Full Press Release Details
FOR MORE INFORMATION: Michael R. Cox
Evan Smith / Erica Pettit
KCSA Public Relations Worldwide
212.896.1251 / 212.896.1248
Bioanalytical Systems, Inc. Announces Delay of Sale-leaseback of Baltimore
WEST LAFAYETTE, Ind., September 22, 2004 Bioanalytical Systems, Inc.
(Nasdaq:BASI) today announced that it has been notified by the firm with which
it had reached an agreement in principle for the sale and leaseback of its
Baltimore building that the potential buyer is exercising its right to withdraw
from the transaction on the previously announced terms. Michael Cox, CFO,
stated, There is always risk in non-binding agreements that the parties
will not be able to come to agreement on definitive terms, which has happened.
We remain committed to selling our Baltimore building, on terms which we believe
reflect fair values. At the time we solicited offers for the building, there
were several potential buyers that made offers in a similar range. We have
re-opened discussions with those parties, as well as continuing discussions with
this potential buyer.
Bioanalytical Systems, Inc. is a pharmaceutical development company providing
contract research services and monitoring instruments to the world s
leading drug development and medical device companies. BASi 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.
This release contains forward-looking statements that are subject to risks
and uncertainties including, but not
limited to, risks and uncertainties
related to 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 Commission.