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Cesar Garcia, Chairman, President and Chief Executive Officer of IRIS International, noted, "While modest in size, this acquisition is of strategic importance for IRIS to increase our direct sales presence within our international sales channels, and will serve as a template for further potential deals in opportunistic territories, as well as provide a foundation from which to launch our new product platforms, such as NADiA(R)ProsVue(TM). We will continue to work closely during the transition period with The Werfen Group, whose Instrumentation Laboratories subsidiaries in the UK and Germany will continue to manage and support the installed base of approximately 60 iQ(R)200 instruments in those countries until we close the acquisition. We believe this expansion of direct sales in Europe, combined with the recent announcement of our new distribution partner in Japan, will contribute to our growth in sales and profits in future years."
"We are very pleased with our relationship with The Werfen Group as we have jointly identified this opportunity that will benefit both companies," Mr. Garcia said. "Werfen will continue to represent IRIS in nine countries including Spain, Italy and Mexico," he added.
Thomas E. Warekois, Corporate Vice President and President of the Iris Diagnostics business unit, said, "We currently have the experienced management in place to support this expansion of direct international sales efforts in the European countries. Mr. Alain Richard, who previously managed all sales for IRIS in Europe, the Middle East and Africa, will transition to Director of Direct Sales and will be responsible for IRIS direct sales organizations in France, Germany and the UK. Mr. Richard has been very successful in implementing a direct sales organization for IRIS in France where we have been selling direct since 2005 and reached a significant milestone of more than 100 iQ200 installations earlier this year. In addition, Mr. Fabio Spalluto, a veteran sales and marketing executive with extensive experience with a large Italian in-vitro diagnostics company, has joined Iris Diagnostics as Director of Distributor's Sales for Europe, the Middle East and Africa."
"This initiative positions Iris for greater interaction with end-user customers of its current products and enhances our ability to more directly implement preparations for introduction of our new product platforms, and should translate into higher revenue and margins, and increased sales penetrations into key European markets," said Mr. Garcia.
About IRIS International, Inc.
IRIS International is a leading global in vitro diagnostics company focused on products that analyze particles and living cell forms and structures, or morphology of a variety of body fluids. The Company's products leverage its strengths in flow imaging technology, particle recognition and automation to bring efficiency to hospital and commercial laboratories. The initial applications for its technology have been in the urinalysis market and the Company is the leading worldwide provider of automated urine microscopy and chemistry systems, with an installed base of more than 2,300 systems in more than 50 countries. The Company is expanding its core imaging and morphology expertise into related markets and is developing applications in hematology and urinary tract infections. In addition, the Company is developing molecular diagnostic tests based on its Nucleic Acid Detection Immunoassay, or NADiA(F), platform, with applications in oncology and infectious disease. For more information visit www.proiris.com.
SAFE HARBOR PROVISION
This press release contains forward-looking statements made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, the Company's views on the likelihood and timing of consummating the acquisition, and the acquisition's expected contributions to sales growth and profits, and are generally identified by phrases such as "thinks," "anticipates," "believes," "estimates," "expects," "intends," "plans," and similar words. Forward-looking statements are not guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statement. These statements are based upon, among other things, assumptions made by, and information currently available to, management, including management's own knowledge and assessment of the acquisition and the affected markets. Other factors and uncertainties that could affect the Company's forward-looking statements include, among other things, successful negotiation of a definitive acquisition agreement for the transaction; conditions to the closing of the transaction may not be satisfied; the transaction may involve unexpected costs, unexpected liabilities or unexpected delays; the business of the Company may suffer as a result of uncertainty surrounding the transaction; and the Company may be adversely affected by other economic, business, and/or competitive factors. These and other risks are more fully described in the Company's filings with the Securities and Exchange Commission, including the Company's most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which should be read in conjunction herewith for a further discussion of important factors that could cause actual results to differ materially from those in the forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: IRIS International, Inc.
CONTACT: IRIS International, Inc. Cesar Garcia, Chairman and Chief Executive Officer 818-709-1244 The Wall Street Group, Inc. Ron Stabiner 212-888-4848
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