TWHH BUYBACK NEWS OUT, guess that $11 rumor was true
Thursday July 16, 3:29 pm Eastern Time
Company Press Release
Transworld Healthcare Inc. Management and Majority Shareholder
Announce Intent to Purchase Company Stock
Company Completes Sales of its Nursing Subsidiary
NEW YORK--(BW HealthWire)--July 16, 1998--Transworld Healthcare Inc. (Nasdaq:TWHH - news) announced today that
its Chairman and Chief Executive Officer, President and majority shareholder, Hyperion Partners II LP, have each respectively
confirmed their intentions to purchase shares in the company on the open market in response to the recent decline in the
company's share price.
Specific details of purchases by Timothy M. Aitken, Chairman & CEO, Sarah L. Eames, President and Hyperion Partners II
were not disclosed, but will be disclosed in applicable governmental filings.
Aitken stated: ''The recent movement in the company's share price is a reaction to local market margin issues which are entirely
unrelated to Transworld's performance. As stated clearly at the annual meeting of shareholders, Transworld continues to remain
on target with the current year's objectives, and I believe that a personal investment in this company's stock confirms to the
market a firm belief in management's commitment as well as makes a statement for the future.''
Aitken also noted that senior members of management as well as Hyperion may make additional purchases in the open market
from time-to-time as long as the shares remain an attractive investment opportunity.
In other news, the company completed the previously announced sale of its nursing subsidiary, Transworld Home HealthCare -
Nursing Division Inc. to Pediatric Services of America Inc. (Nasdaq:PSAI - news). The transaction closed on July 15, 1998
and net proceeds were used to reduce borrowings under the company's senior credit facility.
Aitken commented on the sale, stating, ''The timely completion of the sale of our nursing subsidiary further demonstrates the
ability of our management team to successfully achieve the goals which have been set and to continue to focus the business on
those segments of healthcare which will deliver a reasonable return for shareholders.''
Transworld Healthcare is a regional provider of a broad range of alternate site healthcare services and products. It also
operates a specialized mail order pharmacy and provides medical supplies to patients nationwide. The company's United
Kingdom-based subsidiary, Transworld Healthcare (UK) Limited, with 72 locations, provides respiratory therapy, medical
supplies and nursing services throughout the UK.
Certain statements contained herein are forward-looking statements but have been made pursuance to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown
risks and uncertainties which may cause the actual results in the future periods or plans for future periods to differ materially
from those described herein as anticipated, believed or estimated.
Contact:
Transworld Healthcare Inc., New York
Gregory E. Marsella, 212/750-0064
Wayne A. Palladino, 914/345-8880 |
