Tuesday October 7 9:56 AM EDT
Company Press Release
PROMEDCO CLOSES TRANSACTION IN SARASOTA
FORT WORTH, Texas--(BUSINESS WIRE)--Oct. 7, 1997--ProMedCo Management Company (Nasdaq/NM:PMCO) today announced that it had completed its previously announced affiliation with Intercoastal Medical Group, the largest physician group practice in Sarasota, Florida, with 26 providers, including 24 physicians and two physician extenders, at six sites. Other terms were not disclosed.
H. Wayne Posey, ProMedCo's president and chief executive officer, said, ''We are pleased to complete this transaction which adds significantly to our current base of operations in southwest Florida, a market which represents tremendous managed care potential, particularly in the area of Medicare risk. We continue to be excited about a very healthy affiliation pipeline in the Florida market as well as other markets, where negotiations are currently underway. Including our recent announcement of the closing of our acquisition of Beacon Medical Group in Harrisburg, Pennsylvania, this brings the total number of affiliated providers with ProMedCo to 527.''
This press release contains ''forward-looking statements'' which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on current expectations and may be significantly impacted by certain risks and uncertainties, some of which are described in the Company's S-1 Registration Statement and Prospectus filed with the Securities and Exchange Commission on March 12, 1997. There can be no assurance that statements made in this press release relating to future events will be achieved.
ProMedCo, headquartered in Fort Worth, Texas, is a physician practice management company. ProMedCo's focus is to facilitate the consolidation of physician groups into primary care-driven, multi- specialty networks. The Company provides expertise in managed care, access to capital, sophisticated information systems and experienced management. |
