To: Mr. Pink who wrote (7102 ) 3/7/1999 9:45:00 AM From: Patriarch Read Replies (1) | Respond to of 18998
Greetings Mr. Pink and all, This is the press release for PDX's recent acquisition and it strikes me as odd. No actual date on when the acquisition was agreed to, no date or time frame on when the deal will be closed, no information regarding the terms of the deal, not even a "Terms yet to be disclosed" disclaimer. Perhaps I'm reading too much into it, but I'm getting the feeling either their IR department can't write a release properly or their is something really funny going on. Just my opinion, thoughts anyone: --------------- Pediatrix Adds Combined Perinatal, Neonatal Group in Seattle March 5, 1999 08:45 AM FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--March 5, 1999--Pediatrix Medical Group, Inc., PDX established a market-leading presence in Seattle, Washington, with the acquisition of Perinatal-Neonatal Associates, P.S., ("PNA") an 18-physician group practice consisting of 12 neonatologists and six perinatologists. PNA's physicians have been providing perinatal and neonatal physician services in the Seattle market for more than 15 years. PNA's neonatologists provide care at 10 Seattle-area hospitals with combined 20,000 neonatal intensive care unit (NICU) patient days during 1998. Last week, Obstetrix Medical Group, Inc., a Pediatrix subsidiary, completed the acquisition of a perinatal physician group in nearby Tacoma. Pediatrix also provides neonatal physician services in Tacoma. Pediatrix believes that the combined market presence in the Seattle-Tacoma area creates opportunities for better contracting with payors. "This is a strategically important acquisition as we expand our complementary specialty practices in this exciting metropolitan market," said Roger J. Medel, M.D., President and Chief Executive Officer of Pediatrix. "This acquisition demonstrates that our model of integrating physicians into a single national group provides tangible value to physicians, whether they practice as part of a small or large group." The acquisition of PNA is one of the largest completed by Pediatrix to date. Pediatrix has acquired more than 35 neonatal and perinatal physician groups since 1996 and has integrated them into a national group practice. "We are succeeding in attracting the interest of the nation's larger neonatal and perinatal groups to the opportunities that exist by being a part of Pediatrix," Dr. Medel said. "We have built a platform that removes the administrative burdens of managing a practice, and liberates doctors to focus more on clinical care. Pediatrix also offers its physicians the opportunity to participate in research and education programs that advance neonatal and perinatal medicine." During 1999, Pediatrix has added neonatal physician services in Oklahoma City and Kansas City through acquisition and internal growth, in addition to last month's acquisition of the Tacoma perinatology group by Obstetrix. Pediatrix was founded in 1979 and has evolved as a national physician group specializing in neonatal and perinatal care. Pediatrix is the nation's largest provider of physician services to hospital-based NICUs, and now provides services at more than 135 NICUs nationwide. Obstetrix Medical Group now employs more than 40 perinatologists who provide physician services in a total of nine states. Perinatologists provide care for expectant mothers who may develop pregnancy-related complications. Combined, Pediatrix employs approximately 375 physicians. Additional information is available on the Internet: www.pediatrix.com. Except for historical information, this press release contains certain forward-looking statements that involve risk and uncertainties that may cause actual results to differ materially from the statements made. Such factors include, but are not limited to, changing market conditions, the ability to successfully identify suitable acquisition candidates and to complete those acquisitions on favorable terms and other risks detailed from time to time by the Company or in its filings with the U.S. Securities and Exchange Commission.