Bio-Reference Laboratories Announces Acquisition of Medilabs.ELMWOOD PARK, N.J.--(BUSINESS WIRE)--April 9, 1998-- Bio-Reference Laboratories, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Small Cap "BRLI BRLI Bio Rad Laboratories Inc "), one of the largest independent clinical laboratories in the Northeast, Mid Atlantic region today announced its acquisition of Medilabs from Long Term Care, Inc. for up to a maximum $7 million purchase price. Medilabs, a regional laboratory servicing the New York metropolitan region, located in Valley Cottage, New York Valley Cottage is a hamlet (and a census-designated place) in Rockland County, New York, United States located in the eastern part of the Town of Clarkstown. The population was 9,269 at the 2000 census. , had revenues of approximately $14,700,000 in calendar year 1997, with a loss before tax, depreciation and amortization of approximately $275,000. For the fiscal year ended October 31, 1997, Bio-Reference Laboratories had revenues of $38,660,184 with net income of $3,061,175 including a non recurring gain of $2,025,689. Dr. Marc Grodman, President 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 Bio-Reference Laboratories, stated "The acquisition of Medilabs solidifies our standing as a leading regional laboratory. We believe this acquisition will be accretive to earnings in our fiscal year 1999 which starts November 1998. Our belief is that through these years of consolidation in the laboratory market, the regional laboratory will emerge as the entity best prepared to provide optimum efficiency, service and quality in laboratory testing. Bio-Reference and Medilabs overlap in many markets so there will be an opportunity to promote efficiencies by combining the two operations, as well as provide distribution for Bio-Reference Laboratories' expanded testing capabilities. Senior management of Medilabs has agreed to remain with the combined entity. Our goal is to keep client satisfaction high in this demanding marketplace." Dr. Grodman continued, "Bio-Reference will continue to seek out transactions in both the clinical laboratory marketplace as well as in medical information technologies which would allow us to maximize the extraordinary volume of clinical information we generate." Bio-Reference Laboratories, Inc. is a highly automated computer-driven clinical laboratory serving specialty markets in the New York/Tri-State metropolitan area. The Company performs highly sophisticated testing procedures in addition to high-volume routine testing in clinical chemistry, special chemistry, endocrinology, serology Serology The division of biological science concerned with antigen-antibody reactions in serum. It properly encompasses any of these reactions, but is often used in a limited sense to denote laboratory diagnostic tests, especially for syphilis. , diagnostic immunology, microbiology, rheumatology rheumatology /rheu·ma·tol·o·gy/ (-tol´ah-je) the branch of medicine dealing with rheumatic disorders, their causes, pathology, diagnosis, treatment, etc. rheu·ma·tol·o·gy n. parasitology Parasitology The scientific study of parasites and of parasitism. Parasitism is a subdivision of symbiosis and is defined as an intimate association between an organism (parasite) and another, larger species of organism (host) upon which the parasite is , cellular immunology, radioimmunoassay, hematology, immunohematology, cytology cytology (sītŏl`əjē), in biology, the study of the structure of all normal and abnormal components of cells and the changes, movements, and transformations of such components. , anatomic pathology and urinalysis. The Company's common stock is traded on the NASDAQ Small Cap system under the symbol "BRLI"; its Class A Warrants are traded under the symbol "BRLIW" and its Class B Warrants are traded under the symbol "BRLIZ." CONTACT: BIO-REFERENCE LABORATORIES, INC. Marc Grodman, M.D. or Sam Singer 201/791-2600 or MALLORY FACTOR INC Bill Roll, 212/350-0000 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion