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INSTITUTE FOR LABORATORY MEDICINE SIGNS DEFINITIVE AGREEMENT TO ACQUIRE INDEPENDENT CLINICAL LABORATORY

 INSTITUTE FOR LABORATORY MEDICINE SIGNS DEFINITIVE AGREEMENT
 TO ACQUIRE INDEPENDENT CLINICAL LABORATORY
 MIAMI, Nov. 26 /PRNewswire/ -- Institute for Laboratory Medicine (NASDAQ: LABS) (ILM) today reported that a definitive agreement has been signed by the company and a New York/New Jersey metropolitan area independent clinical laboratory. Richard A. Bendis, the company's chairman, indicated that the laboratory to be acquired had annual revenues of approximately $10 million during the past 12 months and is a state-of-the-art facility with available capacity to increase revenues substantially. The closing is subject to various conditions, including satisfactory due diligence and ILM's obtaining sufficient financing.
 Commenting further on this acquisition, Bendis said, "When completed, the acquisition will greatly augment our revenue and will also give us a base for additional acquisitions in the Northeast. We are currently negotiating with several additional independent clinical laboratories in New York, California and Florida."
 Institute for Laboratory Medicine currently operates a clinical laboratory in Florida. The company is seeking to expand nationally through internal growth and additional acquisitions.
 -0- 11/26/91
 /CONTACT: Edward Silverman of Silverman, Heller Associates, 212-682-9222, for Institute for Laboratory Medicine/
 (LABS) CO: Institute for Laboratory Medicine ST: Florida IN: HEA SU: TNM


TS-OS -- NY020 -- 7195 11/26/91 10:04 EST
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Publication:PR Newswire
Date:Nov 26, 1991
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