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.
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.