American Dental Partners Completes Transaction With CIGNA Healthcare of Arizona.WAKEFIELD, Mass. and PHOENIX--(BUSINESS WIRE)--Feb. 9, 1999-- 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) ) and CIGNA CIGNA CG (Connecticut General Life Insurance Company) INA (Insurance Company of North America) HealthCare of Arizona, Inc. (CIGNA HealthCare) announced today that they have completed the previously announced purchase by ADPI of certain of the non-clinical assets of CIGNA HealthCare's Arizona staff-model dental facilities. The CIGNA HealthCare dental facilities include seven locations and 85 operatories. The vast majority of the dentists Dentists can refer to one of the following:
The transaction affects only CIGNA HealthCare's dental staff models in Phoenix and not the medical staff models, which remain an integral part of CIGNA HealthCare's business strategy in Phoenix. The sale does not include the dental or medical managed care or insurance business of CIGNA HealthCare of Arizona, Inc. and CIGNA Dental Health Plan of Arizona, Inc. and their affiliates. American Dental Partners, Inc. is one of the nation's leading 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 companies. Including this transaction, the Company is affiliated with 13 dental group practices which include 110 dental facilities with 915 operatories located in Arizona, Louisiana, Maryland, Minnesota, Pennsylvania, Texas, Virginia and Wisconsin. Note: Except for historical information, all other statements provided in this press release by American Dental Partners, Inc. are "forward-looking" 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 Company's actual results may vary materially from the 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. made above due to important factors such as: a limited operating history; risks associated with the Company's acquisition strategy; management of rapid growth; dependence upon affiliated dental groups; government regulation of the dental industry; and dependence upon service agreements. These and other risk factors that could materially affect financial results are further described in the Company's Form S-1 Registration Statement (file No. 333-39981). |
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