LabOne to Acquire Northwest Toxicology.
LENEXA, Kan.--(BUSINESS WIRE)--Jan. 9, 2004
LabOne, Inc. (Nasdaq:LABS) announced today that it has signed an agreement to acquire the assets of the drug testing division, Northwest Toxicology, from NWT Inc., Salt Lake City. Northwest Toxicology has been a leading SAMHSA-certified laboratory since 1989. The combination of LabOne and Northwest Toxicology will result in an extensive product offering, including testing for drugs of abuse in urine, oral fluid and hair, specimen validity testing, esoteric drug testing, and medical professional drug testing. Although LabOne anticipates that some of the urine and oral fluid testing will be redirected to its Lenexa facility, both the Northwest Toxicology laboratory and LabOne will maintain their SAMHSA certifications for testing performed for federally regulated clients. Terms of the agreement were not disclosed. The companies anticipate completing the transaction by early March 2004.
"We see this acquisition as an exciting combination of two leaders," said W. Thomas Grant II, chairman, president and CEO of LabOne. "Both companies have traditions of customer service and commitment to the drug testing industry. With our leadership in oral fluid testing, web reporting solutions and technology, and Northwest's scientific and esoteric testing expertise, we are bringing together two companies with clearly defined and complementary skill sets."
"We are very enthusiastic and pleased to partner NWT's drugs of abuse testing business with an outstanding company like LabOne," said Denis Lin, president and CEO of NWT Inc. "The services of Northwest Toxicology coupled with LabOne's major presence in the industry will provide for exciting opportunities at an excellent time in the marketplace. Upon closing, NWT will focus its efforts on growing and expanding its Tandem Labs pharmaceutical bio-analytical contract research business."
Headquartered in the Greater Kansas City area, LabOne is a diagnostic services provider. The services and information LabOne and its subsidiaries provide include: risk assessment information services for the insurance industry; diagnostic healthcare testing to physicians, managed care organizations and employers; and drug testing services and related employee qualification products to employers. The company's web site is located at http://www.LabOne.com.
About Northwest Toxicology
Northwest Toxicology is a privately held SAMHSA-certified laboratory based in Salt Lake City, Utah. Northwest was founded in 1981 and has grown to become one of the world's foremost leaders in drug of abuse and adulterant testing.
This press release may contain "forward-looking statements." Forward-looking statements often can be identified by the use of forward-looking terminology, such as "believes," "expects," "may," "will," "should," "could," "intends," "plans," "estimates," "anticipates," variations thereof, or similar expressions. These statements are not guarantees of future performance, and many factors, including but not limited to, customer acceptance of the Company's services, government regulatory requirements applicable to the intended product offering, intense competition, and the ability of the Company to successfully integrate the acquired operations, could cause actual results to differ materially from those that may be expressed or implied in such forward-looking statements. Investors are cautioned not to put undue reliance on any forward-looking statement.
|Printer friendly Cite/link Email Feedback|
|Date:||Jan 9, 2004|
|Previous Article:||Vyyo Inc. to Hold Fourth Quarter and Year-end 2003 Results Conference Call on January 22nd.|
|Next Article:||Strategy Analytics: Verizon Wireless's National EV-DO Blueprint Will Appeal to 37M Connected Workers & Techno-Players.|