Abaxis Declares Special Cash Dividend of $1.00 Per Share

           Abaxis Declares Special Cash Dividend of $1.00 Per Share

PR Newswire

UNION CITY, Calif., Dec. 6, 2012

UNION CITY, Calif., Dec. 6, 2012 /PRNewswire/ -- Abaxis, Inc. (NasdaqGS:
ABAX), a medical products company manufacturing point-of-care blood analysis
systems, today announced that its Board of Directors declared a special cash
dividend of $1.00 per share on its outstanding common stock. The dividend
will be payable on December 28, 2012 to all shareholders of record at the
close of business on December 17, 2012. The total special cash dividend
payout is expected to be approximately $22 million, based upon the current
shares outstanding.

Clint Severson, chairman and chief executive officer of Abaxis, said, "We are
very pleased the Board of Directors has approved a special one-time cash
dividend, demonstrating our commitment to enhancing shareholder value. This
special dividend is a reflection of our solid operating performance, strong
balance sheet and our confidence in our ability to continue to deliver solid
financial operating results."

Mr. Severson concluded, "This is a one-time special dividend and we cannot
guarantee any future dividends. However, our Board of Directors remains
committed to enhancing shareholder value based on its consideration of various
factors, including the company's operating results, financial condition and
anticipated capital requirements."

About Abaxis
Abaxis develops, manufactures, markets and sells portable blood analysis
systems for use in any veterinary or human patient-care setting to provide
clinicians with rapid blood constituent measurements. The system consists of
a compact, 5.1 kilogram (11.2 pounds), portable analyzer and a series of
single-use plastic discs, called reagent discs that contain all the chemicals
required to perform a panel of up to 13 tests on veterinary patients and 14
tests on human patients. The system can be operated with minimal training and
performs multiple routine tests on whole blood, serum or plasma samples. The
system provides test results in less than 12 minutes with the precision and
accuracy equivalent to a clinical laboratory analyzer. The veterinary
business also provides to the animal health and research market a line of
hematology instruments for point-of-care complete blood counts (CBC), a
specialty instrument to screen for and detect clotting disorders and to
measure equine fibrinogen levels, a handheld instrument for the rapid
assessment of certain critical care tests and rapid point-of-care tests for
Heartworm infections, Parvovirus, Giardia and Lyme disease. Abaxis, through
its AVRL division, provides routine laboratory testing as well as specialty
testing for veterinarians nationwide.

Forward Looking Statements
This press release includes statements that constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995 (the "Reform Act"), including but not limited to statements related to
Abaxis' cash position, financial resources and potential for future growth,
market acceptance and penetration of new or planned product offerings, and
future recurring revenues and results of operations. Abaxis claims the
protection of the safe-harbor for forward-looking statements contained in the
Reform Act. These forward-looking statements are often characterized by the
terms "may," "believes," "projects," "expects," "anticipates," or words of
similar import, and do not reflect historical facts. Specific forward-looking
statements contained in this press release may be affected by risks and
uncertainties, including, but not limited to, those related to losses or
system failures with respect to Abaxis' facilities or manufacturing
operations, fluctuations in quarterly operating results, dependence on sole
suppliers, the market acceptance of Abaxis' products and services, the
continuing development of its products, required United States Food and Drug
Administration clearance and other government approvals, risks associated with
manufacturing and distributing its products on a commercial scale free of
defects, risks related to the introduction of new instruments manufactured by
third parties, risks associated with competing in the human diagnostic market,
risks related to the protection of Abaxis' intellectual property or claims of
infringement of intellectual property asserted by third parties, risks related
to condition of the United States economy and other risks detailed under "Risk
Factors" in Abaxis' Quarterly Report on Form 10-Q for the fiscal quarter ended
September 30, 2012 and Abaxis' other periodic reports filed from time to time
with the United States Securities and Exchange Commission. Forward-looking
statements speak only as of the date the statements were made. Abaxis does
not undertake and specifically disclaims any obligation to update any
forward-looking statements.

Contact: Abaxis, Inc.            Lytham Partners, LLC
         Clint Severson          Joe Dorame, Robert Blum and Joe Diaz
         Chief Executive Officer 602-889-9700
         510-675-6500

SOURCE Abaxis, Inc.

Website: http://www.abaxis.com
 
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