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:5/23/2016)... ... 2016 , ... The Society for Women’s Health Research (SWHR) announced that its ... role. , “No one in Washington led the way to advance women’s health research ... MD, PhD. “We offer our deep gratitude to Phyllis for her passion and performance ...
(Date:5/23/2016)... , ... May 23, 2016 , ... ... on its Chesterfield, Missouri, campus, Standard Process Inc. awarded $6,000 in ... Siewert and Chloe Tillman. Each student is in her fifth trimester of classes ...
(Date:5/23/2016)... ... May 23, 2016 , ... Hadley ... worldwide for people who are blind or visually impaired, announces the election of ... President Charles E. Young. Hadley’s Board of Trustees retained Morris & Berger, a ...
(Date:5/23/2016)... ... May 23, 2016 , ... Four Circles Recovery Center, a leading treatment ... to announce the launch of its new extended care program, Fifth Circle. Available for ... Four Circles or another primary treatment program, Fifth Circle is designed to foster the ...
(Date:5/23/2016)... ... 23, 2016 , ... Bio-Optronics, Inc. is delighted to announce ... its recent and anticipated growth. , Max Elbaz was appointed as Vice President, ... segments. Max joined the Bio-Optronics team in March. His areas of expertise include ...
Breaking Medicine News(10 mins):
(Date:5/23/2016)... --Diplomat Pharmacy, Inc. (NYSE: DPLO) announced today the start ... hands-on learning experience is a 12-week summer program, May ... and Internship programs bring participants to ... are provided optional housing free of charge through Diplomat ... Riverfront Residence Hall to foster communication and collaboration among ...
(Date:5/23/2016)... JERUSALEM , May 23, 2016 ... DNA for detection of multiple diseases; ,Technology to be ... Yissum Research Development Company of the ... entered into a research agreement with Aurum Ventures MKI, the ... the development of a new diagnostic approach for early ...
(Date:5/22/2016)... DS Biopharma (DS) today ... compound DS102 in chronic obstructive pulmonary disease (COPD) ... patients. Recent DS preclinical data suggests ... and has bronchodilatory, anti-inflammatory and anti-fibrotic properties in ... will publish further detail on these findings later ...
Breaking Medicine Technology: