Caraco Pharmaceutical Laboratories, Ltd. announced that Jay F Joliat, has resigned from the board of directors to devote more time to his business interests, including a new real estate development venture, and that Dr. Phyllis Harrison-Ross, has also resigned from the board of directors to concentrate her energies on expanding the use of e-health technologies in the delivery of patient care.

Joliat stated that he was pleased to be leaving the company in a stronger position than when he joined the board in 1995. Jitendra N Doshi, CEO, stated that, "Caraco appreciates both Joliat's and Dr. Harrison-Ross' many years of valued service as independent members of Caraco's board and committees, and wishes them much success in the future." Doshi added that Caraco, which currently has no independent directors, would commence an immediate search for independent directors. Pursuant to Caraco's request for an extension, Amex has granted Caraco 60 days to appoint two independent directors to bring Caraco into compliance with its audit committee requirements.

Doshi also stated that: "Caraco continues to be on track to meet its sales guidance for the year of $45 million." Detroit-based Caraco Pharmaceutical Laboratories, Ltd., develops, manufactures and distributes generic and private-label prescription drugs to some of the nation's largest distributors, drugstore chains, healthcare systems and state and federal agencies.