CHATSWORTH, Calif., March 3, 2004 (PRIMEZONE) -- IRIS International, 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 appointment of Richard H. Williams as the Company's Chairman of the Board, replacing Dr. John A. O'Malley, who is retiring.
Mr. Williams, a member of the Board of Directors since June 2003, and the retired Chairman of Williams Resource Group, his own company specializing in financial evaluations, personal investment and consulting to emerging growth companies, will assume his new duties immediately.
"I am pleased with the opportunity to have a key leadership role in a Company with such a promising future," Mr. Williams stated. "Although I have been a shareholder since 2001, I did not get to appreciate the full capabilities of the Company until joining the Board of Directors as a shareholder representative in June 2003. During the last nine months, IRIS has managed a successful iQ(R)200 launch and a significant senior management transition while gaining momentum in all aspects of the business. With the recent launch of our new iQ(R)200 Automated Urine Microscopy Analyzer, IRIS is well-positioned to rapidly expand its role as a medical device innovator. I look forward to continue working with Cesar and the rest of the executive team on creating opportunities for accelerated growth for IRIS International."
Cesar Garcia, President and Chief Executive Officer, expressed the Company's appreciation for Dr. O'Malley's 16 years of service, having served on the IRIS Board since 1988. "In 1998, Dr. O'Malley came out of retirement after a 30-year career in the healthcare and medical device industry and joined IRIS' Office of Chief Executive. In 1999, at the request of the Board, he assumed the position of Chairman, CEO and President and energized the Company at a time when new direction was needed. Under Jack's tenure, a new management team was established, the Company's debt was reduced, profitability was restored, all facilities were upgraded and design and development of the new iQ(R)200 product began."
Dr. O'Malley, 70, stepped down as President and CEO in January 2003 while remaining on as Chairman during an important transition period for the Company. "My stated goal when I accepted the position as Chairman and Chief Executive Officer was to transform IRIS into a 21st Century company," he stated. "I leave IRIS International knowing that my objective has been accomplished and that the Company's day-to-day management is in the capable hands of Cesar Garcia and his management team."
Mr. Williams, 67, an experienced businessman and entrepreneur, has served as a consultant to many emerging growth companies since 1980. He has founded and helped structure, finance and take public a number of small public and private companies. Among them, InTime Systems International, a software company, Telcom Services, Inc. & Restor Industries, Inc., both companies involved in the telecommunications market, and A&W Exploration Corporation, an operating oil and gas company. Mr. Williams has been Chairman and CEO of several of these companies. Before becoming an entrepreneur in 1980, Mr. Williams was Vice President of a $100 million consumer products division of Pfizer, Inc.
THE COMPANY
IRIS International, Inc. (www.proiris.com) is a leader in automated urinalysis technology with workstations in major medical institutions throughout the world. The Company's newest generation iQ(R)200 fully automated urine microscopic analyzer utilizing image flow cytometry, patented Automated Intelligent Microscopy (AIM) technology and neural network-based particle recognition capabilities achieves a significant reduction in the cost and time consuming steps for manual microscopic analysis. The Company's StatSpin(R) subsidiary, based in Norwood, Mass., manufactures innovative centrifuges and blood analysis products. Advanced Digital Imaging Research, LLC (ADIR), based in the Houston, Texas, area, is the Company's research and development subsidiary.
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.