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BASKING RIDGE, N.J., Oct. 16, 2003 -- Hooper Holmes, Inc. (Amex: HH) is pleased to announce that its United Kingdom-based subsidiary, Medicals Direct Group, has completed the acquisition of The National Medical Examination Network/Definitech LTD (National Medical), a provider of independent medical examination (IME) and screening services in the United Kingdom.
Medicals Direct Group, a part of the Health Information Business Unit (HIBU), provides risk assessment services to the life insurance industry in the United Kingdom.
Based in Lincoln, England, National Medical utilizes over 1000 examination centers throughout the country and provides its services to a variety of customers including insurance companies, financial institutions, and government agencies. Through this strategic acquisition, Medicals Direct Group has significantly increased its IME capabilities and has further solidified its position as a leading provider of paramedical examinations, underwriting services, and independent medical examinations to the insurance industry in the United Kingdom.
Jim McNamee, Chairman and Chief Executive Officer of Hooper Holmes, stated, "This acquisition demonstrates our commitment to making accretive acquisitions and leveraging our HIBU operations into complementary insurance markets. By continuing to diversify our revenue base, we will minimize the impact of the variability of the life insurance industry on our operations. We are very excited about our expanded operating capabilities in the United Kingdom and will continue to seek out additional strategic opportunities to build on Medicals Direct Group's growing market share."
About Hooper Holmes, Inc.:
Hooper Holmes, Inc. provides outsourced risk assessment services, including underwriting and claims information to the life, health, automobile, and workers' compensation insurance industries. The Company provides these health information services through over 275 locations nationwide and in the United Kingdom.
About The National Medical Examination Network/Definitech LTD.:
Based in Lincoln, England, The National Medical Examination Network/Definitech LTD provides independent medical examination and screening services to a variety of customers including insurance companies, pension funds, financial institutions, government agencies and rail and maritime companies. The Company utilizes over 1000 examination centers, includes a network of numerous doctors and medical consultants and provides laboratory services throughout the United Kingdom.
CONTACT: Hooper Holmes, Inc.
Fred Lash, Chief Financial Officer
908-766-5000
Investors: Financial Dynamics
Tiernan Cavanna
Lanie Fladell
212-850-5600
Media: Financial Dynamics
Sean Leous
212-850-5600
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