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BASKING RIDGE, N.J., Aug. 15 -- Hooper Holmes, Inc. (Amex: HH) today announced that, under its previously announced agreement to acquire Medicals Direct Group plc (OFEX: MDL), Hooper Holmes has received a sufficient number of tendered Medicals Direct Group shares to complete the transaction. As of August 15, 2002, Hooper Holmes has accepted for payment 6.2 million common shares of Medicals Direct Group plc, representing approximately 95.1% of the outstanding Medicals Direct Group shares.
Hooper Holmes intends to apply the provisions of sections 428-430F (inclusive) of the United Kingdom Companies Act 1985 (as amended) to acquire compulsorily any outstanding Medicals Direct Group shares.
Medicals Direct Group plc will become a wholly owned subsidiary of Hooper Holmes. The acquisition is expected to be moderately accretive to Hooper Holmes' earnings on an annual basis.
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 involving 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. The Company disclaims any obligation to update these forward-looking statements.
This announcement, for which Hooper Holmes, Inc. is responsible, has been approved by ARM Corporate Finance Limited, for the purposes of section 21 of the Financial Services and Markets Act 2000. ARM Corporate Finance Limited is regulated by the Financial Services Authority.
Contacts:
Fred Lash, Chief Financial Officer
+1-908-766-5000
or
Investors - Lauren Levine, Lanie Fladell
or Media - Dan Budwick
all of FD Morgen-Walke
+1-212-850-5600
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