[COMPANY LOGO] For Immediate Release
- --------------------------------------------------------------------------------
CONTACT:
Mark L. Weinstein
President & Chief Executive Officer
Tel: (267) 757-1360
BIO-IMAGING TECHNOLOGIES APPOINTS PRICEWATERHOUSECOOPERS AS AUDITOR
-------------------------------------------------------------------
Newtown, PA., April 16, 2002 - Bio-Imaging Technologies, Inc. (NASD OTC BB:
BITI) ("Bio-Imaging" or the "Company") announced today that its Board of
Directors has appointed PricewaterhouseCoopers LLP as the Company's independent
auditors for the fiscal year ending December 31, 2002, replacing Arthur Andersen
LLP, effective immediately. The decision was made at the recommendation of the
Audit Committee of the Company's Board of Directors.
Commenting on the change, Dr. David E. Nowicki, Chairman of the Board of
Directors, said, "The appointment of PricewaterhouseCoopers was made after
extensive Audit Committee interviews with a number of top-ranked public
accounting firms. PricewaterhouseCoopers was chosen due to its reputation for
excellent service, professionalism, industry expertise, and to ensure that the
Company's stockholders continue to have the utmost confidence in the integrity
of the Company's financial statements. We are confident that
PricewaterhouseCoopers will provide Bio-Imaging with outstanding support, and we
look forward to beginning our audit relationship with them."
The decision to change auditors was not the result of any disagreement between
Bio-Imaging and Arthur Andersen on any matter of accounting principles or
practices, financial statement disclosures, or auditing scope or procedure.
Dr. Nowicki added "Arthur Andersen has provided quality service as independent
auditors to Bio-Imaging since 1998. Bio-Imaging has valued its relationship with
Andersen and we have high regard for the Andersen audit team's work ethic and
professionalism. However, in light of the current uncertainties at Arthur
Andersen, we felt it was in the best interest of our Company and our
stockholders to make the change now."
Bio-Imaging Technologies, Inc. is a pharmaceutical contract service organization
providing services that support the product development process of the
pharmaceutical, biotechnology and medical device industries. The Company has
specialized in assisting its clients in the design and management of the
medical-imaging component of clinical trials since 1990. Bio-Imaging serves its
clients on a global basis through its US Core Labs (Newtown and Plymouth
Meeting, PA), European Core Lab (Leiden, The Netherlands) and U.S. Business
Offices (New Jersey, Massachusetts and California).
#####
Certain matters discussed in this press release are "forward-looking statements"
intended to qualify for the safe harbors from liability established by the
Private Securities Litigation Reform Act of 1995. In particular, the Company's
statements regarding trends in the marketplace and potential future results are
examples of such forward-looking statements. The forward-looking statements
include risks and uncertainties, including, but not limited to, the integration
of the Intelligent Imaging business into the Company's operations, the timing of
projects due to the variability in size, scope and duration of projects,
regulatory delays, clinical study results which lead to reductions or
cancellations of projects, and other factors, including general economic
conditions and regulatory developments, not within the Company's control. The
factors discussed herein and expressed from time to time in the Company's
filings with the Securities and Exchange Commission could cause actual results
and developments to be materially different from those expressed in or implied
by such statements. The forward-looking statements are made only as of the date
of this press release and the Company undertakes no obligation to publicly
update such forward-looking statements to reflect subsequent events or
circumstances.