HOUSTON, Dec. 11 /PRNewswire-FirstCall/ -- Labwire, Inc. (Pink Sheets: LBWR), a leading provider of employee screening solutions and canine security and surveillance services, announced today that it has completed the acquisition of Occupational Testing, Inc., an established provider of occupational substance abuse services located in Gillette Wyoming. The business is already profitable and will add approximately $800,000 in annual sales to Labwire's revenue stream. Additionally, profitability will increase as the economies of the Labwire platform are implemented throughout the customer base. Finally, there are excellent marketing opportunities for value-added services from Labwire such as background checks, volume price advantages for testing and support services, and some potential for marketing of security services.
"I am excited to have completed the acquisition of Occupational Testing, Inc.," commented Mr. Dexter Morris, Chief Executive Officer, of Labwire Inc. "We were able to buy a business on '06 numbers that has already shown a 33% increase in sales and profits for '07. This opens up an additional marketplace and expands the use of our Labwire platform to another industry segment valued at some $300-$400m annually in smaller customer sales. Another major step in fulfilling our commitment to shareholders to grow the Company through strategic acquisitions is now delivered representing an additional, significant milestone toward increasing shareholder value."
Labwire Inc., headquartered in Houston, TX, provides secure and
compliant employee drug screening and background checking services to
Fortune 500 corporations via the Labwire(TM) Platform. Labwire(TM) is a
proprietary, web-based application that streamlines the complex regulatory
and record management activities associated with employee screening,
delivering accurate timely results while eliminating service calls and
paper trails. This comprehensive solution to m
|SOURCE Labwire, Inc.|
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