LAVAL, QC, Dec. 16 /CNW Telbec/ - LAB Research Inc. ("LRI" or "LAB Research") (TSX: LRI), a Canadian-based global non-clinical contract research organization, today announced the nomination of Mr. Yvan Landry as a new member of its Board of Directors, and the resignation of Mr. Richard Lacombe who is stepping down to focus on other professional obligations.
As part of the conditions of the Standby Purchase agreement signed at the time of the September 2009 Rights Offering, LRI granted Solidarity Fund QFL (the "Fund") the right to nominate two individuals on LAB Research's Board of Directors, including one who may be an employee of the FSTQ.
Mr. Landry is a certified management accountant who has spent most of his 25-year career with the Fund including the last 5 years as part of the Fund's Health Care Group. The Fund intends to nominate its non-employee representative to the Board of Directors of LRI before LRI's 2009 Annual General Meeting of Shareholders.
"To date, the Fund has been a very supportive shareholder which shares our vision of making LRI one of the world-leading providers of non-clinical services to the health care market. The recent participation of the Fund in the Rights Offering has been a key contributing factor of its success, and we look forward to working with Mr. Landry," stated Mr. Luc Mainville, Chief Executive Officer and President of LRI. "I also want to thank Mr. Lacombe for his dedication and contribution to our success since our IPO in 2006. We wish Richard the best of luck in his future endeavours."
About LAB Research Inc.:
LAB Research is a Canadian global non-clinical contract research organization that provides contract research services to the pharmaceutical, biotechnology, agro-chemical, petro-chemical and industrial markets. LAB Research supports the development of its customers' products from three state-of-the-art facilities located in Canada, Denmark and Hungary.
LAB Research's shares trade on The Toronto Stock Exchange ("TSX") under the symbol "LRI", with 52.7 million shares outstanding.
This news release contains certain forward-looking statements that reflect the current views and/or expectations of LAB Research Inc. with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.
SOURCE LAB RESEARCH INC.
For further information: For further information: Luc Mainville, Chief Executive Officer, (450) 973-2240 (ext. 1206), firstname.lastname@example.org, www.labresearch.com; Frédéric Dumais, Partner, Jasmin-Dumais Financial Communications, (514) 862-1251, email@example.com