ELMWOOD PARK, N.J.--(BUSINESS WIRE)-- Bio-Reference Laboratories, Inc. (NASDAQ: BRLI - News) announced today that its board of directors has approved a Stock Repurchase Program authorizing the repurchase of up to 1,000,000 shares of its Common Stock in the over-the-counter market at prevailing market prices through October 31, 2012. The board of directors believes that BRLI’s common stock is currently undervalued and that a Repurchase Program of this nature constitutes an appropriate investment that will benefit BRLI’s stockholders. Company fundamentals have been and continue to remain strong. The company will commence its buyback once it reaches its next open period that will be after the announcement of its fourth quarter earnings in mid December 2011.
Dr. Marc Grodman, President and CEO states, “The company has been under attack from short sellers – who have promoted claims based largely on inaccuracies, half truths and complete fabrications through their own scurrilous blog site – and the latest market activity on the stock is a reflection of that. The company consistently has posted 20% gains in profits and revenue growth year to year and will successfully weather this attack through continued strong results. We have recently announced an extension of our Financing arrangements with PNC Bank through 2016 and we are confident in the future of the Company.”
About Bio-Reference Laboratories, Inc.
BRLI is the fourth largest full service laboratory in the United States and the largest independent regional laboratory in the Northeastern market, primarily a clinical testing laboratory servicing physician offices with concentrations in the focused markets of esoteric testing, molecular diagnostics, anatomical pathology, women's health and correctional health care. BRLI operates as a national oncology laboratory as GenPath. Better science, superior technology and better service have enabled GenPath to earn a reputation as one of the premier hematopathology laboratories in the country. BRLI's innovative technology platform for sexually transmitted infections has enabled it to expand as a national laboratory in the area of Women's Health. GeneDx, a wholly owned subsidiary, is the BRLI genetics laboratory and is typically recognized as the leading laboratory for testing of rare genetic diseases; GeneDx has now become a technology leader with GenomeDx, based on a CGH array platform and its NextGen sequence offerings that are currently offered in cardiology and will be offered in the future in other disease specific areas.
Statements included in this release that are not historical in nature, are intended to be, and are hereby identified as “forward-looking statements”. Statements looking forward in time are included in this release pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks and uncertainties that may cause the Company’s actual results in future periods to be materially different from any future performance suggested herein. www.bioreference.com
For: Bio-Reference Laboratories, Inc.
Investor Relations Coordinator
(201) 791-1941 (fax)