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Bio-Reference Laboratories, Inc. 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 or otherwise.
