Tuesday June 3 10:41 AM EDT
Company Press Release
Staff Builders acquires $10 million in long term care
LAKE SUCCESS, N.Y.--(BUSINESS WIRE)--June 3, 1997--Staff Builders Inc. (NASDAQ:SBLI), one of the nation's largest home health care nursing providers, has acquired certain business assets from a California based home health care company.
While terms were not disclosed, the transaction includes Staff Builders' assumption of more than $10 million in shift care business in nine California markets, including Anaheim, Bakersfield, Chatsworth, Fresno, Hayword, Pasadena, San Bernadino, Santa Clara and Torrance; and additional visit care business in Roseville and San Diego, Calif.
``The acquired business is represented by a broad spectrum of patients, services and payor sources, the bulk of whom are long term cases,'' said Stephen Savitsky, chairman and CEO of Staff Builders. ``This acquisition is a perfect fit for Staff Builders: as a leading nursing provider, we have the staff to quickly absorb these patients and provide the full continuum of care they need. In fact, all patients and their caregivers have already been smoothly transitioned throughout Staff Builders' California locations.''
Staff Builders Inc. is a national provider of home health care services with 240 locations in 37 states and the District of Columbia. With a pool of over 40,000 caregivers, the company provides a full continuum of home health services including specialized home nursing; high-tech outpatient healthcare services; physical, occupational, and speech therapies; medical social services; and homemakers. Through its subsidiary, Staff Builders' Prescription Services Inc., mail order and home infusion pharmacy services are provided, as well as respiratory services and home medical equipment (HME). The company also provides home health care management services and supplemental staffing personnel under contractual arrangements to hospitals, nursing homes, clinics and other health care facilities.
Except for historical information contained herein, the statements made in this release constitute forward looking statements that involve certain risks and uncertainties. Certain factors may cause actual results to differ materially from those contained in the forward looking statements, including those risks detailed in the Company's annual report in Form 10-Q for the period ended Feb. 28, 1997 filed with the Securities and Exchange Commission on May 28, 1997.
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Contact:
Staff Builders
Stephen Savitsky or Gary Tighe, 516/358-1000
Investor Relations, 281/679-0400 Ext. 25 or 12 |
