Hello wake up everyone as this press release just released today should wake you up and get your attention. This is an excellent press release:
Thursday December 18, 9:16 am Eastern Time
Company Press Release
Eight New Contracts To Boost HEARx Revenues In 1998
WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Dec. 18, 1997--HEARx Ltd. (AMEX:
EAR - news) announced today that it has reached agreement to provide
hearing aid benefits and/or diagnostic audiology services for the
members of eight health insurance plans in Connecticut, Florida, New
Jersey and New York. ''We anticipate that these new contracts, in
aggregate, will generate in excess of $6 million in new revenue in
1998,'' said Paul A. Brown, M.D., Chairman and CEO of HEARx. Based on
the current level of revenues and the anticipated revenues from these
new contracts, management has set $40 million as a target for 1998
revenues.
HEARx reported revenues of approximately $18 million in 1996 and expects
1997 revenues of approximately $24 million. Since all revenues from the
new contracts will be generated in areas currently served by HEARx, Dr.
Brown pointed out that no additional HEARx centers will have to be
opened for these contracts. ''The combined effect is to 'build out' our
existing base of business in Florida and the Northeast, reinforcing our
commitment to these promising markets,'' Dr. Brown said.
The new healthcare organizations contracting with HEARx are:
BLUE CROSS BLUE SHIELD OF FLORIDA (Health Options) BLUE CROSS BLUE
SHIELD OF NEW JERSEY (HMO Blue) EMPIRE BLUE CROSS AND BLUE SHIELD OF NEW
YORK (Blue Choice Senior Plan) CAC-UNITED MEDICAL CENTERS CIGNA OF
CONNECTICUT FPA MEDICAL MANAGEMENT (for designated PCA members)
MAGNACARE MANAGED HEALTH, INC.
The company believes that these new contracts indicate a continuing
trend for healthcare organizations to sign ''direct access'' contracts:
those which provide a particular benefit only from a designated
provider. Under this type of program the healthcare organization can be
assured that their members receive standardized services, products, fees
and quality of care.
HEARx is the largest audiology-based professional hearing care network
in the U.S. It operates 74 company-owned centers in the $2 billion U.S.
hearing services industry. Centers are located in Connecticut, Florida,
New Jersey, New York, Pennsylvania and Virginia. The company provides
hearing care primarily to patients whose health insurance and managed
care organizations have contracted with HEARx.
Certain of the statements made in this press release contain
forward-looking information. Such statements involve certain risks and
uncertainties that could cause actual results to differ materially from
those in the forward-looking statements. Potential risks and
uncertainties are described in the Company's filings with the Securities
and Exchange Commission, including the Form S-3 resale registration
statement dated June 25, 1997.
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Contact:
Paul A. Brown, M.D.
HEARx Ltd.
1250 Northpoint Parkway
West Palm Beach, FL 33407
(561) 478-8770 Ext. 123
or
Weber/RBB
Sandy Baksys
(305) 448-7450 |
