Abaxis, Inc. Receives Presidential “E” Award for Exports

UNION CITY, Calif., May 16, 2011 /PRNewswire/ -- Abaxis, Inc. (NasdaqGS: ABAX), a medical products company manufacturing point-of-care blood analysis systems, today announced the Company was awarded the Presidential “E” Award for Exports by U.S. Department of Commerce Secretary Gary Locke at the Department’s headquarters in Washington, D.C. The “E” Awards are the highest recognition any U.S. entity may receive for making a significant contribution to the expansion of U.S. exports.

“Exporting continues to be a significant part of our sales growth and we are honored to receive the “E” Award,” said Clint Severson, chairman and chief executive officer of Abaxis. Since 2006, which encompasses one of the most challenging macro-economic periods in the history of the United States, Abaxis’ annual exports have grown at a compounded rate of 21 percent.

Abaxis, Inc. is a Union City, California developer, manufacturer and marketer of portable blood chemistry analyzers for use in the human healthcare and veterinary markets to provide clinicians with rapid blood constituent measurements. Abaxis provides leading-edge technology, tools and services that support best medical practices, enabling physicians and veterinarians to respond to the health needs of their clients at the point-of-care while operating economical and profitable practices.

“Exports are a key driver of America’s economic recovery,” said Secretary of Commerce Gary Locke. “President Obama’s National Export Initiative (NEI), which aims to double U.S. exports by 2015 in support of several million American jobs, is a robust, forward-looking trade agenda with an emphasis on domestic job growth. Abaxis, Inc. is being honored today for making significant contributions toward fulfilling that agenda.”

“I congratulate you on your significant export achievement. It is businesses like yours that will help us meet or exceed the President’s NEI goals. Your firm provides an example we hope more American companies will follow,” Locke added.

A business client of the Department’s U.S. Commercial Service, Abaxis has benefited from export counseling, trade shows, market research, and business matchmaking to greatly expand its export sales. Currently, Abaxis exports to 33 different countries, a list that continues to expand every year. This allows a substantial increase in the volume of exports over a four-year period, a major criteria for the award.

U.S. companies are nominated for the “E” Awards through the U.S. Commercial Service office network in 108 U.S. cities and more than 75 countries which helps U.S. companies export. Criteria for the award is based on four years of successive export growth, usually accompanied by a rising percentage of export sales within total sales. An applicant’s demonstration of an innovative international marketing plan that led to the increase in exports is a significant factor in making the award.

All nominations are reviewed by the “E” Award Committee, which is chaired by the Department of Commerce, and includes representatives from ExIm Bank, and the Departments of Labor, State, and Transportation.

President Kennedy revived the World War II “E” symbol of excellence to honor and provide recognition to America’s exporters. Thus, the “E” Award Program was established by Executive Order 10978 on December 5, 1961.

A total of 27 U.S. companies were presented with the “E” Award at the May 16, 2011 World Trade Week ceremonies in Washington DC.

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.

SOURCE Abaxis, Inc.