Bio-Reference Laboratories, Inc. : BioReference Laboratories, Inc. Announces Contract with Corizon, Inc. to Provide Correctional Healthcare Laboratory Services
01/12/2012| 08:35am US/Eastern
New agreement replaces prior arrangements with PHS and CMS
Bio-Reference Laboratories, Inc. (NASDAQ: BRLI) announced that effective
January 1, 2012, it has entered into a new Master Agreement to provide
diagnostic laboratory services for some of the facilities that Corizon,
Inc. services around the country providing contract healthcare services
to state and local prisons. Corizon was formed during 2011 as a result
of the merger of Prison Healthcare Services ("PHS") and Correctional
Medical Services ("CMS"), two of the largest prison healthcare providers
in the country. Prior to the merger, BioReference was a preferred
provider for both PHS and CMS. The new contract is expected to represent
about $18,000,000 in business to BRLI over the next year based on
continued business at facilities being currently served by the Company.
The contract has a one-year term with one-year optional renewal terms,
subject to termination by the parties in accordance with the agreement.
BRLI began service to the predecessor businesses more than a decade ago
and has continually increased its business with the predecessors and
current company over time.
Marc D. Grodman, MD, CEO of BRLI, commented: "We have a long and
valuable relationship with the teams at Corizon and we appreciate the
continued relationship that this contract will provide. BRLI has
developed unique informatics and service solutions for Corizon and we
will continue to work with them to increase and improve efficiency in
the operations covered under this contract. We look forward to a long
and growing relationship with Corizon."
About BioReference Laboratories, Inc.
BRLI is a clinical testing laboratory offering testing, information and
related services to physician offices, clinics, hospitals, employers and
governmental units. We believe that we are the fourth largest
full-service laboratory in the United States and the largest independent
regional laboratory in the Northeastern market. BRLI offers a
comprehensive list of laboratory testing services utilized by healthcare
providers in the detection, diagnosis, evaluation, monitoring and
treatment of diseases. BRLI primarily focuses on esoteric testing,
molecular diagnostics, anatomical pathology, women's health and
correctional health care.
Statements included in this release that are not historical in nature
are intended to be, and are hereby identified as, "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements may be identified by
words such as "expects," "anticipates," "intends," "plans," "believes,"
"seeks," "estimates," "will" or words of similar meaning and include,
but are not limited to, statements about the expected future business
and financial performance of Bio-Reference Laboratories, Inc. and its
subsidiaries. Such statements involve known and unknown risks and
uncertainties that may cause the Company's actual results in future
periods to be materially different from any future performance suggested
herein. Risks and uncertainties that may affect the future results of
the Company include, but are not limited to, adverse results from
failure to comply with applicable laws and regulations governing our
business or government investigations, lawsuits or private actions, the
competitive environment, changes in government regulations, changing
relationships with customers, payers, suppliers and strategic partners
and other risks and uncertainties detailed from time to time in our
filings with the Securities and Exchange Commission. We undertake
no obligation to publicly update or review any forward-looking
information, whether as a result of new information, future developments
BIO-REFERENCE LABORATORIES, INC.
Tara Mackay, Investor Relations
(201) 791-1941 (fax)
© Business Wire 2012