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BASKING RIDGE, N.J., Jan. 31 -- Hooper Holmes, Inc. (Amex: HH) and e-Nable.com Corporation, announced today that they have completed the terms of a marketing and equity investment agreement previously disclosed on December 19, 2000. The agreement is expected to enhance the transaction time in the life insurance underwriting process, increase revenue and decrease the acquisition costs of customers by allowing insurance carriers to order and receive all underwriting requirements for the issuance of life insurance policies using existing vendor relationships over a single network. Under the terms of the agreement, Hooper Holmes will become a minority shareholder in e-Nable.com.
Jim McNamee, Chairman and Chief Executive Officer of Hooper Holmes, commented, ``We look forward to working with e-Nable.com and believe that our investment underscores our commitment to meeting the needs of our customers. We believe this agreement will facilitate and significantly improve the underwriting process while also further strengthening Hooper Holmes' position in the life insurance industry.''
``e-Nable.com was created by a similar desire to better serve the needs of our Member companies,'' adds Jay Cook, President and CEO of MIB, Inc., the company's majority shareholder. e-Nable.com utilizes an Internet backbone to support a rules-based decision engine that integrates this data to drive more timely decisions. Mark Daley, e-Nable.com's Chief Operating Officer offers, ``The relationship with Hooper Holmes expands e-Nable.com's ability to access any underwriting information source and provide a value-add to both traditional and non-traditional processing and distribution channels.''
About Hooper Holmes
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.
About e-Nable.com Corporation
Founded by MIB Group Inc. in 1999, e-Nable.com Corporation provides an Internet-based business processing solutions that allow integration of data sources, underwriting intelligence, distribution channels and insurance products. The company's product suite, Insurance e-Nable, provides several levels of service which facilitate, through intelligent underwriting, the electronic ordering of outside vendor requirements, including real-time MIB reports, thereby expediting policy fulfillment. e-Nable.com is privately held by MIB Group Inc., the leading information service company for the North American life insurance industry and Tobat Capital, a venture capital firm focused exclusively on emerging companies in the e-finance space.
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.
SOURCE: Hooper Holmes, Inc.
Contacts:
Fred Lash
Chief Financial Officer
908-766-5000
Robert Jones/Theresa Vogt
Morgen-Walke Associates
212-850-5600
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