Newswise — MIAMI, July 17, 2017 -- ERBA Diagnostics, Inc. (OTC PINK:ERBA) (the “Company”), a fully integrated in vitro diagnostics company, announced today that, effective as of August 1, 2017, David Barka will become the Interim Chief Executive Officer (“CEO”) of the Company and Nikhil Vazirani will join the Board of Directors (the “Board”).
Mr. Barka, age 36, has served as the Vice President of Calbiotech, Inc. (“Calbiotech”) since 2004, as the President of Calbiotech Veterinary Diagnostics (“Calbiotech Veterinary”) since 2017 and as the President of Microplate Dispensers, Inc. dba Moduline Systems (“Moduline”) since 2013, and he plans to continue serving in those roles. Calbiotech, Calbiotech Veterinary, and Moduline are direct or indirect subsidiaries of Erba Mannheim.
Mr. Barka said, “I am honored and excited to work with Mr. Vazirani and the entire team in Miami to expand on opportunities for growth and continue to create value for all of our stakeholders.”
Mr. N. Vazirani has served as the managing director of Erba Diagnostics Mannheim GmbH (“Erba Mannheim”) since April 2016, as a director of Erba Diagnostics UK Limited and as interim chief executive officer of ERBA Lachema S.R.O. since February 2017, and he plans to continue serving in those roles. Mr. N. Vazirani previously served as business development manager of Transasia Bio-Medicals Limited from April 2014 through April 2016. Mr. N. Vazirani is the son of Suresh Vazirani, the Executive Chairman of the Board of the Company.
Mr. Barka and Mr. N. Vazirani are not expected to receive compensation from the Company for serving in their new roles as Interim Chief Executive Officer and Member of the Board, respectively.
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.