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BASKING RIDGE, N.J., April 24, 2001 -- Hooper Holmes, Inc. (Amex:HH) today announced that it has entered into an agreement to acquire Raleigh, North Carolina-based Medical Examination Data, Inc. The transaction is consistent with the Company's strategy of strengthening its presence in key growth markets and expanding its core paramedical business. Terms of the agreement were not disclosed.
Medical Examination Data, established twenty years ago, is the leading full-service provider of health information services for the life and health insurance industry in North Carolina. The Company provides paramedical examinations services through its Raleigh and Wilmington branch offices. The company has a proven track record of success and generates revenues of $3 million on an annualized basis.
Jim McNamee, Chairman and Chief Executive Officer, stated, ``This acquisition firmly establishes our presence in the Southeast region, a significant market in the national health and life insurance industry. We are confident that our proven expertise in integrating acquisitions will result in immediate earnings accretion and operating efficiencies. In addition, after acquiring eight companies in 2000, we continue to see many opportunities to consolidate the highly fragmented paramedical exam market and intend to utilize our healthy balance sheet to further solidify our leading position selectively and strategically.''
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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