SOURCE: Averion International Corp.

September 22, 2006 08:00 ET

IT&E International Group Changes Name to Averion International Corp.; New Ticker Symbol: AVRO

BOSTON, MA and SAN DIEGO, CA -- (MARKET WIRE) -- September 22, 2006 -- IT&E International Group, Inc. (OTCBB: ITER), a clinical research organization (CRO) with substantial regulatory support, today announced that it has changed its name to Averion International Corp., and that its bulletin board ticker symbol has been changed to "AVRO." These changes will be effective at the open of business on September 22, 2006.

The name change, which was approved by the SEC and Nasdaq, combines the identity of IT&E International with Averion Inc. and its Millennix Oncology Division to reflect the newly combined CRO and its unique therapeutic areas of expertise. On July 31, 2006, IT&E completed a series of transactions under the Agreement and Plan of Merger announced on July 6, 2006 with Averion Inc., formerly a privately held Massachusetts corporation.

As previously announced, Dr. Philip T. Lavin, the founder and former Chief Executive Officer of predecessor Averion Inc., is the Chief Executive Officer of the new Averion International Corp. The newly combined companies have moved headquarters to the Averion office located in the Boston, Massachusetts suburb of Southborough.

Dr. Lavin said, "We are establishing a world-class CRO, and the new identity of Averion International Corp. reflects this company's solid foundation as well as its future prospects. The management team is in place, and we are focused on serving our clients within our unique therapeutic areas of expertise in the fields of oncology, dermatology, nephrology and medical devices."

About Averion Inc. and its Millennix Oncology Division

Averion Inc., headquartered in Southborough, Massachusetts, with its Millennix division in Rye Brook, NY, and the European division located in Darmstadt, Germany, is a full-service CRO in business for 23 years. The company has a therapeutic focus in dermatology, medical devices, nephrology, and oncology and core competence in FDA and product registration support, site selection, project management, medical and site monitoring, data management, biometrics, pharmacovigilance, medical writing, and full clinical trial management services throughout the clinical trials lifecycle. The company has supported more than 40 FDA approvals to date with no refusals among submissions accepted for filing; in addition, the company has helped achieve approvals for six oncology-related product approvals. (http://www.averioninc.com) (www.millennix-inc.com)

About IT&E International Group, Inc.

Headquartered in San Diego, IT&E International offers global regulatory compliance and validation services throughout the product development lifecycle. The company's team of industry veterans utilizes the latest tools and procedures to help its clients move quickly and effectively from drug development through the FDA approval process. Consulting services throughout the product development lifecycle include regulatory planning, providing skilled personnel for development operations, enterprise software and training to manage data and ensure FDA compliance and validation of new pharmaceutical manufacturing facilities. (http://www.iteinternational.com)


Forward-Looking Statement

Included in this release are "forward-looking statements." Statements in this press release that are forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties. In some cases, forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," "estimates" and similar expressions. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations reflected in such forward-looking statements will prove to have been correct. The Company's actual results could differ materially from those anticipated in the forward-looking statements. The Company refers you to the cautionary statements and risk factors set forth in the documents it files with the Securities and Exchange Commission, including its most recent 10-KSB. The Company is not under any obligation (and expressly disclaims any obligation) to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact Information

  • For more information, contact:
    Hulus Alpay
    (212) 508-9600
    Makovsky + Company