STOCKHOLM, June 23, 2003 (PRIMEZONE) -- Medicover has agreed to buy Capio's Polish laboratory business, Nova Medical Polska Sp. z o.o. for a nominal amount. Medicover has operated a succesful laboratory operation in Romania for many years and is now extending this activity in Poland.
"Nova Medical Polska will form a good base to start our expansion activities in the Polish laboratory diagnostic market," says Fredrik Ragmark, Managing Director of Medicover. "We expect over the coming few years to use the synergies with our main medical services business and our expertise from our Romanian operation to develop a succesful and profitable laboratory diagnostic service in Poland."
Nova Medical Polska is established in Gdansk and Warsaw and has annual revenues of approximately PLN 7 million, with 68 employees. Nova Medical Polska is a strong private laboratory medicine company in Poland and is the only accredited laboratory of its kind in the Polish market. Operations include clinical chemical and micro-biological and clinical trials tests undertaken on behalf of pharmaceuticals companies in Poland and other parts of Central and Eastern Europe. It has been part of Capio Diagnostics and owned by Capio since 1996.
Medicover is a private health care organization with a fixed level subscription fee with the provision of medical services. It has the responsibility to finance, provide or arrange all medical services ensuring the subscriber with a comprehensive medical safety net.
In general terms, Medicover's model most closely resembles a government- funded system, but with one major difference. In the government system, a tax is collected and hospitals, clinics, diagnostic and other healthcare services are provided for the taxpayers. The same applies to a hybrid like Medicover, but the coverage in this case is voluntary and discretionary. The "tax payer" becomes a client and therefore has a choice, assuring a responsive, accessible system. In addition, the system improves performance by offering immunizations, early detection measures, screenings and patient education. It is much easier and less expensive to look after a client and treat a disease when it is diagnosed in an early form.
Medicover operates in Central and Eastern Europe, had a turnover in 2002 of Euro 35 million, and looks after the health care needs of over 100,000 people. Medicover is listed on the Stockholm Stock Exchange.
Luxembourg 23 June 2003
Medicover Holding SA
For further information please contact
Fredrik Ragmark - Managing Director Medicover 00 32 2 357 5577 Joe Ryan - Finance Director Medicover 00 32 2 357 5577
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