Thermacell Acquires American Healthcare Providers,Inc. -- Adds $9.0 Million In Revenues
DAYTONA BEACH, Fla., Jan. 18 /PRNewswire/ -- Thermacell Technologies, Inc. (Nasdaq: VCLL - news) announced today that it has signed a definitive agreement with American HealthCare Providers, Inc. (OTC Bulletin Board: AHEA - news) of New York City, NY. Under the executed agreement, Thermacell will acquire 100% of the total issued and outstanding shares of American HealthCare Providers. This transaction requires the approval of the shareholders of both companies.
American HealthCare Providers, Inc. has recently executed an agreement with a group of medical centers in the Metropolitan New York area servicing approximately 11,000 members. Under the executed agreement, the company is dispensing all the medications prescribed to the centers' patients by the licensed doctors attending them. This will allow the centers' patients to pick up their prescribed medications while visiting their doctor for treatment. The service also includes the home delivery of prescription medication to patients, including nearly 3,500 home care patients which the centers have in addition to the approximately 11,000 which visit the centers every month.
American HealthCare Providers, Inc. has also entered into an agreement with a prescription medicine supplier for medications and with a fully licensed pharmacy in New York for the dispensing of the prescriptions to the center's patients. The supplier of the medications is Direct Dispensing, Inc. located in Miami, Florida, and the pharmacy is Amadeus Pharmacy, located in Manhattan. In addition, American HealthCare Providers, Inc. has entered into an agreement with Amadeus Pharmacy to acquire it within 90 days.
John Pidorenko, President and CEO of Thermacell Technologies, said, ''By acquiring American HealthCare Providers, Inc. we have taken another step towards the vertical integration of one of Thermacell's areas of business, the pharmaceutical industry, while at the same time acquiring a company that is highly profitable, thus ncreasing Thermacell's shareholders' value. American HealthCare Providers, Inc. is expected to end its fiscal 1999 year with revenues in excess of $9,000,000 and net income before taxes of approximately $2,500,000. This transaction also adds approximately $8.0 million in total assets with approximately $3.4 million in net worth. This transaction, in conjunction with our current growth, will insure a profitable third
quarter. We expect to secure shareholder approval within the next 60 to 75 days.''
With this acquisition, Thermacell's pharmaceutical division expects to aggressively pursuit the signing of other medical centers in New York and other States in which laws permit the rendering of this service by the company. With this acquisition, Thermacell is also acquiring American HealthCare Providers' cohesive team of professionals working powerfully and sharing a common desire to set the standard in HealthCare, a rapidly changing field.
The company is also in the process of securing an additional $1.5 million of new capital. The terms and conditions of this transaction are currently in the final negotiation stage.
Company contact: Tony Quinones @ 800-363-9928 E-mail: jquin48895@aol.com
Except for historical information contained in this news release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this release, words such as 'anticipate,'' ''believe,'' ''estimate,'' ''expect'' and ''intend'' in similar expressions, as they relate to the company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the company's management, as well as assumptions made by and information currently available to the company's management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions; the impact of competitive products and pricing; capacity and supply constraints or difficulties; product development, commercialization or technological difficulties; the
regulatory and trade environment; and the risk factors reported from time to time in the company's SEC reports. The company undertakes no obligation to revise any forward-looking statements as the result of future events or developments.
SOURCE: Thermacell Technologies, Inc. |
