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Basking Ridge, N.J., October 4, 1999 - Hooper Holmes, Inc. (AMEX: HH) today announced that it has received Hart-Scott-Rodino (HSR) anti-trust clearance from the Federal Trade Commission (FTC) to acquire Paramedical Services of America, (PSA) a subsidiary of Pediatric Services of America, Inc. (NASDAQ: PSAI).
On August 31, 1999, Hooper Holmes announced that they had entered into a definitive agreement to purchase the assets of PSA, the Atlanta based paramedical examination subsidiary of Pediatric Services of America. The acquisition is consistent with Hooper Holmes' strategy of expanding its existing capabilities of providing outsourced health information services for the life and health insurance industries on a nationwide basis. This early termination of the HSR process presents an opportunity to close the transaction by the end of October.
Hooper Holmes, Inc. provides medical and other underwriting information on insurance policy applicants to the major companies in the life and health insurance industry. The Company provides these health information services through its 200 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 the entirety by cautionary statements contained in the Company's Securities and Exchange Commission filings
CONTACT: Hooper Holmes
Fred Lash
Chief Financial Officer
908/766-5000
or
Ephraim Bernstein/Jill Zames
Stacey Nield - Media
Morgen-Walke Associates
212/850-5600
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