Laboratory Corporation of America-Registered Trademark- Holdings
358 South Main Street
Burlington, NC 27215
Telephone: 336-584-5171
FOR IMMEDIATE RELEASE
---------------------
Contact: 336-436-4855 Shareholder Direct: 800-LAB-0401
Pamela Sherry www.labcorp.com
LABORATORY CORPORATION OF AMERICA-REGISTERED TRADEMARK- SUCCESSFULLY
COMPLETES PREFERRED STOCK REDEMPTION
99.97 Percent of Preferred Shares Converted into Common
Burlington, NC, July 13, 2000 - Laboratory Corporation of America-
Registered Trademark- Holdings (LabCorp-Registered Trademark- NYSE:
LH) today announced that more than 99.97 percent of the shares of its
outstanding 8 1/2 percent Series A Convertible Exchangeable Preferred
Stock and 8 1/2 percent Series B Convertible Pay-in-Kind Preferred
Stock called for redemption have been converted into the Company's
common stock at the request of the preferred shareholders. Conversion
of such shares of preferred stock into common stock has resulted in
the issuance of approximately 20.9 million additional shares of
common stock since the redemption was announced on June 6, 2000, for
a total of approximately 34.3 million common shares outstanding.
"Our preferred shareholders have validated their confidence in
LabCorp and our business model by electing to convert essentially 100
percent of their preferred shares into LabCorp common stock," said
Thomas P. Mac Mahon, chairman and chief executive officer. "We are
pleased that our ongoing efforts to build shareholder value have
created a new, simplified capital structure for the benefit of our
common shareholders."
Laboratory Corporation of America-Registered Trademark- Holdings
(LabCorp-Registered Trademark-) is a national clinical laboratory
with annual revenues of $1.7 billion in 1999. With 18,000 employees
and over 100,000 clients nationwide, the Company offers more than
2,000 clinical tests ranging from simple blood analyses to
sophisticated molecular diagnostics. LabCorp leverages its expertise
in innovative clinical testing technology with three Centers of
Excellence. The Center for Molecular Biology and Pathology, in
Research Triangle Park (RTP), North Carolina, develops applications
for polymerase chain reaction (PCR) technology. Its Center for
<PAGE>
Occupational Testing in RTP is the world's largest substance abuse
testing facility, and the Center for Esoteric Testing in Burlington,
North Carolina, performs the largest volume of specialty testing in
the network. LabCorp's clients include physicians, state and federal
government, managed care organizations, hospitals, clinics,
pharmaceutical and Fortune 1000 companies, and other clinical
laboratories.
Each of the above forward-looking statements is subject to change
based on various important factors, including without limitation,
competitive actions in the marketplace and adverse actions of
governmental and other third-party payors. Further information on
potential factors that could affect LabCorp's financial results is
included in the Company's Form 10-K for the year ended December 31,
1999 and subsequent SEC filings.
###
_______________________________
