PSA Healthcare Announces Agreement to Acquire Melmedica Children's Healthcare, Inc.
May 10 2006 - 7:00AM
Business Wire
Pediatric Services of America, Inc., d/b/a PSA Healthcare (Nasdaq:
PSAI) announced today that it has signed an Agreement to acquire
certain of the assets of Melmedica Children's Healthcare, Inc., an
Illinois corporation ("Melmedica"). The acquisition will include
certain of Melmedica's pediatric nursing businesses in Schaumberg,
Oak Lawn, Bloomington, Collinsville and Country Club Hills,
Illinois, as well as a business located in Indianapolis, Indiana.
The purchase price is approximately $1.6 million in cash with
Melmedica retaining its accounts receivable. Melmedica's
consolidated net revenue for the year ended December 31, 2005 was
approximately $10.8 million. We expect the closing date of the
transaction to occur during the Company's third quarter or early in
the fourth quarter, subject to customary closing conditions. "We
are excited to further expand our presence in the Illinois market
through this acquisition," said Daniel J. Kohl, President and CEO
of PSA. "We continue to see a number of opportunities available in
attractive markets and remain focused on executing our acquisition
strategy within the private duty nursing segment." PSA provides
comprehensive pediatric home health care services through a network
of over 100 branch offices in 19 states, including satellite
offices and branch office start-ups. Through these offices PSA
provides a combination of services, including pediatric private
duty nursing (PDN), pediatric day treatment centers (PPECs) and
respiratory therapy and equipment services (RTES). Additional
information on PSAI may be found on the Company's website at
http://www.psakids.com. NOTE: Forward looking statements made in
this release involve a number of risks and uncertainties, certain
of which are beyond our control, including, but not limited to
changes in government regulation and health care reforms, ability
to execute the Company's strategic programs, ability to improve
accounts receivable collections, changing economic and market
conditions and other risk factors detailed in the Company's
Securities and Exchange Commission filings. Any forward looking
statement speaks only as of the date on which such statement is
made, and we undertake no obligation to update any forward looking
statement or statements to reflect events or circumstances after
the date on which such statement is made or to reflect the
occurrence of an unanticipated event.
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