| CONTACTS: |
César García, President and Chief Executive Officer |
|
818-709-1244 Ext. 123 or
|
|
Ron Stabiner, The Wall Street Group, Inc. |
|
212-888-4848 |
CHATSWORTH, Calif., May 2, 2006
— IRIS International, Inc. (NASDAQ: IRIS) a manufacturer and marketer of automated IVD urinalysis systems and medical devices
used in hospitals and clinical reference laboratories worldwide, today announced the appointment of Donald C. Mueller as Corporate Vice President and Chief Financial
Officer, replacing Martin G. Paravato, who is taking his planned retirement.
Mr. Mueller, who will assume his new position May 11, has broad expertise in financial and strategic planning, budget development
and management, accounting and financial operations, banking relations and cash management. Mr. Paravato will continue in a consulting capacity with the Company.
"Marty Paravato has been an integral part of the new senior management team that successfully transitioned IRIS from a company
mostly dependent on a mature, single legacy product distributed in the U.S. to a major international medical device company with multiple products and platforms. In
the process, IRIS achieved record revenues and earnings, eliminated all debt, built cash to $19 million at Dec. 31, 2005, and is confident of continuing this trend
well into the future. We thank Marty for his contributions and are pleased that he will assist us in a smooth transition," said President and Chief Executive
Officer César García.
"We are fortunate that in Don Mueller we have a seasoned financial executive with a brilliant record in corporate financial
management, one who will provide IRIS ongoing strategic financial guidance and oversight as the Company continues its rapid growth and expansion," said Mr.
García. "A hallmark of IRIS' longer range planning has been the continuing addition in all of our business segments of highly credentialed executives
with outstanding histories of business successes. Don Mueller exemplifies the type of executive we require to best guide and oversee the rapid and orderly growth of
our Company."
Mr. Mueller has had more than 20 years of experience in finance and accounting, most recently as Vice President, Chief Financial
Officer and Treasurer of Transportation Industries, Inc., a $600 million manufacturer of components for the North American commercial vehicles market, and was
instrumental in completing the Company's merger with Accuride Corporation (NYSE:ACW). In his eight years as a senior financial executive at TTI, Mr. Mueller
arranged and negotiated $400 million in financing for a management led buyout of the Company in 2000, as well as the refinancing of $265 million in remaining debt
in 2003. During his tenure, he also developed restructuring plans and initiated the implementation of Sarbanes-Oxley internal controls.
Mr. Mueller's previous corporate finance positions were at Fisher Scientific International, Inc. (NYSE: FSH), from 1993-1998,
where he served as Acting Corporate Controller for the multinational company with 30 operating units. In this position, he was responsible for financial planning,
corporate consolidation, Securities and Exchange Commission reporting and internal controls. Other positions included Vice President, Finance-Fisher Products Group,
with responsibility for financial oversight of 10 manufacturing divisions with annual sales of $300 million, and Vice President, Finance, Fisher Hamilton Inc.
Mr. Mueller, 42, a Certified Public Accountant, graduated in 1985 from the University of San Diego with a Bachelor of Business
Administration degree, summa cum laude, and began his career as an accountant and audit manager for Deloitte & Touche.
The Company
IRIS International, Inc. (http://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®200 Automated Urine
Microscopy Analyzer, utilizing image flow cytometry, patented flow microscope technology and neural network-based particle recognition, achieves a significant
reduction in the cost and time-consuming steps involved in manual microscopic analysis. Iris Molecular Diagnostics is a development stage subsidiary with platform
technologies for ultra-sensitive detection for high volume applications in microbiology, oncology and infectious diseases. The Company's Sample Processing
business unit (formerly the StatSpin® subsidiary) (www.statspin.com), based in Westwood, Mass.
manufactures innovative centrifuges and blood analysis products. Advanced Digital Imaging Research, LLC (ADIR)
(www.adires.com), 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®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.