WALTHAM, Mass., May 18 /PRNewswire-FirstCall/ -- Inverness
Medical Innovations, Inc. (NYSE: IMA), a global leader in enabling
individuals to take charge of their health at home through the
merger of rapid diagnostics and health management, announced today
that it will seek shareholder approval to change its name to Alere
Inc. at its July 14 annual meeting.
The company intends to file a preliminary proxy statement with the
Securities and Exchange Commission today including a proposal to
change its name, as well as other proposals, and expects to file a
definitive proxy statement on or about June
4, 2010.
"Through our acquisitions and internal initiatives, we have
grown our business based on our goal of becoming the world-leader
in enabling individuals to take charge of their health at home,"
said Ron Zwanziger, CEO of Inverness Medical Innovations, Inc. "Our
unique strategy of merging innovative diagnostics with
differentiated health management services will enable us to provide
comprehensive support for health care professionals and patients
across the globe. In order to best leverage the strength of our
combined offerings with our customers, investors and employees, we
have decided that an alignment of our core brands and customer
facing companies is required to maximize our visibility and growth
potential. By creating a globally recognizable brand, we will
reinforce our vision and strategy to bring health care closer to
the home. We have already begun the process of unifying our
brands under the Alere name and believe that changing our corporate
name to Alere will further support the understanding and acceptance
of this newly adopted brand."
"The name Alere, which is derived from Latin and means to
nurture, to care for or to support, was selected based on extensive
research with investors, customers and industry experts both in the
US and abroad," continued Mr. Zwanziger. "We currently utilize the
Alere brand for our health management services offerings and,
therefore, the name already benefits from recognition within the
healthcare community by providers and patients alike. The new name
is appropriate for a company that sees its foremost task as the
continuous improvement of patient care."
After the name Alere is formally adopted, the company plans to
change its New York Stock Exchange ticker symbol from "IMA" to
"ALR." The timing of the ticker symbol change will be
announced at a later date.
By developing new capabilities in near-patient diagnosis,
monitoring and health management, Inverness Medical Innovations
enables individuals to take charge of improving their health and
quality of life. A global leader in rapid point-of-care
diagnostics, Inverness' products, as well as its new product
development efforts, focus on infectious disease, cardiology,
oncology, drugs of abuse and women's health. Inverness is
headquartered in Waltham,
Massachusetts.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements within
the meaning of the federal securities laws, including statements
regarding the expected benefits of the company's name change and
rebranding efforts. These statements reflect Inverness' current
views with respect to future events and are based on management's
current assumptions and information currently available.
Actual results may differ materially due to numerous factors
including, without limitation, market acceptance of the new name,
brand and logo; the ability of the company to effectively and
efficiently transition existing products and services to the new
brand, including obtaining regulatory approvals necessary and
controlling costs; the ability of the company to maintains its
rights and interest in the name, brand and logo; and the risks and
uncertainties described in the company's Annual Report on Form
10-K, as amended, for the year ended December 31, 2009, and other factors identified
from time to time in their respective periodic filings with the
Securities and Exchange Commission (the "SEC"). The company
undertakes no obligation to update any forward-looking statements
contained herein.
Additional Information and Where to Find It
The name change proposal discussed above will be submitted to
the Company's shareholders for their approval at the Company's 2010
annual meeting. In connection with its proposed solicitation of
proxies for the annual meeting, the Company will file with the SEC
a proxy statement which, among other things, will describe the
proposal. Shareholders of the Company are urged to read the proxy
statement and any other relevant documents filed with the SEC when
they become available, because they will contain important
information about the Company and the
proposal. Shareholders may obtain a free copy of the
proxy statement and other relevant documents (when available) that
the Company files with the SEC at the SEC's Web site at
www.sec.gov. In addition, those documents will be
available free of charge in the investors section of the Company's
Web site at www.invmed.com.
The Company and its directors and executive officers may be
deemed to be participants in the solicitation of proxies under SEC
rules in respect of the foregoing proposal. Shareholders may obtain
information regarding the Company's directors and executive
officers in the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2009, as
amended. Shareholders may obtain free copies of this document from
the sources listed above. Additional information regarding the
interests of the participants in the solicitation, if any, will be
included in the proxy statement relating to the proposal.
SOURCE Inverness Medical Innovations, Inc.