June 21, 2001
AmeriPath, Inc. Announces Increased Commitment to Credit Facility
FOR IMMEDIATE RELEASE
Contact:
Gregory A. Marsh
Vice President & CFO
Ameripath, Inc.
561-712-6211
Michelle D. Getty
Investor Relations
AmeriPath, Inc.
561-712-6260
E-mail: invrel@ameripath.com
Riviera Beach, FL, June 21, 2001 - AmeriPath, Inc.
(Nasdaq:PATH), the leading national provider of cancer
diagnostics, genomic, and related information services,
today announced an increase of committed funding from
$230 million to $282.5 million under its existing credit
facility. Citicorp, USA, Inc. has committed $37.5 million
and has agreed to serve as documentation agent for the
credit facility. Credit Suisse First Boston has committed
$15 million.
James C. New, Chairman and Chief Executive Officer
commented, "This $52.5 million addition to the credit
facility provides the Company with increased availability
of funding to further its presence, visibility, and growth
within the cancer diagnostic and genomic marketplace,
and we sincerely appreciate the continued support of
the banking community."
AmeriPath is a leading national provider of cancer
diagnostics, genomic, and related information services. In
2000, AmeriPath diagnosed 3.0 million tissue biopsies,
and interpreted 2.5 million Pap smears. The Company's
extensive diagnostics infrastructure includes 419 pathologists
and doctorate-level scientists providing services to
42 independent pathology laboratories, 237 hospitals,
the Center for Advanced Diagnostics (CAD), and Dermpath
Diagnostics. CAD provides specialized diagnostic testing
and information services including Fluorescence In-Situ
Hybridization (FISH), Flow Cytometry, DNA Analysis, Polymerase
Chain Reaction (PCR), Molecular Genetics, Cytogenetics,
and HPV Typing. Dermpath Diagnostics, with 60 board-certified
dermatopathologists, is the country's leading provider
of Dermatopathology services in the growing skin diagnostic
testing market.
Additionally, AmeriPath provides clinical trial and
research and development support to firms involved in
developing new cancer and genomic diagnostic and therapeutics.
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The statements contained in this
press release include "forward-looking
statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking
statements - which
are sometimes identified by words such as "may", "should", "believe", "expect", "anticipate", "estimate" and
similar expressions and which include any financial or
operating estimates, forecasts or projections - are subject
to a number of risks and uncertainties, many of which
involve factors or circumstances that are beyond the
Company's control. These risks and uncertainties could
cause actual results to differ materially from historical
results or from results anticipated by forward-looking
statements. These risks and uncertainties include: the
extent of success of the Company's operating initiatives
and growth strategies; the Company's ability to manage
growth; access to sufficient amounts of capital on satisfactory
terms; general economic conditions; competition and changes
in competitive factors; federal and state healthcare
regulation (and compliance); reimbursement rates under
government-sponsored and third party healthcare programs
and the payments received under such programs; changes
in coding; changes in technology; dependence upon pathologists
and contract (such as hospital); the ability to attract,
motivate, and retain pathologists; labor and technology
costs; marketing and promotional efforts; the availability
of pathology practices in appropriate locations that
the Company is able to acquire on suitable terms or develop;
the successful completion and integration of acquisitions
(and achievement of planned or expected synergies); and
tax laws. The forward -looking
statements in this press release are made as of the date
hereof based on management's current beliefs and expectations,
and the Company undertakes no obligation to update or
revise any such statements, whether as result of new
developments, new information or otherwise. Further
information regarding risks, uncertainties and other
factors that could affect the Company's financial or
operating results, or
that could cause actual results to differ materially
from those expected, estimated or anticipated, are
included in the Company's annual report on Form 10-K
for the year ended December 31, 2000, the Company's quarterly
report on Form 10-Q for the quarter ended March 31, 2001
and subsequent filings with the SEC. Past performance
is not necessarily indicative of future result.
