Adaltis Inc.
TSX : ADS

Adaltis Inc.

May 08, 2008 18:47 ET

Adaltis Holds Annual Meeting of Shareholders-Highlights Progress on its Execution Plan

MONTREAL, QUEBEC--(Marketwire - May 8, 2008) - Adaltis Inc. (TSX:ADS), an international in vitro diagnostic company, today held its annual meeting of shareholders at which it highlighted progress on its execution plan, specifically on the important steps forward taken to become a leading provider of immunoassay diagnostic systems in emerging markets, specifically focusing on China. Adaltis President and Chief Executive Officer, Pierre Larochelle, updated shareholders on the key decisions taken and implemented over the past year to accelerate the transition of Adaltis into a China-based company.

Mr. Larochelle also noted today's closing of the sale of the company's European business to Radim SpA of Rome, Italy. As previously disclosed on March 10, 2008, this transaction includes the sale of specific assets and commercial operations in Italy, as well as the sale of the German subsidiary Adaltis Deutschland GmbH.

"Over the last 3 years, Adaltis has built the foundation of our China organization, and we are now accelerating the transition by consolidating and strengthening the leadership of key functions in China. The closing of the sale of our European operations announced today is a major milestone of our plan to create a leading China-based IVD company. With the consolidation of the global management team in China and the streamlining of our European operations, we will become a smaller and leaner organization focused on China and key emerging markets" said Mr. Larochelle.

At the meeting, the shareholders also elected two new members to the Board of Directors - Mr. Charles Cavell and Mr. Victor Yang. Mr. Cavell brings years of operational experience to the Board, and Mr. Yang's considerable experience as a business executive in China will be of great value in Adaltis' continuing transition to becoming a leading China-based IVD company. Dr. Francesco Bellini, Chairman of the Board, did not stand for re-election. Mr. Larochelle specifically acknowledged Dr. Bellini, noting the key role he played in the company's development over the years, and thanked him personally and on behalf of the company for his years of valued service.

About Adaltis

Adaltis is an international in vitro diagnostic company that develops, manufactures and markets diagnostic systems. It aims to leverage its experience in Europe to become a leading provider of in vitro diagnostic products in emerging markets, with a particular focus on China.

With the assistance of its two strategic shareholders, CITIC Pacific Limited (a large Hong Kong-based conglomerate) and Picchio Pharma Inc. (a joint venture healthcare investment firm owned by FMRC Family Trust (a trust of which Dr. Francesco Bellini is a beneficiary), and Power Technology Investment Corporation, a subsidiary of Power Corporation of Canada), Adaltis has completed building its manufacturing facility in Shanghai. Now operational, the production facility manufactures high-quality products in a low-cost GMP environment, in order to service existing markets in Europe, while providing a platform to penetrate the high-growth Chinese in vitro diagnostic market.

Adaltis is headquartered in Montreal, with offices in China, Hong Kong, Italy, Germany and Mexico.

Caution Concerning Forward-Looking Statements

Certain statements made in this press release, including in particular the specific impact of the Radim transaction and the streamlining of operations in Europe, are forward-looking statements and are subject to important risks, uncertainties and assumptions. The Company cautions that, by their nature, forward-looking statements involve risk and uncertainty and the Company's actual actions or results could differ materially from those expressed or implied in such forward-looking statements. The forward-looking statements contained in this press release represent the expectations of Adaltis Inc. and its subsidiaries as at the date hereof and accordingly are subject to change after such date. However, Adaltis Inc. and its subsidiaries expressly disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

For additional information with respect to the risks and uncertainties and other factors that could cause the results or events predicted in these forward-looking statements to differ materially from actual results or events, please refer to the Annual Information Form of the Company filed with the Canadian securities commissions.

Contact Information