MIAMI, Nov. 29, 2016 (GLOBE NEWSWIRE) -- ERBA Diagnostics, Inc. (OTC PINK:ERBA) (the “Company”), a fully integrated in vitro diagnostics company, announced today that, effective as of January 1, 2017, Hayden Jeffreys will become the Interim Chief Executive Officer of the Company. As previously reported, on December 31, 2016, the Employment Agreement (as amended) between the Company and Mohan Gopalkrishnan, the Company’s Chief Executive Officer, will expire in accordance with its terms and Mr. Mohan’s service as the Chief Executive Officer of the Company will cease.
Suresh Vazirani, Executive Chairman of the Board said, “I would like to thank Mr. Mohan for his stewardship during a turbulent period for the Company and wish him the best of luck in his future endeavors.”
Mr. Jeffreys’ appointment as Interim Chief Executive Officer is subject to Mr. Jeffreys having obtained the nonimmigrant visa necessary for him to work in the United States of America. Mr. Jeffreys, age 41, has served as a director on the Board of Directors of the Company (the “Board”) since May 31, 2016, and he plans to continue serving in that role too.
Mr. Jeffreys has 20 years of experience in the clinical diagnostics industry, with specialization in the molecular diagnostic and blood bank fields. Mr. Jeffreys also serves as the Commercial Director for the Molecular Diagnostics Division and Vice President Business Development and Strategy for ERBA Diagnostics Mannheim GmbH (“ERBA Mannheim”), and he plans to continue serving in that role too. Prior to joining ERBA Mannheim, Mr. Jeffreys served in a variety of positions for companies involved in the diagnostics industry, including: Commercial Director for Lumora Ltd., a molecular diagnostic product and technology development company, from 2012 through 2015; Divisional Director Diagnostic Products for Lab21 Healthcare (the diagnostic products division is now Trinity Biotech, PLC), a leading manufacturer of infectious disease, blood banking products and molecular diagnostic services, from 2008 through 2012; and, prior thereto, various positions at Invitron Ltd., Kronus Inc. and Gen-Probe UK Ltd. (now Hologic, Inc.).
Mr. Jeffreys said, “I am excited by the prospects and potential that the business has and I am looking forward to working with the Company’s dedicated and capable team.”
Mr. Jeffreys does not receive compensation from the Company for his service as a director on the Board and he is not expected to receive compensation from the Company for serving as Interim Chief Executive Officer.
ERBA Mannheim beneficially owns, directly or indirectly, approximately 83.3% of the outstanding shares of the Company’s common stock.
About ERBA Diagnostics, Inc.
ERBA Diagnostics, Inc. (OTC PINK:ERBA), is a fully integrated in vitro diagnostics company, offering a comprehensive suite of clinical testing products throughout the U.S. and emerging markets. The Company serves as a one-stop shop for the testing needs of the growing number of smaller hospitals, reference labs, and physician clinics. ERBA Diagnostics’ line of proprietary and automated instruments, test kits, and reagents provide customers with autoimmune, infectious diseases, clinical chemistry, hematology, and diabetes testing. www.erbadiagnostics.com
Safe Harbor Statement
Except for the historical matters contained herein, statements in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be preceded by, followed by or otherwise include the words “may,” “will,” “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “projects,” “could,” “would,” “should,” or similar expressions or statements that certain events or conditions may occur. These forward-looking statements are based largely on the Company’s expectations and the beliefs and assumptions of the Company’s management and on the information currently available to it and are subject to a number of risks and uncertainties, including, but not limited to, the risks and uncertainties that: Mr. Jeffreys’ appointment may not leverage or improve upon the Company’s prospects or potential or have a positive impact on the Company’s business strategies, financial condition or operating results; and other risks and uncertainties that may cause results to differ materially from those set forth in the forward-looking statements. See also the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC for further discussion of certain risks and uncertainties that could materially and adversely affect the Company’s business, operating results or financial condition.
CONTACT: Contact Details: Mohan Gopalkrishnan Tel: 305 418 2320