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- COMPLETES
ACQUISITION OF NATIONAL GENETICS INSTITUTE
Burlington, NC, August 1, 2000 - Laboratory Corporation of America-
Registered Trademark- Holdings (LabCorp-Registered Trademark-) (NYSE:
LH) today announced that it has completed the acquisition of Los
Angeles-based National Genetics Institute, Inc. (NGI). Terms of the
stock purchase transaction were not disclosed.
"We are delighted to add the preeminent hepatitis C testing
laboratory to our industry-leading molecular diagnostic services,"
said Thomas P. Mac Mahon, chairman and chief executive officer of
LabCorp. "Molecular diagnostics are the future of laboratory
testing, and we intend to leverage NGI's unique ultra-sensitive
testing tools to accelerate our leadership position in genomics. NGI
is also a very important strategic and operational addition to
LabCorp's national testing capabilities, immediately providing us
with a premier West Coast molecular testing facility."
The Company noted that 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 the
Company's financial results is included in the Company's Form 10-K
for the year ended December 31, 1999 and subsequent SEC filings.
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
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.
