December 1, 2000
AmeriPath, Inc. Announces Completion of Inform DX Acquisition
Riviera Beach, FL, December 1, 2000 – AmeriPath, Inc.,
(NASDAQ: PATH), the nation’s largest company focused on
providing anatomic pathology, cancer diagnostic and related healthcare
information services, announced today that it has completed and
consummated the previously announced acquisition of Pathology
Consultants of America, Inc. (Inform DX). In connection with
the acquisition, AmeriPath issued approximately 2.6 million shares
of common stock in exchange for all the outstanding common stock
of Inform DX. In addition, AmeriPath assumed certain obligations
to issue shares of common stock pursuant to outstanding Inform
DX stock option plans. AmeriPath also agreed to file a registration
statement with the Securities and Exchange Commission in April
2001, covering one-third of the shares issued to Inform DX shareholders
in the acquisition, to permit holders to sell such shares, once
registered, from time to time through November 2001.
This acquisition will add 12 anatomic pathology laboratories
in 10 states (six states are new to AmeriPath), the largest of
which are located in Pennsylvania, New York, Missouri and Tennessee.
AmeriPath will add to its workforce approximately 400 employees,
including an 18-person sales force and 88 (employed or contracted)
physicians, 22 of which are board-certified dermatopathologists.
In addition to serving a large referring physician base, Inform
DX’s 43 hospitals will now contribute to a total of 208
hospital locations served by AmeriPath.
James C. New, Chairman and CEO of AmeriPath commented, “A well-planned
and organized integration process has already commenced. We anticipate full
integration of operations by the end of the first quarter of 2001. We are excited
to further strengthen our management team by adding members of Inform DX’s
accomplished senior management, including Brian C. Carr as President and James
E. Billington as a Senior Vice President of Operations of AmeriPath. Both gentlemen
will be relocating to AmeriPath’s corporate headquarters in Riviera Beach,
Florida.”
AmeriPath, Inc. is the nation’s largest company focused on providing
anatomic pathology, cancer diagnostic and related healthcare information services
to physicians, hospitals, national clinical laboratories and managed care organizations.
The Company’s physicians provide medical services through outpatient
pathology laboratories, hospital inpatient laboratories and outpatient surgery
centers. AmeriPath, with the successful completion of the Inform DX acquisition,
operates 41 laboratories and serves 208 hospitals through 402 physicians across
20 states.
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The statements
of James C. New and other statements contained in this
press release are “forward-looking statements” which
are based on current beliefs and expectations. Past performance
is not necessarily indicative of future results. In addition,
forward-looking statements – which are identified by words
such as “may”, “should”, “believe,” “expect,” “plan,” “anticipate” and
similar expressions -- are subject to a number of risks and uncertainties
which could cause actual results to differ materially from historical
results or those expected or anticipated. These include risks
and uncertainties relating to demand for pathology services,
pricing, changes in (and compliance with) federal and state regulation,
reimbursement rates, government and third party payments, the
ability to attract, motivate, and retain pathologists and other
key personnel, dependence upon pathologists and management of
hospital contracts, the development and expansion of managed
care and national clinical lab contracts, completion and integration
of acquisitions and affiliations (and achievement of planned
or expected synergies), competitive factors and technology. Further
information regarding risks, uncertainties and other factors
that could affect the Company’s financial results, or could
cause actual results to differ materially from those expected
or anticipated, are included in the Company’s Form 10-K
for the year ended December 31, 1999 and subsequent filings
with the SEC.
