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Renal Care News
Continental Choice Care, Inc. Completes Sale of Assets
Continental Choice Care, Inc. [NASDAQ/NM:CCCI (common); CCCIW (warrants); CCCIU (units)] has announced that it has completed the sale of substantially all of its assets, as well as the assets of its subsidiaries other than Renal Management Inc., to IHS of New York, Inc. In addition, Alpha Administration Corp. and Continental Dialysis Center of the Bronx, Inc., New York affiliates of Continental, also sold substantially all of their respective assets to IHS. The aggregate price paid by IHS in the transactions, including its consulting arrangement with Continental, was $6.1 million. As contemplated by the agreements among the parties, the assets of the Upper Manhattan Dialysis Center, Inc., a New York affiliate of Continental, were not included in the transaction. Continental and its selling subsidiaries and affiliates retained certain assets, including cash, accounts receivable and cash equivalents, as well as liabilities, including accounts payable. The transactions were consummated on, and are subject to, the terms and conditions described in Continental's definitive proxy materials dated April 28, 1997.
Steven Trenk, Continental's president, stated: "The proceeds from the sale and our strategic position will enhance shareholder value by allowing us to explore numerous acquisition and/or merger opportunities both within and outside of the healthcare industry. We are excited about the prospects for Continental." Nelson R. Shaller, president and CEO of IHS of New York, commented: "This acquisition will allow us to accelerate our presence in the metropolitan New York dialysis marketplace. We are delighted to be one of the leaders in the dialysis field and are excited about supporting both hemodialysis and peritoneal dialysis in the region. We are committed to providing Continental's patients and other customers with the same high-quality care and service that they have come to expect. This transaction helps establish IHS as one of the fastest-growing, state-of-the-art dialysis providers in America." Headquartered in Florham Park, NJ, Continental is engaged primarily in the provision of dialysis-related equipment, services, and supplies to individuals in their homes and other residential alternative sites in New Jersey, New York, and Connecticut, including prisons and nursing homes. The company also provides consulting and administrative services and supplies to New York healthcare entities, as well as acute dialysis nursing services to hospitals.
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