HAYWARD, Calif.--(BUSINESS WIRE)--Oct. 3, 2003--IMPAX
Laboratories, Inc. (Nasdaq:IPXL) announced today that it has selected
Deloitte & Touche LLP as its independent auditors for the fiscal year
ending December 31, 2003, replacing PricewaterhouseCoopers LLP.
The decision to change auditors was made by the Audit Committee of
the Board of Directors of IMPAX and was not the result of any
disagreement between the Company and PricewaterhouseCoopers on any
matters of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure.
The reports of PricewaterhouseCoopers on the Company's financial
statements for the past two fiscal years contained no adverse opinion
nor a disclaimer of opinion and were not qualified or modified as to
uncertainty, audit scope or accounting principles.
"We are impressed with the Deloitte & Touche team's extensive
experience in auditing specialty pharmaceutical companies and we look
forward to beginning our relationship," said Peter R. Terreri,
Director and Chairman of the IMPAX Audit Committee. "We would also
like to thank PricewaterhouseCoopers for the professional services
that they provided IMPAX during the past seven years as our
independent auditors."
IMPAX Laboratories, Inc. is a technology based specialty
pharmaceutical company applying its formulation expertise and drug
delivery technology to the development of controlled-release and
specialty generics in addition to the development of branded products.
IMPAX markets its generic products through its Global Pharmaceuticals
division and intends to market its branded products through the IMPAX
Pharmaceuticals division. Additionally, where strategically
appropriate, IMPAX has developed marketing partnerships to fully
leverage its technology platform. IMPAX Laboratories is headquartered
in Hayward, California, and has a full range of capabilities in its
Hayward and Philadelphia facilities. For more information, please
visit the Company's Web site at: www.IMPAXlabs.com.
"Safe Harbor" statement under the Private Securities Litigation
Reform Act of 1995:
To the extent any statements made in this news release contain
information that is not historical, these statements are
forward-looking in nature and express the beliefs and expectations of
management. Such statements are based on current expectations and
involve a number of known and unknown risks and uncertainties that
could cause IMPAX's future results, performance or achievements to
differ significantly from the results, performance or achievements
expressed or implied by such forward-looking statements. Such risks
and uncertainties include, but are not limited to, IMPAX's ability to
obtain sufficient capital to fund its operations, the difficulty of
predicting FDA filings and approvals, consumer acceptance and demand
for new pharmaceutical products, the impact of competitive products
and pricing, IMPAX's ability to successfully develop and commercialize
pharmaceutical products, IMPAX's reliance on key strategic alliances,
the uncertainty of patent litigation, the availability of raw
materials, the regulatory environment, dependence on patent and other
protection for innovative products, exposure to product liability
claims, fluctuations in operating results and other risks detailed
from time to time in IMPAX's filings with the Securities and Exchange
Commission. Forward-looking statements speak only as to the date on
which they are made, and IMPAX undertakes no obligation to update
publicly or revise any forward-looking statement, regardless of
whether new information becomes available, future developments occur
or otherwise.
CONTACT: IMPAX Laboratories, Inc.
Barry R. Edwards, Co-CEO, 215-289-2220, Ext. 1771
Larry Hsu, Ph.D. President, 510-476-2000, Ext. 1111
Cornel C. Spiegler, CFO, 215-289-2220, Ext. 1706
www.IMPAXlabs.com
or
Investor Relations Contacts:
Lippert/Heilshorn & Associates, Inc.
Kim Sutton Golodetz (kgolodetz@lhai.com)
212-838-3777
Bruce Voss (bvoss@lhai.com)
310-691-7100
www.lhai.com
SOURCE: IMPAX Laboratories, Inc.