September 16, 1999
AMERIPATH ACQUIRES TEXAS PATHOLOGY PRACTICE
Riviera Beach, FL, September 16, 1999 -- AmeriPath,
Inc. (Nasdaq: PATH), a physician group practice and laboratory
management company focused on anatomic pathology services,
announced today that it has completed the acquisition
of Pathology Associates of Texas, a hospital-based pathology
practice located in the Dallas/Fort Worth area. The practice
had annualized net revenues of $5.6 million. Terms of
the transaction were not disclosed.
Pathology Associates is AmeriPath's eleventh acquisition
in the state of Texas and its fifth in the Dallas/Fort
Worth area. The practice employs nine physicians, bringing
the total of AmeriPath physicians to 273. The practice
has established an outstanding reputation with over 25
years of operating history and provides pathology services
for two hospitals in the Harris Methodist Health System
representing over 500 beds and approximately 300 referring
physicians. Pathology Associates also provides anatomic
pathology services to three reference laboratories, including
Quest Diagnostics, Inc.
"The addition of Pathology Associates of Texas will
enhance our position and regional business model in the
state of Texas," said James C. New, Chairman and CEO
of AmeriPath. "This is of strategic significance to our
growth in this market and complements our existing relationship
with Quest Diagnostics. We now have 89 physicians in
five major cities, making our densification of Texas
almost complete."
AmeriPath, Inc. is the nation's leading physician group
practice and laboratory management company focused on
providing anatomic pathology services to physicians,
hospitals, national clinical laboratories, and managed
care organizations. The Company presently operates in
twelve states and employs 273 pathologists who provide
medical services through outpatient pathology laboratories,
hospital inpatient laboratories, and outpatient surgery
centers.
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This release contains certain forward-looking statements
regarding AmeriPath, including its operations and prospects.
Past performance is not necessarily indicative of future
results. In addition, AmeriPath's actual results could
differ materially from the results anticipated in these
forward-looking statements as a result of uncertainties,
including risks relating to demand, pricing, government
regulation, payments and reimbursement, changes on reimbursement
coding guidelines, dependence upon contracts and pathologists,
acquisitions and affiliations, integration of acquired
practices, the market for pathology services, competition,
and other factors identified in AmeriPath's filings with
the Securities and Exchange Commission.
