Bio-Reference Laboratories Announces Acquisition of
Medilabs
Business Wire - April 09, 1998 14:20
%BIO-REFERENCE BRLI %NEW-JERSEY %MEDICINE %BIOTECHNOLOGY %MERGERS %ACQ
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ELMWOOD PARK, N.J.--(BUSINESS WIRE)--April 9, 1998-- Bio-Reference
Laboratories, Inc. (NASDAQ Small Cap "BRLI"), one of the largest independent clinical
laboratories in the Northeast, Mid Atlantic region today announced its acquisition of Medilabs
from Long Term Care, Inc. for up to a maximum $7 million purchase price. Medilabs, a
regional laboratory servicing the New York metropolitan region, located in Valley Cottage,
New York, had revenues of approximately $14,700,000 in calendar year 1997, with a loss
before tax, depreciation and amortization of approximately $275,000. For the fiscal year
ended October 31, 1997, Bio-Reference Laboratories had revenues of $38,660,184 with net
income of $3,061,175 including a non recurring gain of $2,025,689.
Dr. Marc Grodman, President and CEO of Bio-Reference Laboratories, stated "The
acquisition of Medilabs solidifies our standing as a leading regional laboratory. We believe this
acquisition will be accretive to earnings in our fiscal year 1999 which starts November 1998.
Our belief is that through these years of consolidation in the laboratory market, the regional
laboratory will emerge as the entity best prepared to provide optimum efficiency, service and
quality in laboratory testing. Bio-Reference and Medilabs overlap in many markets so there
will be an opportunity to promote efficiencies by combining the two operations, as well as
provide distribution for Bio-Reference Laboratories' expanded testing capabilities. Senior
management of Medilabs has agreed to remain with the combined entity. Our goal is to keep
client satisfaction high in this demanding marketplace."
Dr. Grodman continued, "Bio-Reference will continue to seek out transactions in both the
clinical laboratory marketplace as well as in medical information technologies which would
allow us to maximize the extraordinary volume of clinical information we generate."
Bio-Reference Laboratories, Inc. is a highly automated computer-driven clinical laboratory
serving specialty markets in the New York/Tri-State metropolitan area. The Company
performs highly sophisticated testing procedures in addition to high-volume routine testing in
clinical chemistry, special chemistry, endocrinology, serology, diagnostic immunology,
microbiology, rheumatology parasitology, cellular immunology, radioimmunoassay,
hematology, immunohematology, cytology, anatomic pathology and urinalysis.
The Company's common stock is traded on the NASDAQ Small Cap system under the
symbol "BRLI"; its Class A Warrants are traded under the symbol "BRLIW" and its Class B
Warrants are traded under the symbol "BRLIZ."
CONTACT: BIO-REFERENCE LABORATORIES, INC.
Marc Grodman, M.D. or Sam Singer
201/791-2600
or
MALLORY FACTOR INC
Bill Roll, 212/350-0000
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