American Dental Partners Announces Acquisition of Dental Laboratories.Business Editors WAKEFIELD, Mass.--(BUSINESS WIRE)--June 4, 2002 American Dental Partners, Inc. (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 :ADPI ADPI Alpha Delta Pi Sorority ADPI American Dairy Products Institute ADPI Analog Devices (Philippines) Inc ADPI Australian Dance Performance Institute (Brisbane, QLD, Australia) ) announced today the acquisition of Voss Dental Lab and Genco's Tooth Factory, two full service dental laboratories A dental laboratory is a light manufacturing facility for the production of dental restorations on the order of a dentist. Dental laboratories may make dentures, crowns, or other dental restorations such as implant crowns. located in Buffalo, 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 serving dentists throughout western New York
Western New York refers to the westernmost region of New York State. . Voss Dental Lab was acquired as a separate wholly-owned subsidiary of American Dental Partners, and the assets of Genco's Tooth Factory were acquired by Voss Dental Lab. The combined businesses will operate as Voss Dental Lab and have annual revenue of approximately $3.6 million. Gregory A. Serrao, Chairman of the Company, said, "Nearly two years ago we began an initiative of identifying other business opportunities in dentistry dentistry, treatment and care of the teeth and associated oral structures. Dentistry is mainly concerned with tooth decay, disease of the supporting structures, such as the gums, and faulty positioning of the teeth. available to American Dental Partners which could benefit from the expertise we have gained from our core dental group management business. The dental laboratory segment was one of the identified areas. We were attracted to the dental lab business as it demonstrates attractive industry trends. The increasing popularity of cosmetic dental services and development of innovative new dental materials provides growth opportunity. And with the increasing prevalence of group dental practices Noun 1. dental practice - the practice of dentistry practice - the exercise of a profession; "the practice of the law"; "I took over his practice when he retired" , we believe there is an opportunity to develop a lab that has an ability not only to serve independent practitioners, but also dental groups." "Voss Dental Lab, founded in 1969 by Howard Voss, has gained a reputation in western New York for service excellence and commitment to innovation. Voss Dental shares many of the same ideals as American Dental Partners, including a passion for dentistry, a commitment to quality and a dedication to employees, customers and community," added Mr. Serrao. Howard Voss commented, "I am pleased to have found a partner for Voss Dental Lab that shares the same ideals and commitment. This partnership provides a bright future for Voss Dental Lab, and I am excited for the team members who have helped build Voss Dental over the past 30 years and also the dentists of western New York that we have served. I am also excited that we were able to attract Genco's Tooth Factory to the partnership. Our two laboratory businesses have many complementary assets and strengths. Importantly, it gives us the size to invest in advanced training programs and the ability to develop a state-of-the-art lab facility." Mr. Serrao concluded, "We see Voss Dental Lab as an excellent platform for us to build a nationally recognized dental lab, and we see Buffalo, with its pro business community, as an ideal location for such an effort. We intend for Voss Dental to operate as a stand-alone business and at arms-length to our affiliated dental groups. Our goal is to build a dental laboratory that can be a value-added service A value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls and fax transmissions. provider to dentists, whether they be existing dentist dentist /den·tist/ (den´tist) a person with a degree in dentistry and authorized to practice dentistry. den·tist n. A person who is trained and licensed to practice dentistry. clients in western New York or dental groups located across the nation." American Dental Partners is one of the nation's leading business partners to dental groups. The Company is affiliated with 19 dental groups which have 155 dental facilities with approximately 1,400 operatories located in 14 states. In addition, the Company provides dental laboratory services through a wholly-owned subsidiary, Voss Dental Lab. Note: Some of the information in this press release contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The words "believe," "expect," "anticipate," "project," and similar expressions, among others, identify forward-looking statements. Forward-looking statements speak only as of the date the statement was made. Such forward-looking statements are subject to uncertainties and other factors that could cause actual results to differ materially from those projected, anticipated or implied. Certain factors that might cause such a difference include, among others, the Company's risks associated with overall or regional economic conditions, contracts its affiliated dental groups have with third party payors and the impact of any terminations or potential terminations of such contracts, the cost of and access to capital, fluctuations in labor markets labor market A place where labor is exchanged for wages; an LM is defined by geography, education and technical expertise, occupation, licensure or certification requirements, and job experience , the Company's acquisition and affiliation strategy, management of rapid growth, dependence upon affiliated dental groups, dependence upon service agreements and government regulation of the dental industry. Additional risks, uncertainties and other factors are set forth in the "Risk Factors" section of the Company's Registration Statement on Form S-4 (File No. 333-56941). |
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