SeraCare Life Sciences Announces Completion of SEC Investigation
MILFORD, Mass.--(BUSINESS WIRE)--Sep 15, 2008 - SeraCare Life Sciences, Inc. (NASDAQ: SRLS) (the "Company") today announced that it has been notified by the Securities and Exchange Commission (SEC) that the SEC has completed its investigation of the Company and does not intend to recommend any enforcement action against the Company. The investigation was initiated in 2005 while the Company was under prior management and focused on the Company's financial statements filed with the SEC prior to September 30, 2005, the accounting documentation related to these financial statements and the ability of the Company's auditors to rely on representations of the Company's former management.
"SeraCare serves a broad-based, blue chip customer base by providing vital products and services to facilitate the discovery, development and production of human diagnostics and therapeutics," said Susan Vogt, President and CEO of SeraCare. "The strengths of SeraCare's core business allowed us to overcome previous difficulties and with the completion of the SEC investigation, that chapter of the Company's corporate history is now completely closed allowing us to focus solely on SeraCare's future."
"Over the next 18 months, we intend to continue to build an industry-leading specialty biologic tools company focused on high-growth, higher-margin and value-added products and services with an emphasis on customer satisfaction. On behalf of the management team, I'd like to thank our dedicated employees, customers and shareholders for the support that has enabled us to arrive in such a promising position."
About SeraCare Life Sciences, Inc.:
SeraCare serves the global life sciences industry by providing vital products and services to facilitate the discovery, development and production of human diagnostics and therapeutics. The Company's innovative portfolio includes diagnostic controls, plasma-derived reagents and molecular biomarkers, biobanking and contract research services. SeraCare's quality systems, scientific expertise and state-of-the-art facilities support its customers in meeting the stringent requirements of the highly regulated life sciences industry.
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this press release are forward-looking statements. All statements regarding SeraCare's expected future financial position, results of operations, cash flows, financial plans, business strategy, capital expenditures, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. Such forward-looking statements are inherently uncertain, and readers must recognize that actual results may differ materially from SeraCare's expectations. Factors that may cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, results of litigation, government investigations, the availability of financing, actions of SeraCare's competitors and changes in general economic conditions. Certain of the risks and factors associated with SeraCare's business are also discussed in the Company's 2007 Form 10-K and in other reports filed from time to time with the Securities and Exchange Commission. All these risks and factors should be taken into account in evaluating any forward-looking statements. Many of these factors are outside of SeraCare's control. SeraCare does not undertake a duty to update any forward-looking statements contained herein.
SeraCare Life Sciences, Inc.
Chief Financial Officer
Gregory A. Gould, 508-244-6400
MacDougall BioMedical Communications
Sarah Cavanaugh, 781-235-3060
Posted: September 2008
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