CHATSWORTH, Calif., Jan. 20, 2010 (GLOBE NEWSWIRE) -- IRIS International, Inc. (Nasdaq:IRIS), a leading manufacturer of automated in-vitro diagnostics systems and consumables for use in hospitals and commercial laboratories worldwide, announced today that its Board of Directors has approved an amendment to the Company's by-laws to adopt a majority vote standard for election of directors, beginning with the next election of directors at the Company's Annual Meeting of Stockholders in May.
Under the by-law amendment, in an uncontested election (where the number of nominees for election to the Board does not exceed the number of directors to be elected), any nominee for director who receives a greater number of votes "withheld" from or "against" his or her election than votes "for" such election shall promptly tender his or her resignation following certification of the stockholder vote. The Corporate Governance and Nominating Committee of the Board shall consider the resignation offer and recommend to the Board whether to accept the resignation. The Board will act on the Corporate Governance and Nominating Committee's recommendation within 90 days following certification of the stockholder vote, and promptly disclose its decision whether to accept the director's resignation offer on a Current Report on Form 8-K.
Cesar Garcia, Chairman, President and Chief Executive Officer of IRIS International, stated, "The decision to adopt a majority vote rule reflects IRIS's continued commitment to implementing the highest standards in corporate governance principles, which are in the best interests of our shareholders and the Company."
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 2,400 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®, platform, with applications in oncology and infectious disease. For more information visit www.proiris.com.