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DAMON ANNOUNCES TWO ACQUISITIONS

 DAMON ANNOUNCES TWO ACQUISITIONS
 NEEDHAM HEIGHTS, Mass., Feb. 20 /PRNewswire/ -- Damon Corporation


(NYSE: DCL) announced today it has completed the acquisition of two clinical laboratory testing businesses which will become part of Damon's existing network of laboratories. In the aggregate, the two businesses had annual sales of approximately $7.5 million in 1991. The company said the acquisitions are not expected to be dilutive to the company's cash flow margins and earnings per share. The company did not disclose the purchase prices and terms of payments.
 Damon has acquired Redwood Medical Laboratory, based in Santa Rosa, Calif. Redwood, which has been in existence since 1975, is a full service lab with a broad customer base. With three facilities, it has sales of approximately $5 million and will become part of Damon's network in Northern California.
 Damon has also purchased the assets of Beacon Medical Laboratory located in Boston. Beacon, which primarily serves the nursing home industry in greater Massachusetts from five locations, has been in operation for over 20 years and has sales of approximately $2.5 million. Beacon will become part of Damon's New England regional laboratory located in Westwood, Mass.
 Robert L. Rosen, chairman of the board of directors and chief executive officer of Damon stated that "Damon has demonstrated its ability to grow internally as well as through carefully integrated acquisitions such as these." Rosen further stated that "These two acquisitions represent profitable incremental business that will enhance our strong Boston and Northern California operations. We continue to actively review additional acquisition opportunities."
 Damon Corporation, one of the nation's leading clinical laboratory testing companies, with total annual sales of $249 million, provides a full range of high quality, technologically advanced testing services to the medical community, corporations, U.S. government agencies and municipalities nationwide and is a leader in substance abuse testing, preventative health screening and AIDS testing.
 -0- 2/20/92
 /CONTACT: Lissa Perlman or Roanne Kulakoff of Kekst and Company, 212-593-2655, for Damon Corporation/
 (DCL) CO: Damon Corporation ST: Massachusetts, California IN: HEA SU: TNM


TS -- NY028 -- 0853 02/20/92 10:39 EST
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Publication:PR Newswire
Date:Feb 20, 1992
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