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Health Diagnostic Laboratory, Inc. Sells Stake in Joint Venture

Thursday, May 21, 2015  
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Health Diagnostic Laboratory, Inc has entered into a purchase agreement with GeneNews Limited and Cobalt Healthcare Consultants, Inc., pursuant to which GeneNews and Cobalt acquired HDL's thirty-three and one third percent (33 1/3%) ownership stake in their Innovative Diagnostic Laboratory, LLP joint-venture for an aggregate purchase price of US$4.0 million.

Combined with their prior investments in IDL, GeneNews and Cobalt now each own a 50% equity interest in the joint-venture.

The purchase price payable by each of GeneNews and Cobalt for their purchase of units of IDL from HDL is to be satisfied in part with each company issuing a one-year secured promissory note in the principal amount of US$1.0 million, to HDL, with the balance of the purchase price to be paid as US$1.0 million, in cash, by each company. The Notes will accrue interest until maturity at a rate of 2% per annum. The purchase agreement also contains customary representations and warranties and indemnification provisions.

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