MONTREAL, QUEBEC--(MARKET WIRE)--Apr 29, 2009 -- Adaltis Inc. (Toronto:ADS.TO - News), an international in vitro diagnostic (IVD) company wishes to communicate recent changes in its key leadership team and recent developments in its business prospects.
The Corporation previously announced in February 2009 the appointment of Mr. Peter Bambic as President and Chief Executive Officer of Adaltis. Mr. Bambic was formerly with Ortho Clinical Diagnostics (OCD), a Johnson & Johnson company, and has over 25 years of sales and marketing experience in the IVD industry; particularly in the emerging markets that comprise the platform for Adaltis' planned revenue growth. As Managing Director for the Asia-Pacific Region, Mr. Bambic led OCD's push into the China market and has over 10 years experience doing business in that country. Mr. Bambic is based in Shanghai.
Subsequently, in March 2009, the Corporation announced the appointment of Mr. David Gardner as Executive Vice President and Chief Financial Officer of Adaltis, reporting to Mr. Bambic. Mr. Gardner was formerly Corporate Controller for Adaltis and will be dividing his time between the Corporation's Montreal and Shanghai headquarters.
In 2008, Adaltis announced the voluntary slowing down of sales for the Eclectica(TM) bench-top, integrated IVD system to focus on several market-driven product improvements. During 2008, the Corporation identified, designed and implemented improvements to the system, including new operating software, and in October 2008 announced the controlled re-launch of Eclectica(TM) into certain markets, namely China, Mexico and Italy. Over the past several months the Eclectica(TM) has performed well in customers' laboratories and Adaltis expects to re-launch a broad sales effort of the system in the second half of 2009.
The re-launch of Eclectica(TM) has taken longer than originally anticipated due to the decision to implement a controlled re-launch rather than a full market re-launch. This, coupled with a downturn in economic activity worldwide and the number of credit related issues, has resulted in a significant depletion of the Corporation's cash resources.
In light of the above, the significant volatility in the capital markets and the current challenges for companies such as Adaltis to access markets for financing, Adaltis is in discussion with certain parties to provide additional financing in order to ensure continuing operations beyond May 2009. No definitive agreements with potential investors have been reached yet and there can be no assurance that such agreements will be reached.
There can be no assurance that any transaction will be concluded or that Adaltis will be able to continue as a going concern without successfully raising additional financing through borrowings, share issuances, sale of assets or otherwise. The outcome of these matters is in large part beyond the Corporation's control and will likely be subject to a number of conditions, some of which may not be favourable to the Corporation.
Caution Concerning Forward-Looking Statements
Although this is not an exhaustive list, we caution you that statements concerning the following subjects in particular are, or are likely to be, forward-looking statements: the impact of our efforts to concentrate our management team in China and focus on our key IVD product lines, our expectations regarding the improvements to and the re-launch and the commercial prospects of Eclectica(TM), the impact of our accelerated streamlining efforts in Europe and elsewhere, the registration of our products in China, the short and long-term implications and the value of our holdings of asset-backed commercial paper, and any statements concerning the successful development, market penetration and sales of our products.
Important factors that could cause differences include factors, such as obtaining regulatory registrations, affecting our ability to achieve our strategy in China and other emerging markets, the successful and timely completion of our ongoing research and development efforts in particular related to Eclectica(TM), the launch of new products, the uncertainties of market factors and regulatory processes to which our business is subject, the ability to recover the value of our holdings of asset-backed commercial paper following the restructuring of the asset-backed commercial paper market, and the availability and terms of any financing. For additional information with respect to certain of these and other factors, refer to our Annual Information Form under the heading "Risk Factors" filed with the Canadian securities commissions.
The forward-looking statements contained in this press release represent the expectations of Adaltis Inc. and its subsidiaries as at the date hereof and accordingly are subject to change after such date. However, Adaltis Inc. and its subsidiaries expressly disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
About Adaltis Inc.
Adaltis is an international in vitro diagnostic company with a mission to become a leading provider of in vitro diagnostic products in emerging markets, with a particular focus on China.
With the strategic advantage of its "state of the art" reagent manufacturing facility located in Shanghai, China, a complete IVD product offering targeting emerging markets, and a strong international sales and distribution platform, Adaltis is able to manufacture high-quality products in a low-cost GMP environment, in order to service existing markets in Europe, while providing a platform to penetrate the high-growth Chinese in vitro diagnostic market.
Adaltis is headquartered in Montreal, with offices in China, Italy, Mexico and other parts of the world.
Executive Vice President and Chief Financial Officer
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