Caraco Pharmaceutical Laboratories Ltd announced that David A. Hagelstein, 62, has retired from its board of directors to pursue personal business interests, which will preclude him from devoting sufficient time to Caraco.

Hagelstein stated that he was pleased with the direction and progress of the Company and that he was pleased to be leaving the Company in a stronger position than when he joined the board in 1995.

According to Jitendra N Doshi, CEO, Caraco, Hagelstein has been a valued advisor to the Company and has been integral to the Company's turnaround and progress. All of us wish him the very best both personally and professionally in his numerous business endeavors.