PSA HealthCare Announces Agreement to Acquire Texas-Based Advanced Pediatric Care, Inc.
December 11 2006 - 4:30PM
Business Wire
Pediatric Services of America, Inc., d/b/a PSA Healthcare (Nasdaq:
PSAI) announced today that it has signed an agreement to acquire
substantially all of the assets of Advanced Pediatric Care, Inc., a
Texas corporation (�Advanced Pediatric�). The acquisition includes
Advanced Pediatric�s pediatric nursing business in the Beaumont,
Texas market. The purchase price is approximately $600,000 in cash
with Advanced Pediatrics retaining its accounts receivable.
Advanced Pediatric�s annualized net revenue totals approximately
$1.5 million. We expect the closing date of the transaction to
occur in January 2007. �We are excited to further expand our
presence in the Texas market through this acquisition,� said Daniel
J. Kohl, President and CEO of PSA. �We continue to evaluate 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 54 branch offices in 18
states, including satellite offices and branch office start-ups.
Through these offices PSA provides a combination of services,
including pediatric private duty nursing (PDN) and pediatric day
treatment centers (PPECs). Additional information on PSAI may be
found on the Company's website at http://www.psahealthcare.com.
NOTE: This press release contains certain forward-looking
statements (as such term is defined in the Private Securities
Litigation Reform Act of 1995) relating to future financial
performance of Pediatric Services of America, Inc. (the �Company�).
When used in this press release, the words �may,� �targets,�
�goal,� �could,� �should,� �would,� �believe,� �feel,� �expects,�
�confident,� �anticipate,� �estimate,� �intend,� �plan,�
�potential� and similar expressions may be indicative of
forward-looking statements. These statements by their nature
involve substantial risks and uncertainties, certain of which are
beyond the Company�s control. The Company cautions that various
factors, including the factors described hereunder and those
discussed in the Company�s other filings with the Securities and
Exchange Commission, as well as general economic conditions,
industry trends, the Company's anticipated uses of the proceeds
from the sale of its Respiratory and Pharmacy Businesses, the
Company's ability to assimilate and manage previously acquired
field operations, collect accounts receivable, including
receivables related to acquired businesses and receivables under
appeal, hire and retain qualified personnel and comply with and
respond to billing requirements issues, including those related to
the Company�s billing and collection system, nurse shortages,
competitive bidding, HIPAA regulations, adverse litigation,
workers� compensation losses, availability and cost of medical
malpractice insurance and any potential reduced state funding
levels and nursing hours authorized by Medicaid program, could
cause actual results or outcomes to differ materially from those
expressed in any forward-looking statements of the Company made by
or on behalf of the Company. Any forward-looking statement speaks
only as of the date on which such statement is made, and the
Company undertakes 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. New factors emerge from time
to time, and it is not possible for management to predict all of
such factors. Further, management cannot assess the impact of each
such factor on the business or the extent to which any factor, or
combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements.
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