| CONTACTS: |
César García,
Chairman and Chief Executive Officer |
|
818-709-1244
|
|
-or-
|
|
Ron Stabiner, The Wall Street Group, Inc. |
|
212-888-4848 |
CHATSWORTH, CA, May 28, 2008 - IRIS INTERNATIONAL, INC. (NASDAQ: IRIS),
a leading manufacturer of automated in-vitro diagnostics systems and consumables for use in hospitals and commercial laboratories worldwide, today announced that its Iris Diagnostics
business division has renewed its supply agreement for its automated urinalysis systems, related products and consumables with MAGNET Cooperative, one of the largest and most
experienced shared service organizations in the U.S.
Under the terms of the new three-year agreement with MAGNET Cooperative, effective May 8, 2008, MAGNET will offer the full line of the Company's
products including the iQ®200 Urine Microscopy Analyzer, the iQ® Body Fluids Module, the AUTION MAX™ AX-4280 Automated Urine Chemistry Analyzer,
the iChem™100 semi-automated urine chemistry system, along with all related consumables and service agreements.
"With MAGNET serving more than 12,000 healthcare systems including more than 775 acute care hospitals, we are pleased that our flagship automated
urinalysis systems will continue to be made available to a significant group of healthcare providers," said Thomas Warekois, President of Iris Diagnostics.
About MAGNET Cooperative
Founded during the 1979 Middle Atlantic Health Congress, Mid-Atlantic Group Network of Shared Services (MAGNET) was created to develop contracts on behalf of its members in the niche
market of capital equipment. MAGNET is one of the oldest, largest, and most experienced shared service organizations in the country. Today, MAGNET serves approximately 12,000 providers,
including hospitals, alternate care facilities, and physician practices and clinics with a contract portfolio that includes equipment, services, commodities and the newly emerging area
of niche/boutique (innovative and cost-reducing) products.
ABOUT IRIS INTERNATIONAL, INC.
IRIS International a leading global in vitro diagnostics company focused on products that analyze particles and living cell forms and structures, or morphology of a variety of body
fluids. Our products leverage our strengths in flow imaging technology, particle recognition and automation to bring efficiency to hospital and commercial laboratories. The initial
applications for our technology have been in the urinalysis market and we are the leading worldwide provider of urine microscopy systems, with an installed base of more than 1,800
systems in over 50 countries.
SAFE HARBOR PROVISION
This press 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 financial performance, market growth, capital requirements, regulatory developments, new product
introductions and acquisitions, 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, R&D initiatives,
competition and capital requirements. Other factors and uncertainties that could affect the Company's forward-looking statements include, among other things, the following:
identification of feasible new product initiatives, management of R&D efforts and the resulting successful development of new products and product platforms; obtaining regulatory
approvals for new and enhanced products; acceptance by customers of the Company's products; integration of acquired businesses; substantial expansion of international sales;
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;
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 competitive factors, including pricing pressures and the introduction by others
of new products with similar or better functionality than our products. These and other risks are more fully described in the Company's filings with the Securities and Exchange
Commission, including the Company's most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which should be read in conjunction herewith for a further
discussion of important factors that could cause actual results to differ materially from those in the forward-looking statements. The Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
