(PR NEWSWIRE) Bio-Imaging Technologies, Inc. Holds Annual Shareholder Meeting
Bio-Imaging Technologies, Inc. Holds Annual Shareholder Meeting in New
Corporate Headquarters
NEWTOWN, Pa., Feb. 25 /PRNewswire/ -- Today, Bio-Imaging Technologies,
Inc. (OTC Buletin Board: BITI) held its annual shareholders meeting at its new
US Image processing facility and Corporate Headquarters in Newtown,
Pennsylvania. In commenting on the new facility, Mark L. Weinstein, President
and CEO, said, "We are very excited about our new facility. We were able to
design our space to maximize the efficiency of processing medical imaging
data. This helps us provide a higher level of service to our clients. It
also provides us with the additional space that we need as our business grows,
while ensuring enhanced data protection and process security."
The following points were addressed at the meeting.
-- Financial results for the first quarter Fiscal 2000, ending
December 31, 1999 were a net loss for the quarter of approximately
$300,000, or $(0.04) per diluted share, on revenues of approximately
$1,078,000. This result compares to a net loss of approximately
$346,000, or $(0.05) per diluted share on revenues of $824,000 for the
same period last year.
In commenting on the first quarter results, Mr. Weinstein said,
"Although we were disappointed with the financial results, as
reported, our analysis shows that the majority of our shortfall from
projections was the result of delays in clinical trials starting and
slower than anticipated patient recruitment for studies underway.
When we compare our first quarter 1999 to our first quarter 2000 we see
that the number of active clients we are working with has increased by
70% (17 to 29) and the number of active projects has increased by 80%
(29 to 52)."
-- David Nowicki, DMD has been named Chairman of the Board of Directors.
Dr. Nowicki has been a member of the Board since 1998 and is focused
on building a systematic Corporate Governance structure to optimize
shareholder representation and the growth in corporate value.
-- David M. Stack joined the Board of Directors in January 2000. Mr.
Stack has a wealth of pharmaceutical and clinical research experience
that will be valuable to the company. From May 1995 to December 1999,
he served as the President and General Manager of Innovex, Inc.
Innovex, Inc. is a division of Quintiles Transnational, Inc. (QTRN).
Prior to this experience, he has held various marketing and
development positions at several pharmaceutical companies.
Commenting on the recent appointments, Mr. Weinstein said, "I am very
excited that David Nowicki is taking a lead position on our Board and
that David Stack has joined our Board. These changes and additions
will be very valuable to the company as we work together to take the
company to the next level".
-- Mr. Weinstein presented an overview of the operations and announced
that the company will begin to present a Contract/Committed Backlog
number on a quarterly basis, in order to keep the investment community
better informed of the company's progress. Mr. Weinstein went on to
say that the Contract Backlog number as of December 31, 1999 was
approximately $12.3M and this compares to a backlog of $6.5M as of
December 31, 1998.
Commenting on the backlog Mr. Weinstein said, "The fact that our
backlog has increased by 89% is an indication that our business
development activities are starting to produce results that will be
seen in the coming months."
Bio-Imaging Technologies, Inc. is a biomedical information technology and
clinical research services company that has provided total imaging solutions
for clinical trials since 1990. Bio-Imaging provides products and services
that support clinical trial study preparation, centralized image processing,
independent fully computerized medical reviews, and image-based regulatory
submissions. Bio-Imaging serves its clients on a global basis through its
Corporate headquarters (Newtown, PA), US Business Offices (New Jersey,
Massachusetts and California) and its European office (Leiden, The
Netherlands).
Certain matters discussed in this press release are "forward-looking
statements" intended to qualify for the safe harbors from liability
established by the Private Securities Litigation Reform Act of 1995. In
particular, the Company's statements regarding trends in the marketplace,
potential future results and the backlog of contracts are examples of such
forward-looking statements. The forward-looking statements include risks and
uncertainties, including but not limited to, the timing of projects due to the
variability in size, scope and duration of projects, the cancellation of
ongoing contracts, regulatory delays, clinical study results which lead to
reductions or cancellations of projects, and other factors, including general
economic conditions and regulatory developments, not within the Company's
control. The factors discussed herein and expressed from time to time in the
Company's filings with the Securities and Exchange Commission could cause
actual results and developments to be materially different from those
expressed in or implied by such statements. The forward-looking statements
are made only as of the date of this press release and the Company undertakes
no obligation to publicly update such forward-looking statements to reflect
subsequent events or circumstances.
SOURCE Bio-Imaging Technologies, Inc.
-0- 02/25/2000
/CONTACT: Mark L. Weinstein of Bio-Imaging Technologies, 267-757-1360,
ext. 239/
/Web site: bioimaging.com /
(BITI)
CO: Bio-Imaging Technologies, Inc.
ST: New Jersey
IN: CPR MTC
SU:
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