MERIS ANNOUNCES RECENT EVENTS
MERIS ANNOUNCES RECENT EVENTS SAN JOSE, Calif., Oct. 30 /PRNewswire/ -- Meris Laboratories Inc.
(NASDAQ: MERS) today announced that it has completed the first phase of its program to fully automate its lab.
"The state-of-the-art robotics system we are installing will not only further enhance our position as a leading provider of quality laboratory testing, but streamline our operation and increase our efficiency as well," said Stephen B. Kass, executive vice president and chief operating officer of Meris. "Additionally, we expect it will allow the company to increase its incremental operating profit through decreases in direct labor expense per dollar of revenue as well as allow our company to more efficiently complete large acquisitions and enhance our ability to effectively integrate them into existing operations." Kass said that the company's new laboratory systems integration program incorporates bar code tracking systems and new and modern state-of-the-art systems of sample identification, handling and analysis. "We've worked very hard on this project," he said. "We are very excited about the benefits it provides. This system gives us the opportunity to greatly reduce the timeframe for integrating larger acquisitions. It will be a real competitive advantage in the negotiation process." Meris also announced today that it had appointed William E. Neeley, M.D., vice president of Laboratory Operations and Medical Director. Neeley, a nationally prominent clinical pathologist, has served for 13 years on medical school faculties for University of California, San Diego and Yale University. He is a consultant in his specialty to the College of American Pathologists and the American Society for Testing and Materials. He holds numerous patents, including several for novel methods of identifying and tracking samples to reduce sample handling errors. The company also said that it was continuing discussions with Sierra Nevada Laboratories (SNL), although SNL had returned Meris' refundable deposit. Meris added that the exclusive due diligence period has expired and Meris has completed its due diligence. "While we intend to continue discussions with Sierra Nevada, we also continue to have discussions with more than one acquisition candidate," Kass said. "We are now better able to direct our attention to our acquisition program than in the third quarter. The company is in an excellent position to acquire additional customer lists and to capitalize on the efficiencies of its new laboratory system." Meris Laboratories Inc., is one of the leading independent clinical laboratory companies in California, providing laboratory diagnostic testing to approximately 2,800 physicians throughout Northern and Southern California, through a network of two full- service laboratories and 74 patient service centers. Meris Laboratories Inc. completed its initial public offering of common stock on July 19, 1991, and began trading on the NASDAQ National Market System at that time, and completed its subsequent public offering on Feb. 18, 1992. Meris was founded in 1983 and has grown rapidly in recent years. Its annual revenue has almost quadrupled, from $5.4 million in 1987 to $19.6 million in 1991. -0- 10/30/92 /CONTACT: Henry Bose, president and CEO, 408-434-9200, or Stephen B. Kass, executive VP and COO, 818-972-4250, both of Meris Laboratories/ (MERS) CO: Meris Laboratories Inc. ST: California IN: CPR SU:
JL -- LA043 -- 7392 10/30/92 19:01 EST
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|Date:||Oct 30, 1992|
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