EXHIBIT 99.1
IRIS ANNOUNCES APPOINTMENT OF DONALD C. MUELLER AS CORPORATE VP AND CHIEF
FINANCIAL OFFICER TO SUCCEED RETIRING MARTIN G. PARAVATO
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
Cesar Garcia.
"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. Garcia. "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. (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(R)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. The Company's
Sample Processing business unit (formerly the StatSpin(R) subsidiary), based in
Westwood, Mass., manufactures innovative centrifuges and blood analysis
products. Advanced Digital Imaging Research, LLC (ADIR), 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, 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(R)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.
CONTACT:
IRIS International, Inc.
Cesar Garcia, 818-709-1244 x123
or
The Wall Street Group, Inc.
Ron Stabiner, 212-888-4848
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Source: IRIS International, Inc.
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