ADAC and CHCC announce acquisition agreement.MILPITAS, Calif.--(BUSINESS WIRE)--Jan. 13, 1995--ADAC Laboratories (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ADAC ADAC Allgemeiner Deutscher Automobil Club (German automobile club) ADAC Aboriginal Drug and Alcohol Council ADAC Art Directors and Artists Club (Sacramento, California) ADAC Alcohol and Drug Abuse Council ), a leading producer of diagnostic imaging and healthcare information systems, and Community Health Computing Corp. (CHCC CHCC Cooperative Health Care Clinic CHCC Coalition for Healthier Cities and Communities CHCC Chattahoochee Hills County Club (Georgia) ), a Houston-based provider of Clinical Information Systems used by hospitals and other healthcare providers, Friday jointly announced that both companies have signed a definitive agreement which provides for ADAC's acquisition of all shares to be issued by CHCC upon its reorganization in its Chapter 11 case. Additionally, CHCC filed a plan of reorganization on Jan. 12, 1995 incorporating that agreement. Completion of the transaction is subject only to confirmation of the reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. and satisfaction of other routine conditions. In connection with such proceedings, ADAC has committed to provide debtor-in-possession financing Debtor-in-possession financing New debt obtained by a firm during the Chapter 11 bankruptcy process, Federal Bankruptcy Rule 4001 (c)(1). This financing is unique because it is secured, that is, it has priority over existing debt, equity and other claims. to CHCC, to provide cash and ADAC common stock purchase warrants for the benefit of CHCC's creditors and to satisfy CHCC's working capital and other financial requirements through and beyond the confirmation date. David L. Lowe, chief executive officer of ADAC, stated "The signing of the acquisition agreement is consistent with our plan to become a leading provider of Clinical Information Systems. CHCC has a large installed base of ancillary systems, especially in the Laboratory Information and Radiology Information Systems segments. CHCC is also developing a new open architecture laboratory information system product, LabStat." Johnnie W. Domingue, chief executive officer of CHCC, added "We are looking forward to joining forces with ADAC and believe that we can provide significant momentum to ADAC's accelerating commitment to the Clinical Information Systems market." ADAC Laboratories, headquartered in Milpitas, is recognized as the world market-share leader in nuclear medicine and the leading supplier of Radiology Information Systems in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . ADAC is celebrating its 25th year of healthcare innovation. CHCC develops, markets and supports a complete family of Clinical Information Systems which utilize UNIX-based open-systems architecture for hospitals and other healthcare facilities. CONTACT: ADAC Laboratories, Milpitas J. Embry, 310/355-0761 CHCC R. Greg Smith Greg Smith may refer to:
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