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eResearchTechnology (eRT) Agrees to Acquire the Centralized ECG Business of Covance
Date:11/27/2007

ings in the larger markets we serve."

The companies disclosed that eRT will make a cash payment of $35.2 million and may pay approximately $14 million in additional compensation based upon eRT's potential realization of revenue from the backlog transferred and from new contracts secured through Covance's marketing activities. Under the terms of the marketing agreement Covance will exclusively use eRT as its provider of centralized cardiac safety services for a ten-year period.

eRT will continue to collaborate with all of its other key CRO, Phase I, Academic Research Centers, and other strategic partners to promote speed, accuracy, and reliability of data collection and reporting and quality study conduct for their clients.

eRT will adjust its previously issued Q4 2007 revenue guidance of $27 million to $28.5 million, adding approximately $1.5 to $2.0 million additional revenue as a result of the transaction. Additionally, management adjusted its previously issued Q4 2007 guidance for diluted earnings per share of $0.09 to $0.11 downward by $0.02 loss per diluted share to $0.07 to $0.09. The reduction in diluted earnings per share is caused by transition costs associated with the integration of operations of Covance Cardiac Safety Services with that of eRT. For the full year ending December 31, 2007, management reiterated its guidance in which revenues expected to be around the midpoint of the previously issued guidance of $95 million to $103 million. Management adjusted its previously issued guidance of $0.29 to $0.31 to $0.27 to $0.29 of earnings per diluted share.

Management anticipates the additional operations to the Company will add approximately $18 million to $20 million in revenue and add $0.04 to $0.06 of earnings per diluted share for the year ending December 31, 2008. Management will issue full guidance for the year ending December 31, 2008 for its Company in February 2008.

Conference Call

Dr. McKelvey and Richard
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SOURCE eResearchTechnology, Inc.
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