CHATSWORTH, Calif., May 26, 2009 (GLOBE NEWSWIRE) -- In a release issued earlier today by IRIS International, Inc. (Nasdaq:IRIS) under the same headline, please note the addition of Stephen E. Wasserman as a board of director. The updated release follows.
IRIS International, Inc. (Nasdaq:IRIS), a leading manufacturer of urinalysis systems and consumables for use in hospitals and commercial laboratories worldwide, "following resumption of full-scale shipments of its new iChem(r)Velocity(tm) Automated Urine Chemistry Analyzers to the international market, remains on track for achieving its previously announced guidance for the current second quarter ending June 30, and for the full year ending December 31, 2009," Cesar Garcia, Chairman and Chief Executive Officer, told shareholders attending its Annual Meeting held here on Friday.
"As previously reported, all product improvements have been completed and validated and we have re-initiated full-scale shipments of the iChem(r)Velocity(tm) and iRICELL(tm) integrated workstations to the international marketplace. The $1.2 million in systems backlog carried over from the first quarter ended March 31, is shipping and we are continuing to see strong international demand with growing unit sales and order backlog in the current second quarter, and beyond," Mr. Garcia said. "We are awaiting FDA clearance to market the iChem(r)Velocity(tm) in the U.S., which is expected to result in greater sales momentum and pull through for our new integrated iRICELL(tm) workstation and related high margin consumables and service revenue," he added.
"Regarding our NADiA(r)ProsVue(tm) ultra sensitive prostate-specific antigen (PSA) diagnostic assay for identifying prostatectomy patients with low risk of cancer recurrence, once we have received the pending necessary Institutional Review Board (IRB) approval from the various medical centers, we are planning to commence the next stage larger multi center clinical study. As previous stated, we expect this study to be completed and submitted with an FDA 510(k) application in the mid-Summer of 2009," Mr. Garcia said.
Shareholders attending the Annual Meeting and those voting by Proxy, elected seven directors to the Company's Board of Directors until the 2010 Annual Meeting. They are: Cesar M. Garcia, Chief Executive Officer, President and Chairman of the Board, and a director since November 2003; Thomas H. Adams, Ph.D., Chief Technology Officer of IRIS and director since June 2005; Steven M. Besbeck, director since 1990, and previously President and Chief Executive Officer of Aspyra, Inc. (AMEX:APY) ; Michael D. Matte, director since January 2004, and currently Executive Vice President and Chief Financial Officer of Quepasa Corporation (Nasdaq:QPSA); Richard G. Nadeau, Ph.D., director since January 1999, and Founder and Chairman of Vistair Ventures; Stephen E. Wasserman, Director since April 2006, and currently a Partner of Wasserman & Assoc.; and Edward F. Vorboril, director since July 2008, and Lead Director since March 2009, and currently Chairman of the Board of Analogic Corporation (Nasdaq:ALOG). Mr. Vorboril replaces Richard H. Williams, a director since 2003, who decided not to stand for reelection.
Shareholders also ratified the selection of BDO Seidman, LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2009, and approved amendments to the IRIS International, Inc. 2007 Stock Incentive Plan to increase the maximum number of shares of common stock that may be issued pursuant to awards granted as well as pursuant to incentive stock options granted thereunder, to 3,300,000 from 1,750,000 shares.
About IRIS International
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 urine microscopy systems, with an installed base of more than 2,230 systems in more than 50 countries. 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 future financial performance, market growth, capital requirements, regulatory developments, new product introductions and acquisitions, 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 Company's industry, R&D initiatives, competition and capital requirements. Other factors and uncertainties that could affect the Company's forward-looking statements include, among other things, the following: identification of feasible new product initiatives, management of R&D efforts and the resulting successful development of new products and product platforms; obtaining regulatory approvals for new and enhanced products; acceptance by customers of the Company's products; integration of acquired businesses; substantial expansion of international sales; reliance on key suppliers; the potential need for changes in long-term strategy in response to future developments; future advances in diagnostic testing methods and procedures; potential changes in government regulations and healthcare policies, both of which could adversely affect the economics of the diagnostic testing procedures automated by the Company's products; rapid technological change in the microelectronics and software industries; and competitive factors, including pricing pressures and the introduction by others of new products with similar or better functionality than our products. 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.