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

To: CipherCPA who wrote (58)	6/23/1998 11:36:00 AM
From: Joseph Strohsahl	Read Replies (1) \| Respond to of 106

Tuesday June 23, 8:41 am Eastern Time Company Press Release ProMedCo Expands Northeast Presence to Include New York FORT WORTH, Texas--(BUSINESS WIRE)--June 23, 1998--ProMedCo Management Company (Nasdaq/NM:PMCO - news) today announced that it has entered into a binding letter of intent to acquire the assets of Prime Medical Associates, PC (PMA) and enter into a long term management agreement with the physicians affiliated with the group. Under the terms of the agreement, ProMedCo will also enter 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. The transaction, which is expected to close in early July, is subject to approval by Prime Medical's shareholders. Other terms were not disclosed. H. Wayne Posey, ProMedCo's president and chief executive officer, said, ''In addition to making our initial entry into the New York market, this transaction also extends the service area of Berkshire Physicians and Surgeons, PC, a 108-provider multi-specialty group in Pittsfield, Massachusetts, into contiguous western Massachusetts and New York. By affiliating with the largest medical group in Greene and Columbia counties, ProMedCo further expands its presence in the Northeast.'' 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. -------------------------------------------------------------------------------- Contact: ProMedCo Management Co., Fort Worth H. Wayne Posey, 817/335-5035 --------------------------------------------------------------------------------