Wednesday July 29, 8:32 am Eastern Time
Company Press Release
ProMedCo Completes Transaction With 52 Providers Establishing
Presence in New York
FORT WORTH, Texas--(BUSINESS WIRE)--July 29, 1998--ProMedCo Management Company (Nasdaq/NM:PMCO -
news) today announced that it has completed its affiliation with Prime Medical Associates, PC (PMA) and entered into a long
term management agreement with the physicians affiliated with the group. Under the terms of the agreement, ProMedCo also
entered into a management agreement with the 40-physician Independent Practice Association (IPA) affiliated with PMA.
PMA, a multi-specialty physician group operating five sites in Greene and Columbia counties in New York, is composed of 52
providers, including 10 physicians and 2 mid-level providers plus the 40-physician IPA. ProMedCo has been managing PMA
under an interim services agreement since June 1. Other terms were not disclosed.
H. Wayne Posey, ProMedCo's president and chief executive officer, said, ''The completion of this transaction is particularly
gratifying to us because initial discussions began, negotiations continued, and the transaction closed during a very challenging
time in our industry. However, despite the recent events in the physician practice management industry, the physicians of PMA
remained confident that ProMedCo could add value to their practices. We look forward to working with this excellent group,
the largest medical group in Greene and Columbia counties, to further enhance the healthcare services provided to the patients
PMA serves.''
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 described herein and in the Company's Annual Report on Form 10-K
filed with the Securities and Exchange Commission for the year ended December 31, 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, information systems and experienced management. |
