Trinity Biotech shareholder group seeks to replace board

By Lisa Kerner

Charlotte, N.C., Oct. 16 - A group of Trinity Biotech plc investors is calling for a special meeting of the company's shareholders to consider the removal and replacement of Trinity Biotech's current directors.

The shareholder group, led by Tom Reidy, founder and chief executive officer of Primus Corp., beneficially owns about 10% of Trinity Biotech's voting securities.

Under Irish law, Trinity Biotech must call an extraordinary general meeting if requested by shareholders holding in excess of 10% of the voting paid-up capital of the company, a statement from Reidy said.

Primus is a diagnostic product manufacturing and distribution company that was sold to Trinity Biotech in August 2005, noted Reidy.

The investor group wants Trinity Biotech shareholders to vote on a slate of directors that, in addition to Reidy, includes:

• Dr. Jack C. Chow, M.D., M.B.A. - partner, CRV Capital, LLC and adjunct professor at Carnegie Mellon University's Heinz School of Public Policy and Management;

• Mike Gausling - managing partner, Originate Ventures;

• Dr. John H. Halsey, Ph.D. - CEO, director, founder, ProGene Biomedical, Inc.;

• Steven A. Mock, CPA - partner, BKD, LLP; and

• Clint Severson - chairman, president and CEO of Abaxis, Inc.

According to Reidy, Trinity Biotech has been underperforming for a long time and its board needs to be replaced with "experienced managers with fresh perspectives and new energy."

Trinity, based in Dublin, Ireland, makes and sells more than 500 diagnostic products for the point-of-care and clinical laboratory segments of the diagnostic market.

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