CHATSWORTH, Calif., Jan. 12, 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 it had completed the purchase at book value of certain assets relating to the current distribution of Iris' products in the UK and Germany by the company's European distributor, IL UK and IL Germany of the Werfen Group. The assets purchased from IL UK and IL Germany consist primarily of customer leases related to the installed base of approximately 50 iQ(R)200 IRIS instruments and service contracts in those countries, which were valued at $840,000 as December 31, 2009.
Cesar Garcia, Chairman, President and Chief Executive Officer of IRIS International, noted, "While modest in size, this acquisition represents a major stepping stone toward expanding a direct sales presence within our international sales channels. The ability to sell direct in key international markets will contribute to increased sales penetration with higher margin revenue, as well as provide a foundation from which to launch our new product platforms.
"Based on our success in France where we have been selling direct since 2005, with an installed base of more than 100 iQ200 units to date, we have the management and systems in place to facilitate this expansion of direct sales in Europe."
As previously announced, Mr. Alain Richard, who had been managing all sales for IRIS in Europe, the Middle East and Africa has transitioned to Director of Direct Sales and is responsible for IRIS' direct sales organizations in France, Germany and the UK. Mr. Fabio Spalluto, a veteran sales and marketing executive with extensive experience with a large Italian in-vitro diagnostics company, joined IRIS Diagnostics in September 2009 as Director of Distributor's Sales for Europe, the Middle East and Africa.
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(R), 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 expansion of its direct sales efforts outside of the United States and the resulting benefits from such expansion, including with respect to increased penetration, higher margins and new product introductions, 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, successfully transitioning the acquired business to the Company; anticipated and unanticipated challenges in operating an expanded direct sales force outside of the United States; the loss of distributors due to our intention to expand our direct sales efforts; 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.