Thursday August 13, 12:33 pm Eastern Time
Company Press Release
ProMedCo Completes Transaction With Physicians
Primary Care of Southwest Florida
Brings Total Number of Group Practice Physicians in Region to 170
FORT WORTH, Texas--(BUSINESS WIRE)--Aug. 13, 1998--ProMedCo Management Company (Nasdaq/NM:PMCO -
news) today announced that it has completed its acquisition of the assets of Physicians Primary Care of Southwest Florida, the
largest independent practice in Lee County (Ft. Myers). The 47-provider group operates out of eight locations throughout the
region. Terms of the transaction were not announced.
Including the Company's recently announced letter of intent with 50-provider group Medical Associates of Pinellas, also
located in Southwest Florida, this brings the number of group practice physicians in the region to approximately 170 providers,
the largest network of group practice physicians in Southwest Florida.
H. Wayne Posey, ProMedCo's president and chief executive officer, said, ''The closing of this transaction creates a dominant
network in Southwest Florida. Such market strength gives us an advantage in structuring favorable arrangements with managed
care and other payors. In addition, this transaction is further confirmation that ProMedCo is becoming the PPM of choice.
Although the financial market may not be giving us proper credit for our solid performance, physicians continue to believe in us
and recognize the fact that we bring added value to their practices. Our consistent track record and excellent relationships with
our physicians have made us a major force in our industry in just six quarters of operation since our IPO in March 1997.''
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
affiliate with primary care-driven, multi-specialty physician groups in pre-managed care, secondary markets. The Company
provides expertise in managed care, access to capital, information systems and experienced management.
Contact:
ProMedCo Management Company, Fort Worth
H. Wayne Posey, 817/335-5035
More Quotes and News:
ProMedCo Management Co (Nasdaq:PMCO - news)
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