Bio-Reference Laboratories Awarded New York State Prison Contract for Fifth Consecutive Year; Contract Valued at Approximately $7M.Business Editors 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)--Jan. 21, 2003 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 :BRLI BRLI Bio Rad Laboratories Inc ) announced today that the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State Department of Corrections has awarded the Bio-Reference MediLabs division its contract to provide basic clinical laboratory services to all New York state prisons This is a list of state prisons in New York. It does not include federal prisons or county jails located in the state of New York.
Bio-Reference was first awarded the contract in 1998 and is the only clinical laboratory to ever hold the unified New York State contract. The contract is based on a fee for service arrangement and should provide approximately $7 million dollars in revenue to Bio-Reference over the course of the next year. Marc D. Grodman M.D., President and Chief Executive Officer states, "Correctional healthcare laboratory service is a focused market target for Bio-Reference Laboratories. We believe that in order to provide superior clinical laboratory services we must do more than simply collect specimens and provide results. We believe that we must understand our clients, anticipate their needs and provide them with the ancillary services that they need to provide better and more efficient healthcare. We have built a strong, focused market strategy in the correctional healthcare market because we have recognized it as a market and we have built systems, procedures and information solutions that enable our customers in these markets to operate efficiently and still provide the essential clinical laboratory services that need to be provided. We have an exceptionally talented team that understands the correctional healthcare market and anticipates most problems before they occur, provides solutions to emerging issues and makes sure that our customers have the information they need to satisfy complex legislative and regulatory mandates. The New York State contract is extremely complex; it fully taxes the resources of the clinical laboratory. However, after many years of working with New York State, we have developed solutions that meet the demanding requirements of the State and yet provide us with a cornerstone client for a valuable and worthwhile focused market at Bio-Reference Laboratories." Dr. Grodman continued, "We are able to acquire and will continue to seek to acquire new correctional healthcare contracts because we not only understand this market incredibly well but we are able to meet and support the special needs of the client. In addition to the specialized clinical needs of the market, PSIMedica, our informatics Same as information technology and information systems. The term is more widely used in Europe. division and CareEvolve, our connectivity solution, provide value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. services. Both of these ancillary service offerings enable us to enhance the core laboratory business we offer our correctional healthcare customers. This is an extremely valuable market that we intend to focus upon in the future to support our growth and expansion." About Bio-Reference Laboratories, Inc. The Company is the largest independent regional clinical laboratory in the Northeast and has major market positions in physician offices, nursing homes and correctional institutions. The Company is a full service clinical laboratory with specialty capability, especially in the areas of genomics, oncology, correctional health, and complimentary medicine. PSIMedica, a business unit of the Company, is a clinical knowledge management (CKM CKM Cabibbo-Kobayashi-Maskawa (quark mixing matrix) CKM Certified Knowledge Manager (trademark of Hudson Associates Consulting, Inc. ) organization offering an array of information solutions for reducing healthcare costs and improving quality performance based on a flexible, scalable software analytical engine A programmable calculator designed by British scientist Charles Babbage. After his Difference Engine failed its test in 1833, Babbage started the design of the Analytical Engine in 1834. that utilizes all available source information, including claims data, enrollment data, prescription data and laboratory data. The Company provides a comprehensive connectivity solution to physicians that includes disease management, laboratory reporting and ordering, as well as claims and eligibility processing through CareEvolve, its web-based healthcare portal. Statements included in this release that are not historical in nature, are intended to be, and are hereby identified as "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ". Statements looking forward in time are included in this release pursuant to 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. " provisions of 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. Such statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to be materially different from any future performance suggested herein. |
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