Navigation Links
Hooper Holmes Announces Sale of Claims Evaluation Division
Date:7/3/2008

BASKING RIDGE, N.J., July 3 /PRNewswire-FirstCall/ -- Hooper Holmes (Amex: HH) today announced the sale of substantially all of the assets of the Company's Claims Evaluation Division (CED), a unit providing independent medical exams primarily for automobile and workers' compensation insurance carriers for use in evaluating claims.

The sale was completed in two transactions for an aggregate purchase price of approximately $5.6 million. In one transaction, the CED's operations in New York State, known as D&D Associates, Allegiance Health and Medimax, were sold to DDA Management Services, LLC. In another transaction, the CED's operations in Michigan, known as the Michigan Evaluation Group, were sold to J&P Michigan Evaluation Group Inc. Both transactions closed on Monday, June 30.

"Divesting the Claims Evaluations Division is a strategic move that will strengthen our balance sheet and enable us to focus on and invest in our core businesses," said Roy H. Bubbs, President and CEO of Hooper Holmes.

The decision to sell the CED was based on several factors, including the subsidiary's limited ability to significantly contribute to the long-term strategic goals of the Company. The company expects to record a net gain of approximately $1.0 million in connection with the transaction.

About Hooper Holmes

Hooper Holmes is the leader in collecting personal health data and transforming it into useful information, enabling customers to take actions that manage or reduce their risks and expenses. As the leading provider of risk assessment services for the insurance industry, Hooper Holmes provides insurers with the widest range of medical exam, data collection, laboratory testing and underwriting services in the industry.

With presence in over 250 markets and a network of thousands of examiners, Hooper Holmes can arrange a medical exam anywhere in the U.S. and deliver the results to its customers. Each year we arrange more medical exams than any other company and process 3.8 million specimens in our laboratory. We provide a complete service for wellness, disease management, and managed care companies including scheduling support, fulfillment of supplies, blood collection kits, medical screenings, lab testing and data transmission. We underwrite 300,000 cases annually and complete more than two million telephone interviews.

This press release contains "forward-looking" statements, as such term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions. Among the important factors that could cause actual results to differ materially from those expressed in, or implied by, these forward-looking statements are our ability to successfully implement our business strategy; uncertainty as to our working capital requirements over the next 12 to 24 months; our ability to maintain compliance with the financial covenants in our credit facility; our expectations regarding our operating cash flows; and the rate of life insurance application activity. Additional information about these and other factors that could affect the Company's business is set forth in the Company's annual report on Form 10-K for the year ended December 31, 2007, filed with the Securities and Exchange Commission on March 14, 2008. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release to reflect the occurrence of unanticipated events, except as required by law.


'/>"/>
SOURCE Hooper Holmes
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Hooper Holmes Names Chris Behling President of Health & Wellness Division
2. Hooper Holmes Launches Health & Wellness Division at 2007 Disease Management Leadership Forum and Integrated Care Summit
3. Hooper Holmes Concludes Sale of Medicals Direct
4. Hooper Holmes to Exhibit at the 2007 Sixth Annual Association of Home Office Underwriters Conference
5. Hooper Holmes Introduces Mature Assessment
6. Hooper Holmes Announces Third Quarter Earnings Release Date and Conference Call Information
7. Hooper Holmes Appoints Leslie Hudson, PhD, to Board of Directors
8. Hooper Holmes Announces Third Quarter 2007 Results
9. Hooper Holmes Marks 50,000 Health and Wellness Screenings
10. Hooper Holmes Updates Guidance
11. Hooper Holmes to Provide Business Update
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/13/2016)... ... ... DDi , a Makro company, makes it to ... in eClinical Solutions. DDi has built its solution competency with a unique blend ... DDi provides smarter technology for Clinical Development, Regulatory and Enterprise domains by providing ...
(Date:2/12/2016)... ... February 12, 2016 , ... The Lymphoma ... innovative lymphoma research and serving the lymphoma community through a comprehensive series of ... South Florida’s philanthropic community at its 10th anniversary Fashion Luncheon on Monday, February ...
(Date:2/12/2016)... ... February 12, 2016 , ... Coco Libre, the maker of ... Carpet Events LA GRAMMY’s Style Lounge Event. Coco Libre will offer musicians and celebrities ... before the big event. The invitation-only gifting suite, held this year at the W ...
(Date:2/12/2016)... ... February 12, 2016 , ... Fisher House Foundation Chairman and ... J. Lee, Nevada Military Support Alliance president Scott Bensing, and Peggy Kearns Director, VA ... Southern Nevada Healthcare System. This will be the first Fisher House in Nevada, ...
(Date:2/12/2016)... Pittsburgh, PA (PRWEB) , ... February 12, 2016 ... ... serving families of the Pittsburgh metro area, celebrates the beginning of the latest ... help children develop social skills through art. Donations to this worthy cause are ...
Breaking Medicine News(10 mins):
(Date:2/12/2016)... February 12, 2016 ... auf den ungedeckten medizinischen Bedarf bei Lungen- ... seines klinischen Forschungsprogramms bekannt. Das Programm, das ... Verbesserungen ihrer respiratorischen Funktionen und anderer klinischer ... ein Medizintechnikunternehmen, das sich auf den ungedeckten ...
(Date:2/11/2016)... Feb. 11, 2016 PRO-DEX, INC. (NasdaqCM: PDEX) today ... December 31, 2015. The Company also filed its Quarterly Report ... 2016 with the Securities and Exchange Commission today. ... 2015 --> --> Net ... $2.6 million, or 95%, to $5.4 million from $2.8 million ...
(Date:2/11/2016)... 2016   Health 2.0 , the premiere showcase ... announced today " 10 Year Global Retrospective ", a ... the past ten years.   --> ... 2.0 has served as the preeminent thought-leader in the ... of technologies, companies, innovators, and patient-activists through an array ...
Breaking Medicine Technology: