CHATSWORTH, Calif., March 29, 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, announced today that it has renewed its exclusive distribution agreement with ARKRAY Global Business, Inc. (a subsidiary company of ARKRAY, Inc.) to market the Japanese company's AX-4280 AUTION MAX(tm) Automated Urine Chemistry Analyzer in the United States.
"This new four-year agreement is the result of our successful commercialization of this world class product and comes at a time when we are working out the final details with ARKRAY for distribution of our new iQ(r)200 Automated Urine Microscopy Analyzer in Japan," stated Cesar Garcia, President and Chief Executive Officer of IRIS International, Inc. "IRIS and ARKRAY are continuing to build on their established business partnership with the dual marketing of each other's product platforms in the U.S. and Japan."
IRIS originally introduced Kyoto-based ARKRAY's AX-4280, the world's fastest growing automated chemistry analyzer, to the U.S. market in July 2001. At the time, IRIS was developing its iQ(r)200 Automated Urine Microscopy Analyzer, which was launched in August 2003. The cooperation between the two companies led to the iQ(r)200 System, the world's only fully integrated walkaway automated system that performs a complete urinalysis profile, both chemistry and microscopy. This was done by combining the iQ(r)200 and the AUTION MAX(tm) AX4280, through proprietary hardware and software, resulting in the iQ(r)200 System.
ARKRAY has an installed base of more than 400 AUTION MAX(tm) AX-4280 units in Japan and more than 700 units internationally. The forthcoming iQ(r)200 distribution agreement between the two companies will give ARKRAY the exclusive rights to market the iQ(r)200 in Japan. Both companies distribute their products separately in other countries.
With shipments of the new iQ(r)200 product platform, IRIS is addressing the needs of the mid-size laboratory globally, increasing the Company's potential marketing reach to 7,500 U.S. hospitals and laboratories and 18,000 worldwide. Its initial target market is laboratories performing 45 or more urine microscopies per day, or 2,500 labs in the U.S. and 6,500 worldwide.
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 Microscopy 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: the acceptance by customers of our new iQ(r)200 product platform, our substantial expansion of international sales and our 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, 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.