systems. He received his Masters of Science in Chemical Physics from Dalian Institute of Chemical Physics (China) and his a PhD. in Biophysics from Georgia State University after doing much of the dissertation and coursework at Washington University.

Dr. Cheng joined the Company 2004 bringing over 20 years of extensive experience in product development and manufacturing in surgical, imaging systems and devices. From 1983 to 2003, Dr. Cheng worked for Cooper Vision Surgical Systems, American Hospital Supply Corporation, Baxter Edward Labs and Microptices Development Lab in divisions that developed and manufactured systems and devices used in ophthalmic, dental, heart and spine surgical operations. He has M.S. degrees from UCLA and Cal State Polyteck University and Ph.D. in Applied Physics and Engineering from UCLA.

Ms. Thomas joined the Company in 2005. Ms. Thomas brings over 15 years extensive experience in the field of pharmaceutical, biotech and medical device sales and marketing. Through prior employment at companies such as Wyeth, SAP and WebMD, Ms. Thomas has developed and executed physician and consumer marketing campaigns for companies such as Boston Scientific, Pfizer, Serono, Philips Medical Systems, Biogen and Millennium. Ms. Thomas received her Bachelors of Science degree from Northwood University (Michigan) in Business Management and Marketing.

Ms. Smith joined Aurora in 2008 to lead its sales organization. Ms. Smith brings over 20 years of sales and sales management experience in the area of Women’s Imaging. Her experience includes building sales teams, with a particular strength in new product launches within the breast imaging space. Most recently (2003 – 2007), as Vice President of Sales and Marketing for Naviscan PET Systems, Inc., a company that manufacturers and distributes a PET device optimized for breast imaging. From 1991 through 2003, Ms. Smith was the Sales Director of Eastern U.S. Sales for Hologic, Inc., a leading developer, manufacturer and supplier of diagnostic and medical imaging equipment dedicated to the healthcare needs of women. Prior to Hologic, Ms. Smith spent five years at The Procter & Gamble Company, where she held various sales, sales management and marketing positions. Ms. Smith received her Bachelor of Science degree in Management Science (Marketing) with a minor in Public Relations from the State University of New York in 1983. Ms. Smith also received her Masters of Divinity Degree from the Messiah Biblical Institute in 1995.

Mr. Traister has served as the Company’s Vice President, General Counsel since 2008. Before joining the Company, he served as Polaroid’s Corporation’s Associate General Counsel handling supply chain, IT and corporate matters along with commercial and intellectual property disputes and litigation. Previously, he served as the general counsel of three Nasdaq-listed technology companies, two of which he took public and one he took private, and served as transactions counsel with the Boston office of the Federal Deposit Insurance Corporation. He attended the London School of Economics and the Carroll Graduate School of Business at Boston College and received his Bachelors of Arts degree in Economics and History from Bowdoin College and his Juris Doctor from Boston University School of Law.

Michael A. Balistreri joined Aurora Imaging Technology in February 2010 as Vice President, Customer Services, to lead the global site planning, installations, applications training, and systems service functions. Mr. Balistreri has over 30 years experience in diagnostic imaging service. He began his career with GE Medical Systems in 1972 as a field engineer, advancing into training, technical support, and a variety of management roles in service engineering, service programs, and medical facilities. In 1991, Mr. Balistreri joined Picker International, Inc., a $1 billion full-line diagnostic imaging manufacturer, to lead their Service Engineering group. In 1995, Mr. Balistreri moved to the international division where he held several key service business development roles. In the last of these, from 1998 to 2001, as Director of Service, Asia/Pacific Region, he implemented new and expanded existing direct operations, developed new distributor operations, and grew service revenues in the region from $12 to $20 million. In 2001, Mr. Balistreri joined ONI Medical Systems during their start-up phase to create the service function in support of their high-field extremity MRI systems, where he remained until coming to Aurora. Mr. Balistreri holds an AS in Electrical Technology from Milwaukee Area Technical College and a BS in Management from Cardinal Stritch College.

Steven E. Harms, MD, FACR is a radiologist at the Breast Center of Northwest Arkansas in Fayetteville, AR, Clinical Professor of Radiology at the University of Arkansas for Medical Sciences in Little Rock, AR and Medical Director of Aurora Imaging Technology in North Andover, MA. His MRI research dates to work in the laboratory of Dr. Paul Lauterbur, the originator of MR and winner of the Nobel Prize in Medicine in 2005. Dr. Harms’ numerous awards include the Annual William Beaumont Award by the American Medical Association given annually to the outstanding physician under the age of 50. In 1996, he was recognized as one of the top 100 physicians in the United States and also that same year was named by D Magazine as one of the top 10 physicians in the DFW Metroplex. In 1998, he was awarded the Annual Scientist of the Year by the Komen Foundation. That same year, he was made fellow in the American College of Radiology. He is past-president of the Society of Magnetic Resonance in Medicine. Physician colleagues voted him for the past six years to the “Best Doctors in America”. He is currently on the Board of Directors of the American Society of Breast Disease and is Program Chairman for 2007. He has authored over 100 scientific papers, 42 book chapters, and 9 patents.