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BASKING RIDGE, N.J., May 4, 2005 -- Hooper Holmes, Inc. (HH) announced today that it is expanding the size of its Heritage Labs clean room facility to meet increasing demand for its medical testing kits.
Mr. Jim McNamee, Chairman and Chief Executive Officer of Hooper Holmes, commented, "While current agreements represent a small yet ever-increasing percentage of our overall revenue, the expansion of the Heritage Labs clean room is indicative of our ability to use existing operating assets to produce incremental revenue from alternative sources. We believe that the overall kit assembly market is quite large and expanding, including in-home test kits. We are well placed to leverage our existing clean room facilities for these kinds of test kits in the future."
Roughly 8% of Heritage Labs' revenue is in non-insurance kit business, made up of NIH testing and kits for a variety of proprietary labs, and this percentage is expected to grow over the next several years.
Hooper Holmes provides outsourced risk assessment services to the life insurance industry through over 265 locations nationwide and in the United Kingdom, as well as claims evaluation information services to the automobile, and workers' compensation insurance industries.
Contact:
Hooper Holmes, Inc.
Fred Lash, Chief Financial Officer
+1-908-766-5000
Investors: Jonathan Birt, or John Capodanno
Media: Sean Leous, Financial Dynamics
+1-212-850-5600
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