John W. Hlywak, Jr. (investors) Jay Higham (media)
Senior Vice President & CFO Senior Vice President Marketing
IntegraMed America, Inc IntegraMed America, Inc.
(914) 251-4143 (914) 251-4127
Web Address: www.integramed.com
INTEGRAMED REPORTS TERMINATION OF HOSPITAL CONTRACT
Purchase, NY, December 13, 2000 -- IntegraMed America, Inc. (Nasdaq: INMD) today
announced entering into a definitive agreement with Saint Barnabas Medical
Center pursuant to which the management contract between the Company and Saint
Barnabas will terminate, effective December 29, 2000. The management contract,
dated May 15, 1995, was scheduled to expire December 31, 2001. Pursuant to the
early termination agreement, Saint Barnabas has agreed to pay the Company
liquidated damages totaling $1.44 million. Annualized 2000 contribution from the
management contract approximates $1.59 million.
IntegraMed, based in Purchase, NY offers products and services to patients,
providers, payors and manufacturers focused on the $2 billion infertility
industry. Specifically, the Company provides Business Services to a network of
Reproductive Science Centers(R) - the leading providers of conventional
fertility and assisted reproductive technology (ART) services; distributes
pharmaceutical and financing products directly to patients; and, conducts
clinical research through IntegraMed Research Institute.
Statements contained in this press release that are not based on historical
fact, including statements concerning future results, performance, expectations
and expansion of IntegraMed America are forward-looking statements. Actual
results may differ materially from the statements made as a result of various
factors including, but not limited to, the risks associated with the Company's
ability to finance future growth; the loss of significant management
contract(s); profitability at Reproductive Science Centers managed by IntegraMed
America; changes in insurance coverage, government laws and regulations
regarding health care or managed care contracting; and other risks, including
those identified in the Company's most recent Form 10-K and in other documents
filed by the Company with the U.S. Securities and Exchange Commission (SEC).
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