January 2, 2003
AmeriPath Announces Pathology Acquisitions
Riviera Beach, FL, January 2, 2002 - AmeriPath, Inc.
(Nasdaq: PATH), a leading national provider of cancer
diagnostics, genomic, and related information services,
today announced the acquisition of Nuclear Medicine and Pathology Associates
based in Augusta, Georgia and Reference Pathology Services based in Sandy,
Utah,
a suburb of Salt Lake City. Nuclear Medicine and Pathology Associates is one
of the leading general pathology practices in the state of Georgia. Reference
Pathology Services is a rapidly growing anatomic and specialty reference laboratory
with referral sources across the United States.
Nuclear Medicine and Pathology Associates, co-founded
by Dr. Kailash Sharma, is a four-physician general anatomic
pathology laboratory with an exclusive contract to provide
pathology services at one of Georgia's largest hospitals,
University Hospital. In addition, the laboratory provides
pathology services to the outpatient market through their
relationships within physician offices and surgery centers.
The practice has substantial operating experience and
is highly regarded in the region.
James C. New, Chairman and Chief Executive Officer
commented, "We are excited to complete the deals with
the shareholders of Nuclear Medicine and Pathology Associates
and Reference Pathology Services. Both groups have outstanding
reputations in the medical community among patients and
referring physicians. Our acquisition of Nuclear Medicine
and Pathology Associates is a key advancement in our
expansion within the southeast region and specifically
in the state of Georgia. Our acquisition of Reference
Pathology Services is a key accomplishment in broadening
our delivery of molecular diagnostic services to our
clients. We are excited about the opportunity to market
the molecular diagnostic capabilities of Reference Pathology
Services to AmeriPath's growing referral base." Mr. New
continued, "AmeriPath closed four acquisitions in the
fourth quarter of 2002. These fourth quarter acquisitions
represent approximate projected annual run rate revenue
of $15.0 million and EBITDA of $7.5 million. These accomplishments
in expanding our organization will be instrumental in
our achieving our future financial and strategic goals."
AmeriPath is a leading national provider of cancer
diagnostics, genomics, and related information services.
The Company's extensive diagnostics infrastructure includes
the Center for Advanced Diagnostics (CAD), 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 (PCRTM, performed pursuant to an agreement
with Roche Molecular Systems, Inc.), Molecular Genetics,
Cytogenetics and HPV Typing. 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.
