American Esoteric Laboratories Announces Acquisition of Memphis Pathology Laboratory
24 September 2004 - 2:24PM
PR Newswire (US)
American Esoteric Laboratories Announces Acquisition of Memphis
Pathology Laboratory MEMPHIS, Tenn., Sept. 24 /PRNewswire/ --
American Esoteric Laboratories, Inc. (AEL), a full-service provider
of esoteric and other clinical reference laboratory services, today
announced it has acquired Memphis Pathology Laboratory (MPL). MPL,
a joint venture owned by MDS Inc., Baptist Memorial Health Care,
and Methodist Healthcare, is a state-of-the-art, community-based
core clinical laboratory serving customers in Memphis and the
surrounding area, including parts of Tennessee, Alabama,
Mississippi, Arkansas, Missouri and Kentucky. The MPL acquisition
allows AEL to further expand its national footprint and achieve its
mission to provide the widest range of quality, specialized and
cost-effective testing services to enhance patient care for its
customers in both urban and rural markets. "One of the main goals
of AEL is to provide our target customers the fastest
turn-around-time on clinical laboratory results in the industry,"
said Brian Carr, chairman and chief executive officer of AEL. "MPL
fits uniquely into this strategy on several levels. With their
Memphis location and our soon-to-open Dallas-based laboratory, AEL
will now have an extensive menu of routine and esoteric clinical
tests in two of the nation's top transportation hubs. This is very
significant for us from a competitive standpoint, as we'll be able
to leverage our logistics advantage to improve turn-around-time for
our customers. There are more than 1,000 direct flights into Dallas
each day and Memphis has a combined 500 commercial flights arriving
daily. In addition, FedEx calls Memphis home and UPS' third-largest
US facility is based here. Therefore, in most cases, we can avoid
the hub-and-spoke issues that plague other labs and delay results
delivery." John Mazzei, executive director of MPL, stated, "Our
combination with AEL is excellent news for our customers,
employees, and Memphis, in general. Our previous hospital owners at
Baptist and Methodist recognized that AEL shares their vision for
the growth of our business, and consequently jobs, here in Memphis.
AEL is an exceptional organization that has exciting plans for
growth, but their commitment to patient and customer satisfaction
is what drives them and impressed us the most." Carr added, "MPL,
its management team and partners have done an outstanding job in
developing a powerful regional laboratory. They are widely known in
their region and the broader medical community as possessing a wide
array of routine and esoteric clinical testing capabilities coupled
with a superior level of personalized service to their hospital and
physician clients. We are excited to have the opportunity to assist
them in further solidifying their existing customer relationships
through an enhanced and expanding clinical esoteric test menu and
additional information technology investments. Additionally, we
will be opening new market opportunities for MPL that are
consistent with our business plan and philosophies while also
leveraging Memphis' logistical advantages." Chris McLean, senior
vice president of finance for Methodist, said, "We enjoyed a good
working relationship with MDS and Baptist under the prior
arrangement, but now with the change in MDS's business strategy, we
believe AEL to be the best company for ensuring continued high
quality service to our lab customers and our patients." "We are
thrilled that such a well-respected organization as AEL will be
providing lab services in the Memphis area," said Don Pounds,
senior vice president and chief financial officer for Baptist.
"This move will allow us to concentrate on what we do best --
caring for patients -- while helping ensure MPL's customers
continue to receive the same reliable, convenient service they're
receiving now." As part of the agreement, AEL acquired the entire
operations of MPL, with the exception of their anatomic pathology
services, which were sold to Duckworth Pathology Group prior to the
transaction closing. Current MPL management and its entire employee
base will stay in place and AEL expects MPL to continue to expand
its offerings and services. About Memphis Pathology Laboratory
Prior to AEL's acquisition, Memphis Pathology Laboratory (MPL), was
a joint venture owned by MDS Inc., Baptist Memorial Health Care,
and Methodist Healthcare. MPL is a community-based core clinical
laboratory serving customers in Memphis and the surrounding area,
including parts of Tennessee, Alabama, Mississippi, Arkansas,
Missouri and Kentucky. In September 2003, MPL merged with Methodist
Healthcare subsidiary, Med Lab, another Memphis laboratory to
strengthen patient care and enhance service. Under the banner of
MPL, the lab provides fast, accurate test results to its regional
customers. MPL's 35,000 sq. ft. laboratory is located at 5846
Distribution Drive, just east of the Memphis International Airport,
about twenty minutes from downtown. For more information, visit
http://www.mpllab.com/ About American Esoteric Laboratories, Inc.
American Esoteric Laboratories, Inc. (AEL) is a company designed to
provide industry leading turn-around-time, informatics,
personalized service, and other qualitative services in clinical
reference testing to hospitals and other specialized healthcare
providers. The company's primary emphasis is on clinical esoteric
tests, which provide physicians with the clinical information
required to complete a diagnosis, establish a prognosis, or to
choose and monitor a therapeutic regimen. The company frequently
partners with hospitals that have an outreach presence to compete
in the routine test market. AEL uses advanced information
technology solutions to accelerate and automate electronic assay
ordering and results reporting for its customers. AEL's Dallas
laboratory will be located at 6221 Riverside Drive, Suite 119,
Irving, TX 75039, about ten minutes from DFW International Airport.
For more information visit: http://www.ael.com/ . Press Contact:
Thomas Aitchison Blanc & Otus Public Relations (512) 335-8771,
x15 DATASOURCE: American Esoteric Laboratories, Inc. CONTACT:
Thomas Aitchison of Blanc & Otus Public Relations,
+1-512-335-8771, ext. 15, or , for American Esoteric Laboratories,
Inc. Web site: http://www.ael.com/ http://www.mpllab.com/
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