Full Press Release Details
Announces Extension of Employment Contract of Richard M. Shepperd as President
& CEO and Election of New Directors
LAFAYETTE, IN, May 21, 2007 - Bioanalytical Systems, Inc. (Nasdaq: BASI)
announced today that it has extended the employment contract of its President
& CEO, Richard M. Shepperd, through December 31, 2009. Mr. Shepperd has
served as President & CEO on an Interim basis since October 2006. In
connection with his new contract, BASi also granted Mr. Shepperd an option
purchase up to 275,000 shares at $7.10 per share. The option is contingent
shareholder approval, and will vest in three installments through December
2009. The Company has agreed to provide Mr. Shepperd with certain cash bonus
payments if the shareholders do not approve the option.
of Directors expressed its satisfaction with the performance of Mr. Shepperd.
Chairman of the Board and Chief Science Officer Peter Kissinger said, "After
working with Dick over the past several months, we were deeply impressed with
the skills and results he has brought to BASi. It was clear to us that he was
the right man for the job."
announced today that its Board of Directors had filled two vacancies on the
Board with the election of Larry S. Boulet and Mr. Shepperd to serve as
Directors. Mr. Boulet is a retired Senior Audit Partner of
PriceWaterhouseCoopers and is the president of Boulet Consulting, LLC. Mr.
Boulet also currently serves on the Board of Directors of the Indiana State
University Foundation.
Kissinger noted, "Larry brings a wealth of knowledge and experience in
accounting and finance to bring discipline and insight to our business. His
presence on the Board of Directors will be highly valuable in light of the
complexity and demands on board members of public companies. As for Dick, the
Board recognized the need for his operational knowledge and vision in managing
BASi, so he was a natural for service on the Board of Directors."
pharmaceutical development company providing contract research services and
monitoring instruments to the world's leading drug development companies. The
Company focuses on developing innovative services and products that increase
efficiency and reduce costs associated with taking new drugs to market. Visit
www.bioanalytical.com for more about BASi.
release contains forward-looking statements that are subject to risks and
uncertainties including, but not limited to, risks and uncertainties related
the development of products and services, changes in technology, industry
standards and regulatory standards, and various market and operating risks
detailed in the company's filings with the Securities and Exchange