BioReference Laboratories, Inc. (BRLI) Announces Contract with Corizon, Inc. to Provide Correctional Healthcare Laboratory Services
1/12/2012 6:37:46 AM
ELMWOOD PARK, N.J.--(BUSINESS WIRE)--Bio-Reference Laboratories, Inc. (NASDAQ: BRLI) announced that effective January 1, 2012, it has entered into a new Master Agreement to provide diagnostic laboratory services for some of the facilities that Corizon, Inc. services around the country providing contract healthcare services to state and local prisons. Corizon was formed during 2011 as a result of the merger of Prison Healthcare Services (“PHS”) and Correctional Medical Services (“CMS”), two of the largest prison healthcare providers in the country. Prior to the merger, BioReference was a preferred provider for both PHS and CMS. The new contract is expected to represent about $18,000,000 in business to BRLI over the next year based on continued business at facilities being currently served by the Company. The contract has a one-year term with one-year optional renewal terms, subject to termination by the parties in accordance with the agreement. BRLI began service to the predecessor businesses more than a decade ago and has continually increased its business with the predecessors and current company over time.
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