Medindia

X

Arbitration Panel Issues Ruling in Distribution Dispute

Saturday, July 26, 2008 General News J E 4
Advertisement
WALTHAM, Mass., July 25 Inverness MedicalInnovations, Inc. (Amex: IMA), a leading provider of rapid diagnostic productsand health management services, announced that it received today a decisionfrom an arbitration tribunal. That decision, directed at Inverness' Binaxsubsidiary, awards Binax's distributor in Spain and Portugal approximately$13.8 million, including interest and arbitration related expenses. WhileInverness is reviewing the decision and will evaluate its next steps, theterms of the distribution agreement provide limited remedies to Invernessrelated to the tribunal's decision.

Inverness will record an after tax charge of approximately $8.6 million or$0.10 per diluted share related to the decision in its earnings for the secondquarter of 2008, which are scheduled to be released on July 29, 2008.

About Inverness

By developing new capabilities in near-patient diagnosis, monitoring andhealth management, Inverness Medical Innovations enables individuals to takecharge of improving their health and quality of life. A global leader in rapidpoint-of-care diagnostics, Inverness' products, as well as its new productdevelopment efforts, focus on infectious disease, cardiology, oncology, drugsof abuse and women's health. Inverness is headquartered in Waltham,Massachusetts. For more information about Inverness Medical Innovations,please visit http://www.invernessmedical.com.

Statement under the Private Securities Litigation Reform Act

This press release contains forward-looking statements within the meaningof the federal securities laws. Actual results may differ materially due tonumerous factors, including without limitation, the demand for Inverness'current and future products; the ability of Inverness to efficientlymanufacture those products and the risks and uncertainties described inInverness' periodic reports filed with the Securities and Exchange Commission.The Company undertakes no obligation to update any forward-looking statements.

SOURCE Inverness Medical Innovations, Inc.
Advertisement


Advertisement

You May Also Like

Advertisement
View All

Post your Comments

Comments should be on the topic and should not be abusive. The editorial team reserves the right to review and moderate the comments posted on the site.
User Avatar
* Your comment can be maximum of 2500 characters
I agree to the terms and conditions
s
EPA Confirms That Granite Countertops Pose No Sign...
S
Corporate Donors Support American Red Cross Respon...