Business Editors
DENVER--(BUSINES WIRE)--Sept. 24, 1999--Coram Healthcare
(NYSE: CRH) will be hosting a conference call to discuss the press
release announcing the engagement of Deutsche Banc Alex. Brown to
explore strategic alternatives with the Company's CPS Division. A
conference call to discuss the press release will be hosted by Richard
M. Smith, President and Chief Executive Officer and Domenic Meffe,
President, Coram Prescription Services (CPS). The call has been
scheduled for 1:00 p.m. Eastern Time on Monday, September 27, 1999.
The call-in number is: (800) 450-0786.
DENVER--(BUSINESS WIRE)--Sept. 24, 1999--Coram Healthcare
Corporation (NYSE:CRH) today announced that the Board of Directors has
authorized the Company to engage Deutsche Banc Alex. Brown to work
with the Company to explore strategic alternatives for the Company's
Coram Prescription Services Division (CPS).
CPS is a leading national provider of specialty mail-order
pharmacy services and disease management programs focusing on
high-risk, high-cost conditions such as HIV/AIDS, transplant,
diabetes, oncology, respiratory syncytial virus, and growth hormone
deficiencies. Additionally, CPS provides comprehensive pharmacy
benefit management services (PBM) utilizing an extensive national
network of subcontracted retail pharmacies and a sophisticated mail
order pharmacy operation.
With the launch of www.corampharmacy.com scheduled for the first
quarter of 2000, CPS will extend its service reach with on-line
transactional capabilities on the Internet. In May, 1999 CPS chose
Mediconsult.com, Inc. (NASDAQ:MCNS) to provide promotion for the new
site. Under the agreement, CPS is the exclusive on-line prescription
and over-the-counter product provider to Mediconsult.com's visitor
base.
"CPS has been a wonderful growth story for the Company," said
Richard M. Smith, CEO. "We reported double-digit growth in CPS's net
revenue over the past six quarters through the second quarter of 1999.
The CPS management team has a consistent performance record and has
created a business of significant value to the Company."
"We believe it is appropriate at this time to ascertain the
market value of CPS and consider all options to strengthen the
Company's balance sheet," Mr. Smith continued. "At the same time, the
Company plans to maintain a close business relationship with CPS which
would continue to benefit the Company's Infusion Division and Clinical
Research and Medical Informatics Division as well as continue to
enhance CPS's business through joint marketing and breadth of service
offerings."
For more information, visit Coram's web site at
www.coramhealthcare.com. |
