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ExamWorks Announces Significant Expansion in the UK with the Acquisition of Premex Group

May 10, 2011 — ExamWorks announced today that it has acquired 100% of the share capital of Premex.  Premex, based in Bolton, England, provides independent medical examinations, rehabilitation and diagnostic offerings and ancillary services.  Premex was founded in 1996 and has grown through a combination of organic and acquisition growth.  Revenues and adjusted EBITDA for the trailing twelve month period ended March 31, 2011 were approximately £55.8 million and £8.7 million, respectively, or approximately $91.0 million and $14.2 million using a conversion rate of 1.63.

ExamWorks completed its acquisition of Premex for a purchase price consisting of £40.6 million (or $66.2 million) in cash, 661,610 shares of Company common stock with a contractual value of approximately £8.9 million (or $14.5 million), and £16.4 million (or $26.7 million) of assumed indebtedness under Premex’s receivables facility, which was paid off at closing. ExamWorks financed the cash portion of the transaction with proceeds from the senior revolving credit facility.  
    
“We are thrilled to welcome Premex to the ExamWorks family of companies,” said James K. Price, Chief Executive Officer of ExamWorks. The talented professionals of our operating companies, Premex and UK Independent Medical (UKIM) have exceptional industry veterans who will lead us to the next phase of our growth in the United Kingdom. Each group brings unique personnel, information technology and operational assets, continually enhancing IME workflow and client experience.”

About ExamWorks Group
ExamWorks Group, Inc. is a leading provider of independent medical examinations (IMEs), peer and bill reviews and related services. We help our clients manage costs and enhance their risk management processes by verifying the validity, nature, cause and extent of claims, identifying fraud and providing fast, efficient and quality IME services. ExamWorks is focused on providing clients a national presence while maintaining the local service and capabilities they need and expect.