www.labresearch.com
Toronto Stock Exchange Symbol: LRI
LAVAL, QC, Feb. 9 /PRNewswire-FirstCall/ - LAB Research Inc. ("LRI", "LAB Research" or the "Company") , a Canadian-based global non-clinical contract research organization, today announced the nomination of Mr. Carl A. Spalding as Chairman of its Board of Directors in replacement of Mr. Karsten Skydsgaard who previously communicated a wish to step down of the Board to focus on his other professional obligations.
"On behalf of the Board of Directors, I would like to thank Karsten for his dedication and contribution to LAB Research since our 2006 Initial Public Offering ("IPO"). His expertise, and continuous support toward the Company have played a key role in LRI's development and success," said Mr. Luc Mainville, Chief Executive Officer and President of LAB Research.
Mr. Spalding brings to LRI extensive operational experience and contacts in the global pharmaceutical and contract research organization industries. Mr. Spalding has held numerous senior executive positions such as President and Chief Operating Officer of PAREXEL International Corporation, Executive Vice President and Group President, Healthcare Products Services at Cardinal Health and Vice President and General Manager, Ross Products for Abbott Laboratories.
"I am impressed with the timely execution and completion of the growth and development strategy put forward by the Senior Management team at LRI since its 2006 IPO. I am also confident that the recently adopted measures to insure a swift improvement of the Company's financial performance will prove to be successful and look forward to actively participating in the continued success of LAB Research," commented Mr. Spalding.
"We are very fortunate to have someone of Carl's calibre and with such industry experience and relationships to assume the Chairmanship of LAB Research. Now that we have completed our expansion program and are positioned to benefit from the significant revenue capacity added, we will greatly benefit from Carl's strong global operational background and business insight as we strive towards improving our profitability and overall financial performance," added Mr. Luc Mainville.
About LAB Research Inc.:
LAB Research is a Canadian global non-clinical contract research organization that provides contract research services to the pharmaceutical, biotechnology, agro-chemical, petro-chemical and industrial markets. LAB Research supports the development of its customers' products from three state-of-the-art facilities located in Canada, Denmark and Hungary.
LAB Research's shares trade on The Toronto Stock Exchange ("TSX") under the symbol "LRI", with 18.1 million shares outstanding.
This news release contains certain forward-looking statements that reflect the current views and/or expectations of LAB Research Inc. with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.
CONTACT: visit LAB Research's website at www.labresearch.com, or contact:
Luc Mainville, Chief Executive Officer, (450) 973-2240 (ext. 1206),
mainvillel@labresearch.com; Frederic Dumais, Partner, Jasmin-Dumais
Financial Communications, (514) 862-1251, fred@comjamais.com
