CHATSWORTH, Calif., June 3, 2003 (PRIMEZONE) -- International Remote Imaging Systems, Inc. (AMEX:IRI), a manufacturer and marketer of automated IVD urinalysis systems and medical devices used in hospitals and reference clinical laboratories worldwide, today announced the signing of major exclusive distribution agreements for its new iQ(tm)200 Urine Microscopy Analyzer with Grupo CH-Werfen of Barcelona, Spain, a leading distributor to Europe's healthcare and research laboratory markets.
The five-year renewable distribution agreements with Izasa S.A. and Instrumentation Laboratory ("IL"), two key CH-Werfen subsidiaries with more than 350 sales and service people dedicated to diagnostics products, cover exclusive distribution in Italy, Spain, Portugal, the U.K. and Ireland. The agreement includes sales minimums and initial stocking orders of an undisclosed number of iQ200 units.
"After considering a number of top distributors, we were impressed with CH-Werfen's reputation as an established and experienced marketer in Europe's healthcare and laboratory sector," stated Dr. Kshitij Mohan, President and Chief Executive Officer of International Remote Imaging Systems ("IRIS"). "Grupo CH-Werfen maintains a firm grasp in its understanding of the rapidly evolving field of clinical diagnostics with a particular emphasis on coagulation, hematology, clinical chemistry, immunoassays and microbiology. With the rollout date for the iQ200 fast approaching, CH-Werfen and its subsidiaries will play a vital role in ensuring a successful introduction of the iQ200 to a large portion of the European market."
Izasa S.A., based in Barcelona, is Spain's largest distributor of clinical and industrial laboratory products, hospital products and medical devices, focusing on specialized markets. Since its inception in 1959, IL, based in Barcelona and Milan, Italy, has been in the forefront providing the latest technology to the clinical laboratory market. In addition to their own product lines, IL and Izasa represent other reputable companies like Beckman-Coulter and Shimadzu.
"We are extremely impressed by the quality and functionality of the iQ200 automated urine microscopy analyzer," stated Carlos Pascual, Vice President of IL - Europe. "The iQ200 analyzer is the only instrument in the world to provide the complete microscopic sediment profile consisting of twelve formed elements in urine. IRIS' improved APR(tm) neural network system is clearly the most advanced and complete technology in the market. We are very pleased to initiate a relationship with an organization possessing the experience and know-how of IRIS."
"The signing of these agreements is a major step in support of our globalization strategy," stated Cesar M. Garcia, Corporate Executive Vice President of IRIS. "We are very satisfied with the favorable reception of the iQ200 by distributors and customers around the world. We continue to negotiate with existing and prospective distributors covering other major geographical regions and are organizing our first European office to support our existing and expanded distribution network."
In addition to lining up distributors overseas, the Company has been expanding its sales and technical support staff, preparing new product and marketing literature and upgrading its manufacturing facilities to accommodate the anticipated future growth of the iQ200 platform. It plans to demonstrate the new platform at major industry shows and private seminars in Europe and the United States during the upcoming summer. The Company's Iris Diagnostics Division will continue to sell direct in the United States.
The international marketing campaign for the iQ200 is being launched at the European Congress of Clinical Chemistry and Laboratory Medicine's EUROMEDLAB 2003 Expo in Barcelona on June 2-5. IRIS and its StatSpin(r) small medical devices subsidiary both will have booths at the Expo, which will be held at the Catalonia Palace of Congresses. Among the iQ200 distributors participating in the conference are CH-Werfen's Izasa S.A. and IL.
The iQ200 Urine Microscopy Analyzer can be combined with the AUTION MAX(tm) AX-4280 Urine Chemistry Analyzer to form the iQ200 System, which is a major leap forward in urinalysis technology. It is the only fully automated and integrated system that performs complete urinalyses, chemistry and microscopy combined. The iQ200 is user-friendly with walkaway capabilities and is designed for the laboratory benchtop. It is smaller, faster and significantly less expensive than the Company's existing large urinalysis systems. The iQ200 will expand the relevant market to cover from large institutions to smaller sized hospitals and laboratories that perform fewer urinalysis tests per day. The design of the iQ200 System increases the number of customer sites now accessible to IRIS by several thousand. The iQ200 significantly reduces processing time, provides the most complete test panel and reduces labor costs by eliminating time-consuming manual microscopic analyses.
About Grupo CH-Werfen
Grupo CH-Werfen, S.A. is a privately owned Spanish holding with leading worldwide presence in In-Vitro Diagnostics and Cardiovascular Medical Devices. In fiscal 2002 it recorded sales of 556 million euros. Their main subsidiaries include Instrumentation Laboratory, Izasa, Biokit and Bolton Medical and have direct presence in all countries of the European Union as well as the United States and Japan. CH-Werfen also has subsidiaries in Mexico, South Korea, Poland, Czech Republic and Hungary and employs 2,700 people.
About International Remote Imaging Systems
IRIS has an established reputation as a leader in automated urinalysis technology and image flow cytometry. The Company's Iris Diagnostics Division is a leader in automated urinalysis technology with workstations in major medical institutions throughout the world. Using a patented Automated Intelligent Microscopy (AIM) technology and Auto Particle Recognition software (APR), a significant reduction in the cost and time consuming steps for manual microscopic analysis can be achieved.
The StatSpin(r) subsidiary, based in Norwood, Mass., is a worldwide leader in accelerated sample preparation for blood, body fluids and urine analysis. The subsidiary makes innovative centrifuges and blood analysis products, including the world's fastest blood separator (30 seconds). StatSpin's worldwide markets include medical institutions, commercial laboratories, clinics, doctors' offices, veterinary labs and research facilities. Its bench top centrifuges are dedicated to applications for manual specimen preparation for coagulation, cytology, hematology, and urinalysis.
Advanced Digital Imaging Research, LLC, is a research and development subsidiary based in the Houston, Texas area. ADIR assists in the advancement of proprietary imaging technology while conducting government-sponsored research and development in medical imaging and software, and contract research for corporate clients.
SAFE HARBOR PROVISION
This news 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 commercial revenues, market growth, capital requirements, 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 Company's industry, competition and capital requirements. Other factors and uncertainties that could affect the Company's forward-looking statements include, among other things, the following: unexpected technical and marketing difficulties inherent in major product development efforts such as the current project to improve the Company's urinalysis workstation product line; the potential need for changes in long-term strategy in response to future developments; future advances in diagnostic testing methods and procedures, as well as 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 increasing competition from imaging and non-imaging based in-vitro diagnostic products. The Company refers interested persons to its most recent Annual Report on Form 10-K and its other SEC filings for a description of additional uncertainties and factors that may affect forward-looking statements. The Company assumes no duty to update its forward-looking statements.