Sabratek Acquires SRS; Consulting Firm Expands Sabratek's Presence in the Healthcare Market
PR Newswire - June 30, 1999 18:25
SKOKIE, Ill., June 30 /PRNewswire/ -- Sabratek Corporation (Nasdaq: SBTK) today announced that it has acquired all of the outstanding stock of SRS in a pooling of interests transaction.
SRS is a leading provider of consulting services to healthcare providers and is nationally recognized for its comprehensive, high quality, cost effective services.
K. Shan Padda, CEO of Sabratek, stated, "SRS is financially strong, has an outstanding management team and staff, and a loyal customer base within the healthcare community. SRS will be an integral part of Sabratek, as Sabratek completes its mission of becoming the premier clinical connectivity company. Strategically, SRS complements our CiH affiliate, which provides healthcare providers with process reengineering services." Padda further stated, "Just as important as providing a full tool set to our customers, is the ability to help them implement that tool set. SRS is a key element in our implementation services strategy."
Mr. Robert Gienko, President of SRS, stated, "We are delighted to become a member of the Sabratek family of companies. In choosing Sabratek as partner, it was not only the synergy that the combined companies bring to the market, but also the vision, dedication, work ethic and overall compatibility of the management teams and staff that made this merger most desirable."
Sabratek Corporation's family of companies and alliances, provide a Virtual Hospital Room(TM) -- a seamless system that is designed to surround the patient at any point of care with the technology required to clinically manage the patient's condition. The Sabratek develops produces and markets technologically advanced, easy-to-use, smart, interactive medical devices that work seamlessly together to allow health care providers to lower health care costs, expand access, and maintain quality across the continuum of care. The ROCAP Division manufactures ready-to-use saline flush syringes that reduce error and waste while saving time and money for enhanced safety, compliance and patient care. GDS develops and manufactures advanced point-of-care blood diagnostics for multiple tests with a single device capable of fast, simple, accurate and economical results anywhere on the continuum of care. MOON Communications is the health care industry's first Internet-based, vertically integrated communications portal, which will enable real-time monitoring and reporting of a patient's clinical information from any site, including the patient's home. HEALTHMAGIC is a developer of innovative healthcare information management tools, which feature intranet/internet technology. These tools enable health care providers to realize significant operational and clinical management efficiencies as well as providing patients and their families the ability to monitor and manage their own health. The CMS subsidiary offers managed care and provider services to health care payors -- including utilization review, provider credentialing and network development -- that enable delivery systems to be managed more efficiency and with higher quality. The LifeWatch Division utilizes smart devices to monitor patients transtelephonically in alternate site settings. LifeWatch offers these services to healthcare providers and is the market leader in arrhythmia monitoring.
This press release contains forward-looking statements. The actual results might differ materially from those projected in the forward-looking statements. Additional information concerning factors that could cause actual results to materially differ from those in the forward looking statements is contained in the Company's periodic reports filed under the Securities Exchange Act of 1934, as amended (copies of which are available upon request from the Company's Investor Relations Department).
SOURCE Sabratek Corporation
/CONTACT: John Reilly, Chief Financial Officer of Sabratek Corporation, 847-720-2400; or Ellen Paz of Citigate Dewe Rogerson, Inc., 212-688-6840, for Sabratek Corporation/
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