25 August 2022 - - US-based medical device manufacturer Invacare Corp. (NYSE: IVC) has entered into a cooperation agreement with its largest shareholder, Azurite Management LLC, which currently owns approximately 10.3% of the company's outstanding shares as of June 30, 2022, the company said.

As part of the agreement, Invacare appointed two new independent directors, Steven H. Rosen and Ambassador Edward F. Crawford, effective immediately.

Rosen will serve on the company's Audit and Compensation and Management Development Committees, and Ambassador Crawford will serve on the company's Nominating and Governance Committee.

As a result of other business commitments, Julie A. Beck and Stephanie L. Fehr have resigned from the board effective August 22, 2022.

With these changes, the number of Invacare directors remains at eight total members, seven of whom are independent.

The company remains committed to appointing at least one director who is racially and/or ethnically diverse by the next annual meeting.

Under the terms of the cooperation agreement between Invacare and Azurite, Azurite has agreed to customary standstill, voting and other provisions. The full cooperation agreement will be filed on a form 8-K with the Securities and Exchange Commission.

Rosen currently serves as the co-founder and co-chief executive officer of Resilience Capital Partners LLC, a private equity firm based in Ohio, where he is involved with all aspects of Resilience Capital's operations, including developing and maintaining relationships with investors and investment intermediaries and the firm's strategic planning efforts.

Rosen has a range of experience in operations, strategic planning and assisting companies undergoing strategic transformation.

Rosen has been a director of Zanite acquisition Corp. from 2020 to May 2022, Park-Ohio Holdings Corp (NASDAQ: PKOH) since 2011, Crawford United Corp. (OTC: CRAWA) since 2012 and AmFin Financial Corp. (OTC: ANFL) since 2018.

Invacare is a manufacturer and distributor in its markets for medical equipment used in non-acute care settings.

At its core, the company designs, manufactures and distributes medical devices that help people to move, breathe, rest and perform essential hygiene.

The company provides clinically complex medical device solutions for congenital (e.g., cerebral palsy, muscular dystrophy, spina bifida), acquired (e.g., stroke, spinal cord injury, traumatic brain injury, post-acute recovery, pressure ulcers) and degenerative (e.g., ALS, multiple sclerosis, chronic obstructive pulmonary disease, elderly, bariatric) ailments.

The company's products are important parts of care for people with a wide range of challenges, from those who are active and involved in work or school each day and may need additional mobility or respiratory support, to those who are cared for in residential care settings, at home and in rehabilitation centers.

The company sells its products principally to home medical equipment providers with retail and e-commerce channels, residential care operators, distributors and government health services in North America, Europe and Asia/Pacific.