LOS ANGELES, CA--(MARKET WIRE)--Jun 29, 2007 -- HemaCare Corporation (OTC BB:HEMA.OB - News) reported today that Judi Irving has resigned as President, CEO and Company Director to pursue other opportunities. Julian Steffenhagen, Chairman of the Board of Directors, has been named interim CEO and will serve in this capacity while the Company searches for a replacement.
Mr. Steffenhagen said, “Judi Irving has made an important contribution toward stabilizing Company operations and beginning a move into research markets. We intend to continue to focus on expanding sales to research customers, an activity that builds on HemaCare’s experience in blood products and services.”
About HemaCare Corporation
Founded in 1978, HemaCare is a provider of blood products and services to the healthcare industry in the U.S. HemaCare is licensed by the FDA and accredited by the AABB. The Company focuses on providing cost effective, high quality solutions to organizations with a need for blood-related products and services.
This press release contains “forward-looking statements” under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements herein that are not historical facts (including the statement as to our intention to continue to focus on expanding sales to research customers) are forward-looking statements pursuant to the safe harbor provisions referenced above. You may also identify forward-looking statements by use of the words “anticipates,” “expects,” “intends,” “plans” and similar expressions. Forward-looking statements are inherently subject to risks and uncertainties some of which cannot be predicted or quantified. Such risks and uncertainties include, without limitation, the Company’s ability to continue or maintain the improvement in the revenues and margins of its blood products or blood services segment; its ability to continue to control general and administrative expenses as a percent of sales; the need to successfully complete its operating plan to improve profits; the potential loss of the Company’s lines of credit; the potential inability of the Company to meet future capital needs; changing demand for blood products could affect profitability; market prices might not rise as costs increase; competition may cause a loss of customers and an increase in costs; operations depend on obtaining the services of qualified medical professionals and competition for their services is strong; declining blood donations; the Company’s dependence on reimbursement rates of third party payors; targeted partner blood drives involve higher collection costs; reliance on relatively few vendors for significant supplies and services could affect the Company’s ability to operate; limited access to insurance; the competitive advantage enjoyed by not-for-profit companies; potential changes in the healthcare industry; future technology for blood collection and blood replacement; the impact of heavy regulation in the Company’s industry; potential liability for undetected blood pathogens and other product safety and liability concerns; environmental risks associated with biohazardous substances; the threat of business interruption due to terrorism and the security measures taken in response to terrorism; the provisions of the Company’s charter documents that might delay or prevent an acquisition or sale of the Company; lack of liquidity and market risk associated with OTC Bulletin Board stocks; strategy to acquire companies may result in unsuitable acquisitions or failure to successfully integrate acquired companies, which could lead to reduced profitability; volatility in stock price; potential dilution that could result from future sales of the Company’s common stock; and the other risks and uncertainties discussed from time to time in the documents HemaCare files with the Securities and Exchange Commission. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Consequently, future events and actual results could differ materially from those set forth in, or contemplated by, the forward-looking statements contained herein. The Company undertakes no obligation to update any of these forward-looking statements to reflect actual results or events or circumstances after the date hereof.
Contact: Contact: HemaCare Corporation Robert S. Chilton Executive Vice President and Chief Financial Officer 877-310-0717 http://www.hemacare.com
Source: HemaCare Corporation
