CML To Purchase Med-Chem Lab Assets

A recently incorporated, wholly-owned subsidiary of Canadian Medical Laboratories Ltd. (CML; Toronto) announced that the company has agreed to purchase substantially all of the laboratory assets of Med-Chem Health Care Ltd. (Scarborough, Ontario) and its subsidiary and related companies from PricewaterhouseCoopers Inc. (New York). CML will finance the total purchase price (approximately $105 million) through a banking syndicate led by Canadian Imperial Bank of Commerce. The transaction, which is subject to court and regulatory approvals, is scheduled to close on April 15, 1999.

Under the agreement, CML will receive all of the licenses held by Med-Chem under the Laboratory and Specimen Collection Centre Licensing Act. It will also gain all of the specimen collection centers and ECG clinics leased or occupied by Med-Chem. Specifically excluded from the purchase is Med-Chem's main laboratory in Toronto.

Med-Chem is a medical laboratory, performing clinical laboratory analysis and specimen testing.

CML is a healthcare company, providing laboratory testing services in Ontario and pharmaceutical research services throughout North America.

For more information, call Canadian Medical Laboratories Limited at 905-624-0440.