| CONTACTS: |
César García,
President and Chief Executive Officer |
|
818-709-1244 or
|
|
Ron Stabiner, The Wall Street Group, Inc. |
|
212-888-4848 |
CHATSWORTH, Calif., Nov. 24,
2003 -- 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 premier
manufacturer of urine chemistry analyzers and diagnostics equipment,”
stated César García, 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
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™ Urine Chemistry
Analyzer. When the AX-4280 is combined with IRIS’ new product
platform, the iQ200
Automated Urine Microscopic Analyzer, the 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 iQ200.
The new stand-alone ARKRAY AJ-4270
is a smaller unit that is not designed for integration into the
sophisticated iQ200
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 strip 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
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.
