IVAX Diagnostics Reports Results of Annual Meeting and Announces Entry into Credit Facility with Third Party Lender

IVAX Diagnostics

reported the results of its 2011 Annual Meeting of Stockholders, which was held earlier today, and announced that today it has entered into a credit facility with a third party lender. Results of 2011 Annual Meeting of Stockholders Earlier today, IVAX Diagnostics held its 2011 Annual Meeting of Stockholders. The voting results from the Annual Meeting were as follows: Proposal #1: Approved. IVAX Diagnostics' stockholders approved the sale and issuance to ERBA Diagnostics Mannheim GmbH of 20,000,000 shares of IVAX Diagnostics' Common Stock for an aggregate purchase price of $15,000,000 and warrants to purchase an additional 20,000,000 shares of IVAX Diagnostics' Common Stock pursuant to the previously announced stock purchase agreement entered into between IVAX Diagnostics and ERBA Diagnostics Mannheim on April 8, 2011. This investment was required to be, and was, approved under Section 203 of the Delaware General Corporation Law by holders of at least 66-2/3% of the issued and outstanding shares of IVAX Diagnostics' Common Stock (excluding any shares beneficially owned, directly or indirectly, by ERBA Diagnostics Mannheim) and under Section 713 of the NYSE Amex Company Guide by holders of at least a majority of the issued and outstanding shares of IVAX Diagnostics' Common Stock. Proposal #2: Approved. IVAX Diagnostics' stockholders approved an amendment to IVAX Diagnostics' Amended and Restated Certificate of Incorporation increasing the number of authorized shares of IVAX Diagnostics' Common Stock from 50,000,000 shares to 100,000,000 shares. Proposal #3: Approved. IVAX Diagnostics' stockholders approved, solely under Section 203 of the Delaware General Corporation Law, certain future transactions between IVAX Diagnostics and ERBA Diagnostics Mannheim and its affiliates and associates. This proposal was required to be, and was, approved under Section 203 of the Delaware General Corporation Law by holders of at least 66-2/3% of the issued and outstanding shares of IVAX Diagnostics' Common Stock (excluding any shares beneficially owned, directly or indirectly, by ERBA Diagnostics Mannheim). Proposal #4: Approved All Nominees. IVAX Diagnostics' stockholders elected all five of the nominees for director to IVAX Diagnostics' Board of Directors.