February 7, 2002
AmeriPath, Inc. Acquires Colorado Diagnostic Laboratory
FOR IMMEDIATE RELEASE
Contact: Gregory A. Marsh Vice President & CFO AmeriPath,
Inc.
561-712-6211 E-mail: gmarsh@ameripath.com
Michelle D. Getty Investor Relations AmeriPath, Inc.
561-712-6260
E-mail: invrel@ameripath.com
AMERIPATH, INC. ACQUIRES COLORADO DIAGNOSTIC LABORATORY
Riviera Beach, FL, February 7, 2002 – AmeriPath, Inc. (Nasdaq:
PATH), a leading national provider of cancer diagnostics, genomic,
and related information services, today announced the acquisition
of Colorado Diagnostic Laboratory and related entities (collectively “Colorado
Diagnostic Laboratory” or “CDL”), located in
Denver, Colorado. The acquisition represents a conversion from
a management contract to a wholly-owned entity.
Colorado Diagnostic Laboratory employs a staff of more than 60
and processes in excess of 150,000 specimens per year. The operation
includes three exclusive hospital contracts, a robust non-hospital
client base, and a 20,000 square foot state-of-the-art laboratory
facility. “We are pleased to be a fully integrated part of
the AmeriPath family,” stated Michael Pushchak, MD, “and
we look forward to assuming a leadership role in the development
of this growing market”.
Brian C. Carr, Company President commented, “CDL has demonstrated
average same store revenue growth of approximately 24% per year
since 1997, the year it entered into a management agreement with
the Company. The operation has consistently recorded this growth
by introducing new technologies and test offerings to customers,
retaining highly trained pathologists and staff, and by maintaining
a truly outstanding sales and marketing team in the greater Colorado
marketplace. We are extremely excited to have this new platform
for growth in the Rocky Mountain region.”
AmeriPath is a leading national provider of cancer diagnostics,
genomics, and related information services. During the first nine
months of 2001, AmeriPath diagnosed approximately 2.9 million tissue
biopsies, and interpreted approximately 1.6 million Pap smears.
The company’s extensive diagnostics infrastructure includes
over 400 pathologists and doctorate-level scientists providing
services to 42 independent pathology laboratories, more than 200
hospitals, the Center for Advanced Diagnostics (CAD) and Dermpath
Diagnostics, a division of AmeriPath. 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. AmeriPath has over 60 board-certified dermatopathologists
supporting Dermpath Diagnostics, one of the country’s leading
providers of dermatopathology services in the growing skin diagnostic
market. Additionally, AmeriPath provides clinical trial and research
development support to firms involved in developing new cancer
and genomic diagnostics 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 results
anticipated by forward-looking statements. These risks and uncertainties
include:
the extent of success of the Company's operating initiatives
and growth strategies; ability to manage growth; access to capital
on satisfactory terms; general economic conditions; terrorism
or
an escalation of hostilities or war; competition and changes
in competitive factors; federal and state healthcare regulation
(and
compliance); reimbursement rates under government and third party
healthcare programs and the payments received under such programs;
changes in coding; changes in technology; dependence upon pathologists
and customer contracts; the ability to attract, motivate, and
retain pathologists; labor, technology and insurance 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; and the successful completion and
integration of acquisitions (and achievement of planned or expected
synergies).
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. 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, quarterly, and other reports and filings
with the SEC.
