"Adaltis is continuing to invest and focus on its strategy to become a leading IVD player in China and emerging markets. We are progressing well in the commercialization of our infectious disease products in key emerging markets. In addition, considerable progress is being made on the optimization of our flagship product, Eclectica(TM), which we believe is an effective and affordable solution for small- and medium-sized laboratories in emerging markets. This transaction will further allow us to accelerate the streamlining of our costs in Europe, which will result in a significant reduction of our cash burn in the second half of 2008. From now on, all our resources will be dedicated to our Chinese expansion and further development of Eclectica(TM)" said Mr. Pierre Larochelle, President and Chief Executive Officer of Adaltis.
About Adaltis
Adaltis is an international in vitro diagnostic company that develops, manufactures and markets diagnostic systems. It aims to leverage its experience in Europe to become a leading provider of in vitro diagnostic products in emerging markets, with a particular focus on China.
With the assistance of its two strategic shareholders, CITIC Pacific Limited (a large Hong Kong-based conglomerate) and Picchio Pharma Inc. (a joint venture healthcare investment firm owned by FMRC Family Trust (a trust of which Dr. Francesco Bellini is a beneficiary), and Power Technology Investment Corporation, a subsidiary of Power Corporation of Canada), Adaltis has completed building its manufacturing facility in Shanghai. Now operational, the production facility manufactures 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, Hong Kong, Italy, Germany and Mexico.
Caution Concerning Forward-Looking Statements
Certain statements made in this press release, including in particular the specific terms and conditions of this transaction, the likelihood and timing of the final closing, and the specific impact of the transaction and the subsequent streamlining of our costs in Europe, are forward-looking statements and are subject to important risks, uncertainties and assumptions. The Company cautions that, by their nature, forward-looking statements involve risk and uncertainty and the Company's actual actions or results could differ materially from those expressed or implied in such forward-looking statements. 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.
For additional information with respect to the risks and uncertainties and other factors that could cause the results or events predicted in these forward-looking statements to differ materially from actual results or events, please refer to the Annual Information Form of the Company filed with the Canadian securities commissions.
Contacts: Adaltis Inc. Jacques Deforges Vice President, Finance and Chief Financial Officer 514-335-9922, ext. 245 jacques.deforges@adaltis.com
Adaltis Inc. Pierre-Marc Sarrazin Corporate Treasurer and Director, Investor Relations 514-335-9922, ext. 246 pierre-marc.sarrazin@adaltis.com
Source: Adaltis Inc.
