HAYWARD, Calif.--(BUSINESS WIRE)--Dec. 23, 2004--IMPAX
Laboratories, Inc. (NASDAQ:IPXL) today announced that Chief Financial
Officer Cornel C. Spiegler plans to retire from the company in 2005.
The Company has begun the search process for a new CFO.
"My decision to retire was based on a desire to move on to the
next phase of my career, as well as spend more time with my family.
Nevertheless, I want to assure everyone that I plan to stay on until a
new CFO is hired and an orderly transition has taken place. Therefore,
the exact timing of my departure can only be approximated as sometime
in early 2005. This timing is consistent with my desire to continue in
my role and responsibilities through the end of our fiscal year, and
with the completion of Sarbanes-Oxley 404 requirements and our 2004
10-K," said Mr. Spiegler.
Barry R. Edwards, IMPAX's Chief Executive Officer, commented: "On
behalf of the Board of Directors I want to thank Cornel for his
dedicated service and contributions to the Company over the past 9
years. We all wish him well during his retirement. We respect Cornel's
decision and we especially appreciate his cooperation in ensuring that
an orderly transition occurs. In the interim we will continue to rely
upon him as a valued member of the executive team."
Mr. Spiegler will stay on in the position of Chief Financial
Officer during the appointment and orientation of his successor.
Following that time, the Company expects Mr. Spiegler will serve for
the remainder of 2005 as a special consultant and project manager,
reporting to the CEO.
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, 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: Company Contacts:
IMPAX Laboratories, Inc.
Barry R. Edwards, 215-933-0323 Ext. 4360
Larry Hsu, 510-476-2000 Ext. 1111
Cornel C. Spiegler, 215-289-2220 Ext. 1706
www.impaxlabs.com
or
Investor Relations Contacts:
Lippert/Heilshorn & Associates, Inc.
Kim Sutton Golodetz, 212-838-3777
kgolodetz@lhai.com
or
Bruce Voss, 310-691-7100
bvoss@lhai.com
www.lhai.com
SOURCE: IMPAX Laboratories, Inc.