Advanced Orthopedic Technologies acquires Med-Tech O & P Services, Inc.WEST HEMPSTEAD, N.Y.--(BUSINESS WIRE)--January 8, 1996--Advanced Orthopedic Technologies, Inc. (Nasdaq Small Cap Issues: AOTI AOTI Association of Occupational Therapists of Ireland ) ("AOTI") today announced that it has completed the acquisition of Med-Tech O & P Services, Inc. ("Med-Tech"), a privately-held provider of orthotic orthotic /or·thot·ic/ (or-thot´ik) serving to protect or to restore or improve function; pertaining to the use or application of an orthosis. or·thot·ic adj. Of or relating to orthotics. and prosthetic pros·thet·ic adj. 1. Serving as or relating to a prosthesis. 2. Of or relating to prosthetics. prosthetic serving as a substitute; pertaining to prostheses or to prosthetics. ("O & P") patient care services based in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . Terms were not disclosed. Andrew H. Meyers, President and Chief Executive Officer of AOTI, commented, "We are very pleased to have consummated this transaction. It is important to note that Med-Tech was one of the largest O & P services providers in the New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. . With the addition of Med-Tech's patient care offices, AOTI has become the single largest O & P services provider in the New York/New Jersey metropolitan area. As a benefit of this strengthened geographic presence, we believe that AOTI is well positioned for future growth in an increasingly competitive managed care environment. Additionally, through the consolidation of Med-Tech's operations we believe that we will be able to increase the operating efficiencies of the combined companies." Mr. Meyers concluded, "We are also very pleased that Steven Goldstein, President of Med-Tech and Marc Waldman, Vice President of the company, have joined AOTI. Their leadership and years of experience will be a tremendous asset as we continue to strengthen AOTI's industry presence." Advanced Orthopedic Technologies is one of the nation's leading providers of patient care services to the orthotic (design, fabrication and fitting of custom-made braces and other devices) and prosthetic (design, fabrication and fitting of artificial limbs) rehabilitation markets. Currently, the Company operates 36 patient care centers in California, New Mexico, New Jersey, 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 , Virginia and West Virginia. CONTACT: Advanced Orthopedic Technologies Andrew H. Meyers, Chief Executive Officer (516) 481-9670 or INVESTOR RELATIONS Investor relations The process by which the corporation communicates with its investors. COUNSEL: The Equity Group Inc. Devin Sullivan, (212) 836-9608 Robert Goldstein, (212) 371-8660 |
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