Adaltis Announces Changes to Board of Directors

October 2, 2008 9:15 AM EDT

MONTREAL, QUEBEC--(Marketwire - Oct. 2, 2008) - Adaltis Inc. (TSX: ADS) ("Adaltis"), an international in vitro diagnostic company, today announced changes to its Board of Directors. As agreed in connection with the issuance of senior secured convertible notes to Clarity China Partners and FMRC Family Trust announced on September 5, 2008, the Board of Directors has been reduced in size from eleven to seven members, and two representatives of Clarity Partners have been appointed to the Board.

Joining the Adaltis Board of Directors from Clarity China Partners are Kevin Guanghao Lu, General Counsel and Chief Representative, and Chen-Chong Tay, Executive Director. Also joining the Board of Directors at this time is Ms. Michelle Cormier, Executive Vice President and Chief Financial Officer of TNG Capital Inc.

In connection with this Board restructuring, the following persons have resigned from the Board: Mr. Charles Cavell, Mr. Francois Legault, Hon. Sergio Marchi, Mr. Richard Renaud, Mr. Joseph Rus, Mr. Matteo Tamburini, and Mr. Raymond Tong.

As a result of these changes, the current Board of Directors of Adaltis is composed of: Ms. Michelle Cormier (Chairman), Mr. Peter Kruyt, Mr. Steve Kwok, Mr. Pierre Larochelle, Mr. Kevin Guanghao Lu, Mr. Chen-Chong Tay and Mr. Victor Yang.

"These changes to the Board are in line with the mission of Adaltis to create a China-based in vitro diagnostic company, and the representatives of Clarity China bring a diversified wealth of knowledge to the Board of Adaltis, as well as access to Clarity China's extensive global network of entrepreneurial and managerial relationships and focus on China," said Pierre Larochelle, President and Chief Executive Officer. "In particular, we want to thank all of the departing directors for their significant contributions to Adaltis over the last few years", concluded Mr. Larochelle.

About Adaltis Inc.

Adaltis is an international in vitro diagnostic company with a mission to become a leading provider of in vitro diagnostic products in emerging markets, with a particular focus on China.

With the strategic advantage of its "state of the art" reagent manufacturing facility located in Shanghai, China, a complete IVD product offering targeting emerging markets, and a strong international sales and distribution platform, Adaltis is able to manufacture 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 and Mexico.

About Clarity China

Clarity China is a private equity firm focused on investment opportunities in the greater China region. The principals of Clarity China include: (i) seasoned private equity investment professionals of Clarity Partners, L.P., a leading private equity firm based in Los Angeles with over US$1 billion under management, including David Lee, one of its Managing General Partners; (ii) Sheldon Liu, a highly influential and accomplished investment professional in China; and (iii) Gary Wilson, an experienced investor and executive in the travel and entertainment industries. Clarity China has offices in Beijing, Shanghai and Los Angeles.

FOR FURTHER INFORMATION PLEASE CONTACT:
        Adaltis Inc.
        Pierre Larochelle
        President and Chief Executive Officer
        514-335-9922, ext. 238
        pierre.larochelle@adaltis.com

Source: Adaltis Inc.

Related Categories

Press Releases

Stocks Mentioned

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?