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BASKING RIDGE, N. J., Nov. 2, 1999 -- Hooper Holmes, Inc. (Amex: HH) announced today that it hascompleted the purchase of the assets of Paramedical Services of America (PSA), the Atlanta basedparamedical examination subsidiary of Pediatric Services of America.
PSA reported revenues for this business at $66.1 million for the nine months ended June 30, 1999. Aspreviously stated, Hooper Holmes will initially finance the acquisition with existing cash and bank borrowings.The Company expects the integration to be complete by the first quarter of 2000.
Commenting on the completion of the acquisition, Jim McNamee, Chairman and Chief Executive Officer ofHooper Holmes said, "We are excited to finalize the coming together of these two companies. This acquisitionfurther strengthens our leadership role in our core market, creates significant operating synergies andleverages our marketing efforts, enabling us to further expand our customer base."
Hooper Holmes, Inc. provides medical and other underwriting information on insurance policy applicants tomost companies in the health and life insurance industry. The Company provides health information servicesthrough its 200 locations nationwide.
CONTACT: Hooper Holmes, Inc.
Fred Lash
Chief Financial Officer
908-766-5000
or
Morgen-Walke Associates
Ephraim Bernstein/Jill Zames
Media - Stacey Nield/Emy McCord
212-850-5600
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