To be taken over
Thermacell Acquires American Healthcare Providers, Inc.Adds $9.0 Million
In Revenues
DAYTONA BEACH, Fla., Jan. 18 /PRNewswire/ -- Thermacell Technologies, Inc.
(Nasdaq: VCLL) announced today that it has signed a definitive agreement
with American HealthCare Providers, Inc. (OTC Bulletin Board: AHEA) 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 increasing 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
curr9mation 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.
CO: Thermacell Technologies, Inc.; American Healthcare Providers, Inc.;
Direct Dispensing, Inc.; Amadeus Pharmacy
ST: Florida, New York
IN: CHM HEA MTC
SU: TNM LIC
01/18/2000 11:40 EST prnewswire.com |
