CHATSWORTH, Calif., April 6, 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 that the Company's Common Stock will begin trading on the Nasdaq National Market under the symbol "IRIS", effective at the opening of trading on Wednesday, April 7, 2004. IRIS' Common Stock previously traded on the American Stock Exchange under the symbol "IRI" through April 6, 2004.
"The move to the Nasdaq National Market is another milestone in IRIS International's corporate development strategy," stated President and Chief Executive Officer Cesar Garcia. "With the recent launch of our iQ(R)200 product platform, a worldwide marketing program and expanded sales force in place, this is a timely opportunity for increasing the Company's exposure to the investment community. The listing on the Nasdaq will provide IRIS a broader investor audience, improved liquidity and international visibility for the Company's shares."
Mr. Garcia said the Company's three-year, $18 million investment in research and development for the new iQ200 Automated Urine Microscopy Analyzer "is now beginning to pay off. The iQ200 is receiving an excellent reception from hospitals, laboratories and distributors who have ordered our new product platform and we believe this advanced technology will carry us well into a new era of sales and financial productivity," he said.
Also expected to contribute to accelerated sales of the iQ200 is IRIS' intensified worldwide marketing program. IRIS has already signed distribution agreements covering 37 countries in Europe and Asia. IRIS also recently announced that it has entered into an exclusive supply agreement for its new iQ200 Automated Urine Microscopy Analyzer with the Premier Purchasing Partners LP unit of Premier, Inc. Based in San Diego, Calif., Premier is a healthcare alliance that provides more than $17 billion in medical supplies and equipment annually to 1,500 participating hospitals and other healthcare facilities.
THE COMPANY
IRIS International, Inc. (www.proiris.com) is a leader in automated urinalysis technology with systems 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 near Houston, Texas, is the Company's imaging 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.