Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Biotech / Medical : PMCO - Promedco -- Ignore unavailable to you. Want to Upgrade?

To: loafy loaf who wrote (29)	12/1/1997 9:04:00 AM
From: Joseph Strohsahl	Read Replies (2) \| Respond to of 106

8:40 am Eastern Time Company Press Release Promedco Adds To Physician Base In Pennsylvania Cowley Will Merge With Beacon To Create The Largest Multi-Specialty Group In Harrisburg Area FORT WORTH, Texas--(BUSINESS WIRE)--Dec. 1, 1997--ProMedCo Management Company (Nasdaq/NM:PMCO - news) today announced the signing of a binding letter of intent to affiliate with Cowley Medical Associates, P.C. (Cowley), a multi-specialty group in Harrisburg, Pennsylvania, with 23 physicians, including 15 primary care physicians, at four sites. Cowley will merge with Beacon Medical Group (Beacon), which is currently affiliated with ProMedCo. The combination will create a group of 40 providers in eight locations in the Harrisburg area. Other terms were not disclosed. H. Wayne Posey, ProMedCo's president and chief executive officer, said, ''We are very pleased to announce this affiliation with Cowley and the resulting merger with Beacon. This transaction creates the largest multi-specialty group with a significant share of the market in the Harrisburg area and further expands ProMedCo's managed care opportunities in this marketplace. In addition, the merger will result in significant economies of scale, particularly in the areas of ancillary services and administrative costs. The affiliation with Cowley is an excellent example of the momentum we see in a market where ProMedCo has recently established a presence. ProMedCo announced its affiliation with Beacon and its initial entry into the Pennsylvania market in August of this year.'' 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, some of which are described in the Company's S-1 Registration Statement and Prospectus filed with the Securities and Exchange Commission on March 12, 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. ------------------------------------------------------------------------ Contact: ProMedCo, Fort Worth H. Wayne Posey, 817/335-5035