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BASKING RIDGE, N.J., May 11, 2004 -- Hooper Holmes, Inc. (AMEX:HH) today announced that it has completed the acquisition of privately held Michigan Evaluation Group (MEG). MEG provides the insurance, legal, and business community direct access to accredited and board-certified physicians for the purpose of conducting independent medical examinations (IMEs). This transaction is the fourth strategic acquisition for Hooper Holmes' Diversified Business Unit (DBU) since it was formed last year, and the first in the state of Michigan. MEG further expands Hooper Holmes' geographic presence in the claims management market and is expected to be accretive to Hooper Holmes in fiscal year 2004.
Based in Southfield, Michigan, MEG has a proven track record of revenue growth, and more than 85% of its business is comprised of workers' compensation cases. MEG has approximately 200 separate client accounts and uses a core panel of nearly 100 physicians representing all medical and surgical specialties.
Commenting on the transaction, Mr. Jim McNamee, President and Chief Executive Officer of Hooper Holmes, stated, "In addition to an experienced management team, MEG has a strong and efficient operating structure and performs IMEs in its own facilities. With the acquisition of MEG, we are continuing the geographic and strategic expansion of our claims management business into the workers' compensation market. Our DBU acquisitions have established a solid operating foundation from which we can grow internally and continue to nationalize our claims management business."
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 Michigan Evaluation Group:
Michigan Evaluation Group (MEG) is headquartered in Southfield Michigan and has, since 1999, provided the insurance, legal, and business community direct access to accredited and board certified physicians for the purpose of conducting independent medical examinations.
CONTACTS: Hooper Holmes, Inc.
Fred Lash
Chief Financial Officer
(908) 766-5000
http://www.hooperholmes.com
Financial Dynamics
Tiernan Cavanna
Investor Relations
(212) 850-5600
Lanie Fladell
Investor Relations
(212) 850-5600
Sean Leous
Media Relations
(212) 850-5600
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