Morton Topfer, Former Dell Co-CEO, Vice-Chairman Completes Private Investment in Bio-Reference Laboratories.
ELMWOOD PARK, N.J.--(BW HealthWire)--May 15, 2001
Mr. Topfer will join BRLI Board of Directors, advise on
operating discipline and strategic implementation
Bio-Reference Laboratories, Inc. (NASDAQ-BRLI) announced that Morton Topfer, former Co-CEO, Vice Chairman, Counselor to the President and current Board member of Dell Computer Corp. (NASDAQ-DELL), has completed a private investment in Bio-Reference Laboratories and has agreed to join the Company's Board of Directors. The Topfer investment, involving the acquisition of 1.5M shares, is being made through Castletop Capital, an investment company in which Morton Topfer is Managing Director, and will make Castletop the second largest shareholder in the Company after the Company's CEO, Marc Grodman, M.D.
Morton Topfer has been a key architect in the strategic development of numerous highly successful businesses, including Motorola (NYSE-MOT) and Dell. Mr. Topfer's background and experience in building significant businesses will be a valuable asset to Bio-Reference Laboratories. Bio-Reference has been articulating a dynamic new business strategy for the clinical laboratory industry. Mr. Topfer has embraced this new strategy and will bring to bear his considerable experience and strategic acumen in helping Bio-Reference to achieve its goals.
Mr. Topfer commented, "When I first met with Bio-Reference, I realized that I had found a diamond in the rough. The value of clinical laboratories has dramatically increased over the past 12 months. As a clinical laboratory, I believe that Bio-Reference is highly undervalued with tremendous potential for growth, expansion and increased profitability. More importantly, Bio-Reference has developed a compelling and innovative strategy that seeks to leverage the value of information technologies and connectivity to enhance and protect the laboratory assets. I am excited about the opportunity to work in a dynamic industry with a dynamic management team that has the potential to achieve great things. I believe that my experience in business operations and strategy implementation can help Marc Grodman and his management team reach that potential."
Dr. Grodman added. "This is an extraordinary opportunity for the BRLI shareholders, our management team and for me personally to work with and profit from an industry visionary. Few men have ever achieved the kind of success that Mort did in converting new technologies and dreams into efficient, disciplined and profitable operating companies while he was at both Motorola and Dell. Mort knows how to convert dreams into operating realities. We have great dreams at Bio-Reference and we have great belief in those dreams. We are extremely excited about the prospect of having Mort work with us to achieve those dreams."
Mr. Topfer served as vice chairman of Dell for five years. In this position, Mr. Topfer shared the Office of the Chief Executive Officer with Michael S. Dell, chairman and CEO, and Kevin B. Rollins, vice chairman, and presided over a period of unprecedented growth at Dell. Prior to joining Dell in May 1994, Mr. Topfer served as corporate executive vice president of Motorola, Inc. and president of Motorola's Land Mobile Products Sector, where he managed a $3 billion mobile, portable and data systems function. Additionally, Mr. Topfer helped build and ultimately spun-off Motorola's $2 billion paging business. During his 23-year career with Motorola, Mr. Topfer was part of the team that led the company's quality effort, resulting in receipt of the Malcolm Baldrige National Quality Award in 1988. Mr. Topfer was conferred the Darjah Johan Negeri Penang State Award in July 1996 by the Governor of Penang for contributions to the development of the electronics industry in Malaysia. Mr. Topfer holds a bachelor's degree in physics from Brooklyn College and in June 2000, he was awarded an honorary doctorate in engineering from Polytechnic University in New York.
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's wholly owned subsidiary, CareEvolve.com, is a physician-centric health portal that seeks to enhance physician-patient and physician-payer electronic communications on a secure basis, including communicating laboratory results, e-mail, prescriptions, payer verification and eligibility, as well as offering many other value-added Internet based services to its physician members. PSIMedica, a business unit of the Company, is a clinical knowledge management (CKM) organization offering an array of information solutions for improving healthcare cost and quality performance.
This press release contains certain "forward-looking" statements, as defined in the United States Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from management's current expectations. Such factors are detailed from time to time in the Company's filings with the regulatory authorities having jurisdiction.
This release and prior releases are available on the KCSA Public Relations Worldwide Web site at www.kcsa.com.
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|Date:||May 15, 2001|
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