UNION CITY, Calif.,
Aug. 8, 2011 /PRNewswire/ -- ABAXIS,
Inc. (Nasdaq: ABAX) today announced that its Board of Directors has
approved the repurchase of up to an aggregate of $40,000,000 of its Common Stock. The
repurchases will be made from time to time on the open market at
prevailing market prices or in negotiated transactions off the
market.
Clint Severson, chairman and
chief executive officer of Abaxis, commented "We believe that the
repurchase program is a good investment of available funds and
underscores our commitment to enhancing shareholder value."
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 kilogram
(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. The veterinary
business also provides to the animal health and research market a
line of hematology instruments for point-of-care complete blood
counts (CBC), a specialty instrument to screen for and detect
clotting disorders and to measure equine fibrinogen levels, a
handheld instrument for the rapid assessment of certain critical
care tests and rapid point-of-care tests for Heartworm infections
in dogs, Parvovirus and Giardia. Abaxis is in the final
stages of building a full-service laboratory testing facility for
veterinarians, focusing on specialty and esoteric testing and
analysis. This state-of-the-art commercial laboratory will be
the hub of the Abaxis Veterinary Reference Laboratories (AVRL).
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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.