UNION CITY, Calif.,
May 2, 2011 /PRNewswire/ -- Abaxis,
Inc. (NasdaqGS: ABAX), a medical products company manufacturing
point-of-care blood analysis systems, today announced Vernon Altman has been appointed to the
Company's Board of Directors, effective immediately. The addition
of Mr. Altman brings to seven the number of members on the Abaxis
board with six of those board members being independent.
Mr. Altman is Senior Advisor of Bain & Company, a leading
global business consulting firm. He serves clients on issues of
strategy, operations, technology, organization and mergers and
acquisitions. Mr. Altman joined the founding group to start
Bain in 1973.
Mr. Altman has experience in most important industries, with
particular emphasis on telecommunications / Media / Technology;
practices at Bain that he founded. He also founded Bain's
Aerospace & Defense Practice and Full Potential Transformation
Practice, which assists companies in transforming and achieving
their full-potential. He also leads Bain's CEO Coaching
Practice and formerly led its Partner Training Programs. Mr.
Altman founded Bain's European, Japanese and U.S. West Coast
practices and has broad experience in strategy development and
implementation for U.S. and international corporations.
He is Chairman of the Board of Directors of Vobile, a company
focused on content protection and monetization for media companies
and other digital media stakeholders. He was also a Board
Member of Napster prior to its acquisition by Best Buy.
Mr. Altman earned Bachelors and Masters degrees in Electrical
Engineering from the Massachusetts Institute
of Technology, and a Masters in Management from MIT's Sloan
School.
Clint Severson, chairman and
chief executive officer of Abaxis, commented, "We are pleased to
have Vernon Altman join the Abaxis
Board of Directors. Vernon has a vast array of experiences in many
different industry segments that will provide all of us at Abaxis
particularly sharp insights as we continue to grow our business. We
look forward to Vernon's guidance and leadership in the coming
years as Abaxis continues to advance on its path to become the
leading provider in the veterinary and medical point-of-care
healthcare diagnostic testing sectors."
About Abaxis
Abaxis develops, manufactures, markets and sells portable blood
analysis systems for use in any veterinary or human patient-care
setting to provide clinicians with rapid blood constituent
measurements. The system consists of a compact, 5.1 kilograms
(11.2 pounds), portable analyzer and a series of single-use plastic
discs, called reagent discs that contain all the chemicals required
to perform a panel of up to 13 tests on veterinary patients and 14
tests on human patients. The system can be operated with
minimal training and performs multiple routine tests on whole
blood, serum or plasma samples. The system provides test
results in less than 12 minutes with the precision and accuracy
equivalent to a clinical laboratory analyzer.
This press release includes, statements that constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 (the "Reform Act"),
including but not limited to statements related to Abaxis' cash
position, financial resources and potential for future growth,
market acceptance and penetration of new or planned product
offerings, and future recurring revenues and results of operations.
Abaxis claims the protection of the safe-harbor for
forward-looking statements contained in the Reform Act. These
forward-looking statements are often characterized by the terms
"may," "believes," "projects," "expects," "anticipates," or words
of similar import, and do not reflect historical facts.
Specific forward-looking statements contained in this press
release may be affected by risks and uncertainties,
including, but not limited to, those related to losses or system
failures with respect to Abaxis' facilities or manufacturing
operations, fluctuations in quarterly operating results, dependence
on sole suppliers, the market acceptance of Abaxis' products and
the continuing development of its products, required United States
Food and Drug Administration clearance and other government
approvals, risks associated with manufacturing and distributing its
products on a commercial scale free of defects, risks related to
the introduction of new instruments manufactured by third parties,
risks associated with competing in the human diagnostic market,
risks related to the protection of Abaxis' intellectual property or
claims of infringement of intellectual property asserted by third
parties, risks related to condition of the United States economy and other risks
detailed under "Risk Factors" in Abaxis' Quarterly Report on Form
10-Q for the fiscal quarter ended December
31, 2010 and Abaxis' other periodic reports filed from time
to time with the United States Securities and Exchange Commission.
Forward-looking statements speak only as of the date the
statements were made. Abaxis does not undertake and
specifically disclaims any obligation to update any forward-looking
statements.
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Contact:
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Clint Severson
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Lytham Partners, LLC
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Chief Executive
Officer
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Joe Dorame, Robert Blum and Joe
Diaz
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Abaxis, Inc.
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602-889-9700
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510-675-6500
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SOURCE Abaxis, Inc.