AmeriPath, Inc. Announces Pathology Acquisitions; Expands Presence in Anatomic Pathology.

Business Editors/Health & Medical Writers

RIVIERA BEACH, Fla.--(BUSINESS WIRE)--Jan. 2, 2003

AmeriPath, Inc. (Nasdaq:PATH), a leading national provider of cancer diagnostics, genomic, and related information services, today announced the acquisition of Nuclear Medicine and Pathology Associates based in Augusta, Georgia and Reference Pathology Services based in Sandy, Utah, a suburb of Salt Lake City. Nuclear Medicine and Pathology Associates is one of the leading general pathology practices in the state of Georgia. Reference Pathology Services is a rapidly growing anatomic and specialty reference laboratory with referral sources across the United States.

Nuclear Medicine and Pathology Associates, co-founded by Dr. Kailash Sharma, is a four-physician general anatomic pathology laboratory with an exclusive contract to provide pathology services at one of Georgia's largest hospitals, University Hospital. In addition, the laboratory provides pathology services to the outpatient market through their relationships within physician offices and surgery centers. The practice has substantial operating experience and is highly regarded in the region.

Reference Pathology Services, founded by David Bolick, M.D., has 57 employees and services clients across the country. Reference Pathology Services has been a leader in developing new molecular assays off of the liquid-based Pap vial. The introduction of these new tests to the market has fueled the practice's rapidly growing molecular diagnostics revenue stream. Dr. Bolick performs clinical research and lectures extensively on topics within Cytopathology. The practice also provides pathology services to hospitals in Utah, Wyoming, Nevada, and Arizona. Reference Pathology Services has a broad and diversified referral base and is highly regarded within the Cytopathology arena.

James C. New, Chairman and Chief Executive Officer commented: "We are excited to complete the deals with the shareholders of Nuclear Medicine and Pathology Associates and Reference Pathology Services. Both groups have outstanding reputations in the medical community among patients and referring physicians. Our acquisition of Nuclear Medicine and Pathology Associates is a key advancement in our expansion within the southeast region and specifically in the state of Georgia. Our acquisition of Reference Pathology Services is a key accomplishment in broadening our delivery of molecular diagnostic services to our clients. We are excited about the opportunity to market the molecular diagnostic capabilities of Reference Pathology Services to AmeriPath's growing referral base." Mr. New continued: "AmeriPath closed four acquisitions in the fourth quarter of 2002. These fourth quarter acquisitions represent approximate projected annual run rate revenue of $15.0 million and EBITDA of $7.5 million. These accomplishments in expanding our organization will be instrumental in our achieving our future financial and strategic goals."

AmeriPath is a leading national provider of cancer diagnostics, genomics, and related information services. The Company's extensive diagnostics infrastructure includes the Center for Advanced Diagnostics (CAD), a division of AmeriPath. CAD provides specialized diagnostic testing and information services including Fluorescence In-Situ Hybridization (FISH), Flow Cytometry, DNA Analysis, Polymerase Chain Reaction (PCR(TM), performed pursuant to an agreement with Roche Molecular Systems, Inc.), Molecular Genetics, Cytogenetics and HPV Typing. Additionally, AmeriPath provides clinical trial and research development support to firms involved in developing new cancer and genomic diagnostics and therapeutics.

The statements contained in this press release include "forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements - which are sometimes identified by words such as "may," "should," "believe,'' "expect,'' "anticipate,'' "estimate" and similar expressions and which include any financial or operating estimates, forecasts or projections - are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control. These risks and uncertainties could cause actual results to differ materially from results anticipated by forward-looking statements. These risks and uncertainties include: the extent of success of the Company's operating initiatives and growth strategies; ability to manage growth; access to capital on satisfactory terms; general economic conditions; terrorism or an escalation of hostilities or war; competition and changes in competitive factors; federal and state healthcare regulation (and compliance); reimbursement rates under government and third party healthcare programs and the payments received under such programs; changes in coding; changes in technology; dependence upon pathologists and customer contracts; the ability to attract, motivate, and retain pathologists; labor, technology and insurance costs; marketing and promotional efforts; the availability of pathology practices in appropriate locations that the Company is able to acquire on suitable terms or develop; and the successful completion and integration of acquisitions (and achievement of planned or expected synergies). The forward-looking statements in this press release are made as of the date hereof based on management's current beliefs and expectations, and the Company undertakes no obligation to update or revise any such statements. Further information regarding risks, uncertainties and other factors that could affect the Company's financial or operating results or that could cause actual results to differ materially from those expected, estimated or anticipated are included in the Company's annual, quarterly, and other reports and filings with the SEC.

Editor's Note: This release is also available at http://www.ameripath.com