Second Agreement Reached to End Proxy Contest
WEST BRIDGEWATER, Mass., July 9 /PRNewswire-FirstCall/ -- Boston Biomedica, Inc. (Nasdaq: BBII) today announced that Richard T. Schumacher, its former CEO and Chairman, has agreed to accept an engagement with the Company as an Executive Consultant with the assignment to take an advisory role in directing the Company's PCT and BBI Source Scientific activities and the Company's ownership interest in Panacos Pharmaceuticals, Inc. BBI Source Scientific is the Company's California-based instrument subsidiary, which developed and manufactures the PCT Barocycler instrument. Terms of the engagement were not announced. In a separate agreement, Mr. Schumacher has withdrawn his proposed alternate slate of Directors for the upcoming Annual Meeting and the Board of Directors has agreed on a process to present a unified slate to stockholders.
"We are pleased to have Ric involved again with PCT and BBI Source," said Kevin W. Quinlan, President and Chief Operating Officer of Boston Biomedica, Inc. "Ric is a proven entrepreneur, and brings a high level of experience, expertise, energy and enthusiasm that will certainly be a benefit to these programs. This is a significant step to move the Company forward towards its goal to increase shareholder value, and the Board believes this is in the best interests of shareholders. We welcome him back."
Mr. Schumacher commented: "I am pleased to be involved again with the Company and that we also reached agreement to end the proxy contest. PCT is a novel technology with exciting potential, and I very much look forward to the challenges ahead."
BBI provides products and services to the diagnostics and life sciences industries to evaluate, monitor, and ensure the quality of infectious disease test results, to improve the preparation of specimens for genomic/proteomic testing, and to safely store and retrieve rare and valuable biological specimens. The Company also manufactures reagents used in test kits and provides a broad range of routine and esoteric research services to governments and industry. BBI has facilities in three states, and conducts research in new applications for our patented Pressure Cycling Technology (PCT). In 2000, the Company launched Panacos Pharmaceuticals, and the Company maintains a significant passive investment in this novel antiviral drug development company.
Statements contained in this news release regarding the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are "forward-looking" statements. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ from those projected include the possibility that engaging Mr. Schumacher may not improve the results of the Company's PCT and Instrumentation segments. The Company's actual results could also be materially affected by the Company's inability to retain a qualified individual to serve as Chief Executive Officer. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements, and risk factors, is contained in the Company's recent filing with the Securities and Exchange Commission of its Annual Report on Form 10-K for the year ended December 31, 2002, and Form 10-Q for the quarter ended March 31, 2003. Copies of these documents may be obtained by contacting the Company or the SEC.
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Investor Contacts:
Kevin W. Quinlan, President & COO
Boston Biomedica, Inc.
(508) 580-1900 (T)
SOURCE Boston Biomedica, Inc.