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Press Releases ---------------------------------------------------------------- FOR IMMEDIATE RELEASE
IRIS REALIGNS MANAGEMENT FUNCTIONS AT DIAGNOSTIC UNIT FOLLOWING DEPARTURE OF UNIT PRESIDENT Expects Continued Growth in Revenues and Profits in 2007 CHATSWORTH, Calif., Nov. 17, 2006 — IRIS International, Inc. (NASDAQ: IRIS) today announced that Dino M. Alfano, Corporate Vice President and President of the Iris Diagnostics Business Unit, is no longer employed with the company. "In light of Mr. Alfano's decision to leave the company, we are accelerating the planned realignment of management functions at the Iris Diagnostics Unit," stated IRIS President and Chief Executive Officer César García, who will assume direct responsibilities for the Diagnostics Unit until a replacement is identified. "The Diagnostics Unit is deep in seasoned management and has recently added several industry veterans with exceptional credentials, each of whom is quite experienced and successful at those activities required to accelerate an already strong business," Mr. García said. "We have recently added a new senior executive to oversee the underperforming service sector and will be adding a new head of sales to take charge of the commercialization of new products planned for 2007 and to accelerate record revenue growth." Mr. García continued, "We anticipate record contributions in 2007 from the Diagnostics Unit, spurred not only by continuing robust sales, but by a restoration of higher margins in the consumables and service end of the business. IRIS will exit 2006 with record revenues, a significant new product pipeline, no debt, cash of almost $20 million and high expectations for 2007." "The Board of Directors fully supports the initiatives taken by Mr. García, who has displayed extraordinary leadership and resolve," stated Board Chairman Richard H. Williams. "We remain confident that, under his leadership, the management team will deliver results and extend our business into new areas of diagnostics, all internally funded." ABOUT IRIS IRIS International, Inc. (http://www.proiris.com), based in Chatsworth, Calif., is a leader in automated urinalysis technology with systems in major medical institutions throughout the world. 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. The IRIS Molecular Diagnostics (IMD) Subsidiary develops innovative ultra-sensitive diagnostics and sample processing products with applications in the urinalysis, oncology and infectious disease markets. 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, and 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. |
