ERES East Resources Acquisition Company

eResearchTechnology, Inc. Announces 3-for-2 Stock Split and Stock Buy-back Program PHILADELPHIA, April 21 /PRNewswire-FirstCall/ -- eResearchTechnology, Inc. ("eRT" or "the company"), a leading provider of technology and services to the pharmaceutical, biotechnology and medical device industries, announced today that its Board of Directors approved a 3-for-2 split of its common stock and authorized the buy-back of up to 500,000 post-split shares of its common stock. To effectuate the split, the company will issue one share of common stock for every two shares held by holders of record at the close of business on May 6, 2004. Cash will be paid in lieu of fractional shares. The shares will be distributed on May 27, 2004. Based on the shares outstanding as of March 31, 2004, the number of shares outstanding will increase from approximately 34.2 million to 51.3 million. The buy-back authorization allows the company to make purchases from time to time on the open market at prevailing prices or in privately negotiated transactions. eRT's management will make the purchase decisions based upon market conditions and other considerations. "We are extremely pleased with the Board of Directors' decision to split the stock 3-for-2 and to authorize a buy-back of company shares," said Joe Esposito, eResearchTechnology's President and Chief Executive Officer. "These decisions show the confidence and excitement we have about our future and we are delighted to share the rewards with our stockholders." Based in Philadelphia, PA, eResearchTechnology, Inc. (http://www.ert.com/) is a provider of technology and services to the pharmaceutical, biotechnology and medical device industries on a global basis. The company is a market leader in providing centralized core-diagnostic electrocardiographic (ECG) technology and services to evaluate cardiac safety in clinical development. The company is also a leader in providing technology and services to streamline the clinical trials process by enabling its customers to automate the collection, analysis, and distribution of clinical data in all phases of clinical development. Statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand, and the company's ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. As a result, actual results may differ materially from any financial outlooks stated herein. Further information on potential factors that could affect the company's financial results can be found in the company's Report on Form 10-K filed with the Securities and Exchange Commission. DATASOURCE: eResearchTechnology, Inc. CONTACT: Bruce Johnson, eResearchTechnology, Inc., +1-215-282-5580; or Matt Hayden, Hayden Communications, +1-858-456-4533, for eResearchTechnology Web site: http://www.ert.com/

Copyright