EXHIBIT 99.1
FOR IMMEDIATE RELEASE
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Contact:
Robert P. Wynn Michelle D. Getty
Executive Vice President & CFO Investor Relations
AmeriPath, Inc. AmeriPath, Inc.
561-712-6207 561-712-6260
E-mail: [email protected]
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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
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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.
Editor's Note: This release is also available at http://www.ameripath.com
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