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BASKING RIDGE, NJ, November 1, 2000, Hooper Holmes, Inc. (AMEX:HH) today announced that it has acquired California-based Exam Services, Inc. and related PDM Medical, Inc. The transaction is consistent with the Company's strategy of strengthening its presence in key growth markets. Terms of the transaction were not disclosed.
The combined companies, started by Pat and Dave McRoberts twenty years ago, are a full-service provider of health information services for the life and health insurance industries throughout California. Exam Services, headquartered in San Jose, provides paramedical examinations through its network of eight branches. PDM Medical provides information collection services of Attending Physician Statements utilizing a proprietary software system. The companies generate combined sales of $8 million on an annualized basis.
Jim McNamee, Chairman and Chief Executive Officer, stated, "We are excited to bring such a fine firm as Exam Services and PDM Medical into the Hooper Holmes fold, strengthening the existing capabilities of our Portamedic and Infolink divisions. This transaction signals the beginning of using our strong balance sheet to execute our long term strategic plan and firmly establishes our national presence in California, a significant market in the health and life insurance industry. In addition, we are confident that the integration of Exam Services and PDM Medical will enable us to realize substantial operating efficiencies in the near term. As a result, we expect this acquisition to be immediately accretive to earnings."
Hooper Holmes, Inc. provides health information services on insurance policy applicants to the life insurance industry. The Company provides these health information services through over 300 locations nationwide.
Certain information contained herein includes information that is forward-looking. The matters referred to in forward-looking statements may be affected by the risks and uncertainties involved in the Company's business. These forward-looking statements are qualified in their entirety by cautionary statements contained in the Company's Securities and Exchange Commission filings.
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Contacts: Hooper Holmes, Inc.
Fred Lash, Chief Financial Officer
908/766-5000
Morgen-Walke Associates
Investors: Robert P. Jones/Theresa Vogt
Media: Stacey Nield/Dan Budwick
212/850-5600
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