ADAC announces transactions with Community Health Computing.MILPITAS, Calif.--(BUSINESS WIRE)--Nov. 30, 1994--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 medical imaging and healthcare information products, Wednesday announced that it has entered into an agreement with Community Health Computing Corp. (NASDAQ:CHCC CHCC Cooperative Health Care Clinic CHCC Coalition for Healthier Cities and Communities CHCC Chattahoochee Hills County Club (Georgia) ) of Houston, which calls for ADAC to lend up to $3.5 million to CHCC. Principal and interest on the loan is due on Dec. 31, 1994 and is secured by all of the assets of CHCC. Separately, ADAC has obtained a 3 year option from several significant shareholders to acquire approximately 4.8 million shares (56% of the common stock of CHCC) at 30 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. subject to certain conditions. In making the announcement, David L. Lowe, ADAC Chief Executive Officer, stated, "CHCC has a large installed base of ancillary systems, especially in the Laboratory Information Systems segment. The company also is developing an open architecture laboratory information system, LabStat, which is designed to satisfy the evolving requirements of the clinical information systems market. "We have made the loan to CHCC to allow them to meet certain short term obligations while ADAC and CHCC pursue the possibility of additional relationships and transactions." Lowe concluded by saying, "Earlier this year we announced that a critical element of our strategic plan is to aggressively grow our healthcare information systems business. Any future relationship with CHCC would be consistent with that plan." ADAC Laboratories is recognized as the world leader in nuclear medicine and the leading supplier of Radiology Information Systems A Radiology Information System (RIS) is used by radiology departments to store, manipulate and distribute patient radiological data and imagery. The system generally consists of patient tracking and scheduling, result reporting and image tracking capabilities. 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. . The company is celebrating its 24th year of health care innovation. They were honored in 1993 as a Top Business 100 California Company by the four major California newspapers. ADAC is headquartered in Milpitas. CONTACT: ADAC Laboratories J. Embry, 310/355-0761 KEYWORD; CALIFORNIA TEXAS INDUSTRY KEYWORD: MEDICINE REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston 617-330-5311 or 80 |
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