Caraco Pharmaceutical Laboratories, Ltd. Announces Appointment of F. Folsom Bell to Board of Directors
DETROIT, Sept. 15 /PRNewswire-FirstCall/ -- Caraco Pharmaceutical
Laboratories, Ltd. (NYSE Amex: CPD) announced today that the Board appointed
F. Folsom Bell to fill the vacancy resulting from the decision by John D.
Crissman not to stand for re-election at the 2009 Annual Meeting of
Shareholders of the Company. Caraco is thankful for Dr. Crissman's guidance
and contributions during his tenure on the Board and wishes him success in his
future endeavors.
Mr. Bell was appointed to fill the vacancy for a term commencing immediately
following the 2009 Annual Meeting of Shareholders and ending following the
2012 Annual Meeting of Shareholders and the election and qualification of his
successor.
Mr. Bell, age 67, has been a consultant on M&A transactions and involved in
real estate development since 2006. From September 2000 to December 2005, Mr.
Bell was the Executive Vice-President, Business Development of Perrigo
Company, a global healthcare supplier that develops, manufactures and
distributes over-the-counter and generic prescription pharmaceuticals,
nutritional products, active pharmaceutical ingredients and pharmaceutical and
medical diagnostic products. Mr. Bell was also a member of the board of
directors of Perrigo Company from January 1981 through February 1986 and from
June 1988 to January 2003. While a director of Perrigo Company, Mr. Bell
served for six years on its audit committee, including time as chairman. Mr.
Bell was a certified public accountant for fifteen years with two major public
accounting firms. Mr. Bell's experience including within the pharmaceutical
industry will be an invaluable asset to Caraco and the Company is honored to
welcome him to the Board.
Detroit-based Caraco Pharmaceutical Laboratories, Ltd., develops,
manufactures, markets and distributes generic pharmaceuticals to the nation's
largest wholesalers, distributors, drugstore chains and managed care
providers.
Safe Harbor: This news release contains forward-looking statements made
pursuant to the safe-harbor provisions of the Private Securities Litigation
Reform Act of 1995. Without limitation, the words "believe" or "expect" and
similar expressions are intended to identify forward-looking statements. Such
statements are based on management's current expectations and are subject to
risks and uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. These risks and
uncertainties are contained in the Corporation's filings with the Securities
and Exchange Commission, including Part I, Item 1A of our most recent Form
10-K, and include but are not limited to: information of a preliminary nature
that may be subject to adjustment, potentially not obtaining or delay in
obtaining FDA approval for new products, governmental restrictions on the sale
of certain products, development by competitors of new or superior products or
less expensive products or new technology for the production of products, the
entry into the market of new competitors, market and customer acceptance and
demand for new pharmaceutical products, availability of raw materials, timing
and success of product development and launches, dependence on few products
generating majority of sales, product liability claims for which the Company
may be inadequately insured, material litigation from product recalls, the
purported class action lawsuits alleging federal securities laws violations,
delays in returning the Company's products to market, including loss of market
share, increased reserves against the FDA-seized inventory, and other risks
identified in this report and from time to time in our periodic reports and
registration statements. These forward-looking statements represent our
judgment as of the date of this report. We disclaim, however, any intent or
obligation to update our forward-looking statements.