AdvanSource Biomaterials Corporation (NYSE Amex: ASB), a leading
developer of advanced polymer materials for a broad range of medical
devices, today announced it has selected Vitale, Caturano & Company P.C.
to serve as the Company’s independent registered public accounting firm
for the fiscal year ending March 31, 2009. Vitale, Caturano replaces the
Company’s previous independent registered public accountants, Ernst &
Young LLP.
“We have had a very positive relationship with Ernst & Young over the
years and appreciate their support,” said Michael Adams, CEO and
President of AdvanSource Biomaterials. “However, we believe Vitale,
Caturano offers our shareholders the best combination of quality
services and cost-efficiency. We look forward to working with their
team.”
The change was recommended by the Company’s Audit Committee. The Company
and Ernst & Young did not have any disagreements on any matter of
accounting principles or practices, financial statement disclosure, or
auditing scope or procedures which disagreement, if not resolved to the
satisfaction of Ernst & Young, would have caused it to make reference to
the subject matter of the disagreements in connection with its report on
the Company’s consolidated financial statements.
About AdvanSource Biomaterials
Corporation
AdvanSource Biomaterials Corporation manufactures advanced polymer
materials which provide critical characteristics in the design and
development of medical devices. The Company’s biomaterials are used in
devices that are designed for treating a broad range of anatomical sites
and disease states. AdvanSource’s business model leverages its
proprietary materials science technology and manufacturing expertise in
order to expand its product sales and royalty and license fee income.
The Company is conducting a clinical trial for regulatory approval at
two sites in Europe for its CardioPass™ synthetic coronary bypass graft.
More information about AdvanSource is available at its website: www.advbiomaterials.com.
Forward-Looking Statements
AdvanSource believes that this press release contains forward-looking
statements as that term is defined in the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements are based on
management’s current expectations and are subject to risks and
uncertainties that could cause results to differ materially from the
forward-looking statements. For further information on such risks and
uncertainties, you are encouraged to review AdvanSource’s filings with
the Securities and Exchange Commission, including its Annual Report on
Form 10-K for the fiscal year ended March 31, 2008 and its Quarterly
Reports for the periods ended June 30, 2008, September 30, 2008 and
December 31, 2008. AdvanSource assumes no obligation to update any
forward-looking statements as a result of new information or future
events or developments, except as required by law.
AdvanSource Biomaterials Corporation
David Volpe,
978-657-0075, ext. 103
Acting CFO
dvolpe@advbiomaterials.com
