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Biotech / Medical : ABAX --- lots of upside -- Ignore unavailable to you. Want to Upgrade?

To: PACKRATCAT who wrote (443)	5/28/1998 8:17:00 PM
From: burner	Respond to of 492

Thursday May 28, 9:20 am Eastern Time Company Press Release SOURCE: Abaxis, Inc. ABAXIS Announces Organizational Changes SUNNYVALE, Calif., May 28 / -- ABAXIS, Inc. (Nasdaq: ABAX - news), a medical products company manufacturing point-of-care blood chemistry systems, announced today several organizational changes. The Board of Directors has appointed Clint Severson Chairman of the Board, in addition to his responsibilities as President and CEO. Joining the company as the new Vice President of Domestic Marketing and Sales is Jim Canfield. Mr. Canfield brings extensive experience from both the human healthcare and veterinary healthcare markets. Most recently he served as the Vice President of Marketing and Sales for Idexx Informatics, a $32 million division of Idexx Laboratories focused on veterinary practice management software. Mr. Canfield replaces Vladimir Ostoich, Ph.D., who returns to his original position as Vice President of Engineering. The company also announced the appointment of Robert Milder as the new Vice President of Operations. Mr. Milder brings to ABAXIS a broad-based technical background, complemented by diverse manufacturing experience, most recently in his position as Vice President of Manufacturing for Nidek, Inc., a manufacturer of ophthalmic and surgical lasers. In addition, the company announced two promotions. Larry Reynolds will become the Vice President of Marketing and Sales, Pacific Rim and Latin America. Mr. Reynolds joined the company in February 1997 as Director of Marketing and Sales. Also promoted is Diane Oates, to Vice President of Regulatory Affairs/Quality Systems. Ms. Oates joined ABAXIS in July 1997 as Director of Regulatory Affairs/Quality Systems. Finally, the company also announced that Chief Financial Officer and Vice President of Finance, Ting Lu, is leaving at the end of the month to join a private software company. In the interim, Reba Witwer, Controller, will serve as acting Chief Financial Officer until Ms. Lu's replacement is appointed. Clint Severson, Chairman, commented, ''We thank Ting for her six years of guidance and expertise and wish her much success in her new venture. These new additions to the company will help move us to the next level of growth. Our sales have grown by 67% in the last year, while our losses were reduced by 31%. We anticipate continuing improvement and look forward to the contributions from the new team.'' Founded in 1989, ABAXIS develops, manufactures and markets portable blood analysis systems for use in any patient-care setting to provide clinicians with rapid blood constituent measurements. The system consists of a compact, 6.9 kilogram, portable analyzer and a series of 8 cm diameter single-use plastic disks, called reagent discs, that contain all the reagents necessary to perform a fixed menu of tests. The system can be operated with minimal training and perform multiple tests on whole blood using either venous or fingerstick samples. The system provides test results in less than 14 minutes with the precision and accuracy equivalent to a clinical laboratory. This press release contains forward-looking statements which are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The future events described in such statements involve risks and uncertainties, including but not limited to, risks and uncertainties related to the market acceptance of the Company's products and the continuing development of its products, risks associated with manufacturing and distributing its products on a commercial scale, general market conditions, competition, risks and uncertainties related to its ability to raise capital in order to fund is operations and other risks detailed from time to time in ABAXIS' periodic reports filed with the United States Securities and Exchange Commission.