Acquisition leads entry into e-health market; BRLI Acquires E-health Website, Announces New Business Direction.ELMWOOD PARK Elmwood Park, village (1990 pop. 23,206), Cook co., NE Ill., a suburb of Chicago; inc. 1914. It is chiefly residential. , N.J.--(BUSINESS WIRE)--Dec. 2, 1999-- Bio-Reference Laboratories, Inc. (Nasdaq:BRLI BRLI Bio Rad Laboratories Inc ), announced today it has completed the acquisition of DoctorNY.com (www.doctorny.com), which serves the New York Metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. and is a highly trafficked health portal, together with its associated domain sites and existing physician websites. The acquisition from Medical Marketing Group, Inc. includes website development capabilities for health care providers, together with a powerful search engine which allows consumers to locate physicians by region, credentials, specialty or other parameters. Dr. Marc Grodman, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of BRLI stated, "This acquisition signifies BRLI's commitment to utilize its resources to realize their fullest potential. Connectivity between consumers, physicians and their patients holds great promise for promoting quality and efficient health care. BRLI already possesses those elements which successful companies in this area will require: services to promote e-health, a physician network or customer base to utilize those services and a marketing staff to promote these capabilities." Dr. Grodman continued, "The acquisition of the consumer oriented DoctorNY.com website including its website and search engine and related physician-centric web services (1) Loosely, any online service delivered over the Web. Such usage appears in articles from non-technical sources, but not in IT-oriented publications, because definition #2 below describes the correct use of the term. , is only one aspect of BRLI's Internet strategy. Utilizing our existing physician network and marketing capabilities we expect to expand services and tools to physicians and other health care providers that will promote efficiency and patient communication. The first developed product is expected to be introduced in early 2000 and it will facilitate the availability of laboratory results together with associated comments and explanations between physicians and their patients." Craig Allison Craig Allison is an American landscape architect and television personality. He is the host of The Carefree Gardener, a national television series. His column under the title Ask Craig , Chief Executive Officer of the Medical Group, Inc. stated, "We believe that BRLI is well positioned to enhance the functionality of our properties while offering unique services currently unavailable on the web. Moreover, BRLI possesses the considerable resources as well as the intellectual and entrepreneurial energy necessary to create an effective e-health business model." BRLI has already created a medical management unit utilizing laboratory data in conjunction with pharmacy and medical claims in an effort to fully realize the undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. resources of laboratory information. A further explanation on the Company's new direction is available in the President's letter on the Company's website at www.bioreference.com. BRLI, is a multi-faceted Health Services health services Managed care The benefits covered under a health contract and Information Company as well as the largest regional clinical laboratory in the North East United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . It has major market positions in physician offices, industry, nursing homes and correctional institutions. Its toxicology division performs employee drug testing for major corporations nationwide, as well as drug treatment centers and psychiatric hospitals Statements included within this news release that are historical in nature constitute forward-looking statements for the purposes of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provided by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that this news release contains certain such forward-looking statements that involve substantial risks and uncertainties. When used, the words "anticipate," "believe," "estimate," "expect" and similar expressions as they relate to the Company or its management are intended to identify such forward-looking statements. The Company's actual results, performance or achievements could differ materially from the results expressed in, or implied by, these forward-looking statements. Further management discussion of risks and uncertainties can be found in the Company's quarterly filing with the Securities and Exchange Commission and other periodic filings. The Company's common stock is traded on the Nasdaq Small Cap system under the symbol "BRLI." |
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