CHATSWORTH, Calif., Nov. 24, 2003 (PRIMEZONE) -- International Remote Imaging Systems, Inc. (AMEX:IRI), a manufacturer and marketer of automated IVD urinalysis systems and medical devices for hospitals and clinical laboratories worldwide, today announced that it has entered into a distribution relationship with Japan's ARKRAY, Inc., for the AUTION JET AJ-4270, a new urine chemistry analyzer and related products targeting decentralized locations around the hospital, including emergency rooms and satellite labs.
"This agreement represents another significant step forward in our relationship with ARKRAY, a premiere manufacturer of urine chemistry analyzers and diagnostics equipment," stated Cesar Garcia, President and Chief Executive Officer of International Remote Imaging Systems. "We are pleased to add another high-quality urine chemistry analyzer and related components to our already established U.S. product line at a time when we are in the final stages of negotiations with ARKRAY to distribute our new iQ(r)200 product platform in Japan."
In June 2001, IRIS facilitated ARKRAY's entry into the U.S. market with an exclusive agreement for distribution of the AX-4280 AUTION MAX(tm) urine chemistry analyzer. When the AX-4280 is combined with IRIS' new product platform, the iQ(r)200 automated urine microscopic analyzer, the end result is the only fully integrated system in the world performing complete urinalysis, chemistry and microscopy combined. ARKRAY has an installed base of 400 AX-4280 AUTION MAX analyzers in Japan, and another 400 units installed around the world, representing a significant potential market opportunity for the iQ(r)200.
The new stand-alone ARKRAY AJ-4270 is a smaller unit that is not designed for integration into the sophisticated iQ(r)200 System, which provides fully integrated chemical and microscopy urine specimen analysis. With many hospitals and laboratories focusing on bringing their technology under one common standard, the AJ-4270, with a manufacturer's suggested retail price of $11,900, provides International Remote Imaging Systems a "one-stop shopping" tactical marketing advantage over competitors by offering a complete line of urinalysis instruments.
"The AJ-4270 is an excellent instrument for hospital emergency rooms, satellite laboratories, and as a backup to larger units in a hospital's main laboratory," Mr. Garcia said. "An emergency room staffer with an AJ-4270 at hand can save critical time in the middle of the night with an on the spot urinalysis test instead of sending the specimen off to a central laboratory. This new product offering should continue to expand our consumable revenue stream."
Kyoto-based ARKRAY, a $500 million company in business since 1960, entered the urine stripe analyzer market in 1996 and sells its products in more than 80 countries. The AJ-4270 strip analyzer is its newest urinalysis product offering. Under terms of the new three-year agreement, International Remote Imaging Systems will have nonexclusive U.S. distribution rights for the AJ-4270, as well as urine test strips and handheld bar code readers.
The Company
International Remote Imaging Systems, Inc. (www.proiris.com) is 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, the Auto-Analyte Recognition software (AAR) and more recently, the neural network-based Auto-Particle Recognition (APR) technology, 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 (ADIR), 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.