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- SIGNS
GROUP PURCHASING AGREEMENT WITH HEALTHTRUST PURCHASING GROUP, L.P.
Burlington, NC, August 24, 2000 - Laboratory Corporation of
America-Registered Trademark- Holdings (LabCorp-Registered
Trademark-) (NYSE: LH) today announced that it has signed a
multi-year national contract with Nashville-based HealthTrust
Purchasing Group, L.P. (HPG), one of the country's largest
group purchasing organizations. The agreement renews LabCorp's
existing reference laboratory relationship with HCA-The
Healthcare Company and recent spinoffs Triad Hospitals, Inc.
and LifePoint Hospitals, Inc. It also extends LabCorp's total
service offerings to all HPG members. HealthTrust Purchasing
Group, L.P. membership includes hospitals, surgery centers,
clinics, physicians, integrated delivery networks, and
affiliate members.
"We are pleased with this significant new business opportunity
to offer our full range of laboratory services to this
considerable organization of health care providers," noted
Stevan R. Stark, executive vice president of marketing and
sales for LabCorp. "Our service history with HCA and other
recent HPG members has been very favorable, and our capability
to offer direct electronic connectivity to streamline ordering
and result delivery remains an important LabCorp strength in
meeting the testing and information needs of all HPG members."
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.
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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 Occupational Testing in RTP is one of the world's largest
substance abuse testing facilities, 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.
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