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INSTITUTE FOR LABORATORY MEDICINE RECEIVES APPROVAL FROM SHAREHOLDERS FOR THE SALE OF ITS FLORIDA LABORATORY

INSTITUTE FOR LABORATORY MEDICINE RECEIVES APPROVAL FROM SHAREHOLDERS
 FOR THE SALE OF ITS FLORIDA LABORATORY
 UPPER SADDLE RIVER, N.J., April 29 /PRNewswire/ -- Institute for Laboratory Medicine, Inc. (NASDAQ: LABS) announced today that the requisite vote of the company's shareholders was received at the special meeting of shareholders held April 7, 1992.
 As a result, the final condition for the completion of the sale of ILM's Florida laboratory operations has been met, and the sale has been officially completed. As was previously announced, ILM sold its Florida laboratory operations to Cardinal Testing Labs, a subsidiary of REN Corporation-USA (NASDAQ: RENL), effective Dec. 31, 1991, for $6 million in cash and the assumption of certain liabilities. Pending the requisite shareholder vote, the cash portion had been held in escrow.
 Stuart Seidman, ILM's president and CEO, stated, "We are very pleased to have completed the sale of our Florida laboratory, and to no longer be burdened by Stark Amendment compliance issues. We are continuing to investigate acquisition candidates; however, there can be no assurance that any acquisitions will be consummated."
 -0- 4/29/92
 /CONTACT: Stuart A. Seidman, president and CEO of ILM, 201-934-4200; or Edward Silverman of Silverman, Heller Associates, 212-682-9222, for ILM/
 (LABS) CO: Institute for Laboratory Medicine, Inc. ST: New Jersey, Florida IN: HEA SU: TNM


GK-OS -- NY010 -- 4192 04/29/92 09:03 EDT
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Date:Apr 29, 1992
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