NICE PRESS RELEASE!!! Sounds very optimistic about new programs opening up in 1999. This should be our year with OPMC. Looking for $3.00 by years end now that the float has been decreased by 15%. Buyback of 1,000,000 shares shows alot of confidence by management.
Albert
OptimumCare Completes Buyback of One Million Shares
LAGUNA NIGUEL, Calif.--(BW HealthWire)--Dec. 1, 1998--OptimumCare Corp. (OTC BB: OPMC) Tuesday announced that it has repurchased 1 million shares of its stock in open market transactions over the past seven months.
"Our board of directors initially authorized the repurchase of 500,000 shares, beginning in April, because it believed the fundamentals of our company were far stronger than the range at which our stock was being traded," said Edward A. Johnson, OptimumCare's chairman and chief executive officer. "In early September, having completed that repurchase, the board authorized a second repurchase plan for up to an additional 500,000 shares.
"In both instances, we felt the repurchases were an investment in our future and that of our shareholders," Johnson observed. "Despite a generally robust stock market, healthcare companies like OptimumCare have not enjoyed the lofty multiples accorded other issues, many of which have yet to post sales and earnings."
"We're diligently working to increase revenue and income levels both through our planned expansion, as well as by increasing census at existing programs. In September, we opened a partial hospitalization program in Las Vegas and are planning to open a new site in Portland, Ore. In addition, the company plans to launch additional programs throughout the Western United States," Johnson said.
"Our board of directors believes that the buyback of 1,000,000 shares -- resulting in nearly 15% fewer shares outstanding -- will prove beneficial to our shareholders over the longer term," Johnson concluded.
Created in 1987, OptimumCare Corp. provides a wide range of inpatient and outpatient behavioral health services through a network of medical centers, hospitals and community mental health centers.
Certain of the statements made herein constitute forward looking statements that involve risks and uncertainties, including the risks associated with plans, the effects of changing economic and competitive conditions, government regulation which may affect facilities, licensing, healthcare reform which may affect payment amounts and timing, availability of sufficient working capital, program development efforts and timing, and market acceptance of new programs which may affect future sales growth and/or costs of operations. Additional information may be obtained by reviewing the company's reports filed from time to time with the SEC.
CONTACT:
OptimumCare Corp., Laguna Niguel
Ed Johnson, 888/448-1848
www.optimumcare.com
or
Financial Marketing Resources Inc.
Tom Gavin, 800/995-4410 or 949/622-6050
info@fmrinc.com
KEYWORD: CALIFORNIA
BW1154 DEC 01,1998
6:04 PACIFIC
09:04 EASTERN
|
