Pediatric Services OF America (NASDAQ:PSAI)
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PSA HealthCare (Nasdaq: PSAI) announced today that it
has completed its acquisition of Melmedica Children's Healthcare,
Inc., an Illinois corporation ("Melmedica"). The acquisition included
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. With the
completion of the acquisition, the Company now has five pediatric
nursing offices in Illinois and one in Indiana.
Under the terms of the transaction, PSAI paid 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.
"The completion of this acquisition represents a significant step
for PSAI in executing our strategy to accelerate growth in our private
duty nursing segment," said Daniel J. Kohl, President and CEO of PSAI.
"As a result of the acquisition, we now have an expanded presence in
the Illinois market and an initial entry into the Indiana market,"
continued Mr. Kohl. "We look forward to delivering on the promise of
this acquisition as we continue to build value for our shareholders."
PSA provides comprehensive pediatric home health care services
through a network of over 100 branch offices in 20 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.