Advanced Orthopedic Technologies announces proposed acquisition of Med-Tech O&P Services, Inc.WEST HEMPSTEAD, N.Y.--(BUSINESS WIRE)--Nov. 27, 1995--Advanced Orthopedic Technologies, Inc. (Nasdaq Small Cap Issues: AOTI AOTI Association of Occupational Therapists of Ireland ) ("AOTI") today announced that it has reached a preliminary understanding as to terms of an 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. . Med-Tech, which currently owns and operates four outpatient care centers in the greater 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 area, expects to report 1995 annual revenues of approximately $2.5 million. This transaction, which is expected to close within the next 30 days, is subject to, among other things, the completion of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. by AOTI and the signing of a definitive purchase agreement. The purchase price and other terms of the acquisition were not disclosed. Andrew H. Meyers, President and Chief Executive Officer of AOTI, commented, "Adhering to our program of seeking strategic acquisitions in targeted regions, this transaction, once completed, will greatly increase AOTI's geographic coverage in our downstate New York Downstate New York is a term for the southeasternmost portion of New York State, United States, in contrast to Upstate New York. It should be noted that the term "Downstate New York" has significantly less currency than its counterpart term "Upstate New York", and the Downstate region through the addition of offices in Queens, Manhattan, the Bronx and Rockland counties. The effects of this acquisition should increase revenues from AOTI's New York/New Jersey area offices to over $8 million in fiscal 1996. Through strategic acquisitions, we will continue to capitalize on the consolidation trend taking place in the O & P industry and look forward to continued progress in this pursuit." Steven Goldstein, President, and Marc Waldman, Vice President of Med-Tech, stated, "Aligning ourselves with an industry leader will allow us to continue to provide our patients with the highest levels of service and standards, while affording us the opportunity to more effectively compete in a rapidly evolving healthcare marketplace. Advanced Orthopedic Technologies boasts an exceptionally strong management team, a growing list of managed care relationships and a solid financial position. We look forward to a long and mutually beneficial relationship." 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 33 patient care centers in California, New Mexico, New Jersey, New York, 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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