EXHIBIT 99.1
IRIS REALIGNS MANAGEMENT FUNCTIONS AT DIAGNOSTIC UNIT FOLLOWING DEPARTURE OF
UNIT PRESIDENT
EXPECTS CONTINUED GROWTH IN REVENUES AND PROFITS IN 2007
CHATSWORTH, Calif.-- 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 Cesar Garcia, 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. Garcia 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. Garcia 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. Garcia, 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."
THE COMPANY
IRIS International, Inc. (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(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. 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 financial performance, market growth, capital requirements, 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; 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.
CONTACT:
IRIS International, Inc.
Cesar Garcia, 818-709-1244 x 7123
Chief Executive Officer
or
The Wall Street Group, Inc.
Ron Stabiner / Paul Del Colle, 212-888-4848
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