ELMWOOD PARK, N.J., Aug. 13, 2013 (GLOBE NEWSWIRE) -- BioReference Laboratories, Inc. (Nasdaq:BRLI) announced today that it completed the acquisition of a clinical laboratory in northern California. The Company believes that the California acquisition represents significant strategic value to its national presence, as well as a significant presence in the California market.
The Company acquired most of the assets of Hunter Laboratories, located in the Bay area. The acquisition of Hunter assets provides the Company a West Coast presence with complex capability as well as Medi-Cal in-network status. The acquisition from Hunter includes most of its current business and a sophisticated facility that the Company will use as a base of operations for its growing western U.S. business. The Company believes that its existing comprehensive payer relationships will greatly enhance the anticipated business opportunities of the acquisition.
Marc D. Grodman, MD, CEO, commented: "We believe this acquisition will provide us with a local West Coast presence that should prove to be a valuable driver in our continued growth over the next few years. We are a national laboratory and expect to benefit from a strategic presence in key areas around the country to support our national capabilities. BioReference participates as a network provider with most national payers and we anticipate our comprehensive payer coverage should greatly enhance the existing Hunter business. More importantly, we believe that having a local base for operations can provide significant operational and logistical synergies as we continue to grow our national footprint throughout the western United States."
About BioReference Laboratories, Inc.
BRLI is a clinical testing laboratory offering testing, information and related services to physician offices, clinics, hospitals, employers and governmental units. We believe that we are the fourth largest full-service laboratory in the United States and the largest independent regional laboratory in the Northeastern market. BRLI offers a comprehensive list of laboratory testing services utilized by healthcare providers in the detection, diagnosis, evaluation, monitoring and treatment of diseases. BRLI primarily focuses on esoteric testing, molecular diagnostics, anatomical pathology, women's health and correctional health care.
Statements included in this release that are not historical in nature, are intended to be, and are hereby identified as "forward-looking statements". Forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of Bio-Reference Laboratories, Inc. and its subsidiaries. Statements looking forward in time are included in this release pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made and which reflect management's current estimates, projections, expectations or beliefs and which involve risks and uncertainties that could cause actual results and outcomes to be materially different. Risks and uncertainties that may affect the future results of the company include, but are not limited to, adverse results from pending or future government investigations, lawsuits or private actions, the competitive environment, changes in government regulations, changing relationships with customers, payers, suppliers and strategic partners, the ability to expand our West Coast business and other and other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise.
CONTACT: Tara Mackay Investor Relations Coordinator (201) 791-2600 (201) 791-1941 (fax) firstname.lastname@example.org
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