American Dental Partners Announces Affiliation With 1st Advantage Dental.Business Editors and Health/Medical Writers WAKEFIELD, Mass.--(BUSINESS WIRE)--Aug. 1, 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 its acquisition of 1st Advantage Dental Management, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a dental practice 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" management company affiliated with three dental group practices in 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 , Massachusetts and Vermont. Under terms of the agreement, the Company acquired substantially all the assets of 1st Advantage Dental Management and entered into 40-year service agreements with each of the dental group practices. In the aggregate, the three affiliated dental groups have 27 dentists practicing in 14 locations with annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. patient revenue of approximately $14 million. "We are very excited to have 1st Advantage Dental join our team of affiliates. 1st Advantage Dental has an excellent reputation for providing high quality patient care and many of the doctors have practiced together for more than a decade," said Gregory Serrao, Chief Executive Officer of American Dental Partners. "We have known 1st Advantage Dental for several years and have shared information and operating systems Operating systems can be categorized by technology, ownership, licensing, working state, usage, and by many other characteristics. In practice, many of these groupings may overlap. with them over the years. We share a common philosophy and commitment to the dental profession. This affiliation is a natural extension of the relationship we have built over the years. We plan to build upon each group's success by providing our new partners additional business and financial resources," Mr. Serrao added. Dr. Frank D'Allaird, President of 1st Advantage Dental Management, stated, "This is a terrific development for our organization and we are excited about the resources and capabilities that American Dental Partners brings to the affiliation. American Dental Partners has a proven track record of adding value to its affiliates, not just from a financial point of view but also from a quality of patient care perspective. We view this affiliation as an extremely positive development for all our valued patients, doctors and employees at 1st Advantage Dental." Mr. Serrao concluded, "This affiliation marks American Dental Partners' continued expansion in the Northeast, a geographic region we have targeted due to its attractive demographics and opportunities for additional practice partnerships. We believe that we can achieve similar success in eastern New York, Massachusetts and Vermont as we have experienced in western New York
Western New York refers to the westernmost region of New York State. ." American Dental Partners is one of the nation's leading business partners to dental groups. The Company is affiliated with 22 dental groups which have 168 dental facilities with approximately 1,500 operatories located in 16 states. In addition, the Company provides dental laboratory 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. 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, 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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