American HomePatient completes acquisition of ConPharma Home Healthcare, Inc.FRANKLIN, Tenn.--(BUSINESS WIRE)--May 1, 1995--Edward K. Wissing, President and Chief Executive Officer of American HomePatient (Nasdaq: AHOM) today announced the completion of the acquisition of ConPharma Home Healthcare, Inc. The acquisition was approved by the shareholders of ConPharma's parent company, Continental Pharma Cryosan, Inc., at a special shareholders meeting held April 28, 1995; the transaction closed as scheduled. ConPharma, 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. revenues of approximately $32.7 million, has 32 locations in seven states, including Maryland, Massachusetts, Michigan, New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). , 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 , Pennsylvania and Virginia. "ConPharma is an excellent addition to American HomePatient -- both in product mix and business strategy," said Mr. Wissing. "It offers a similar range of home care services including home medical equipment, infusion and respiratory. Moreover, ConPharma's strategy of focusing on small to mid-size markets and its pursuit of a strong regional presence parallels our own. "The acquisition of ConPharma enables us to enter a new region of the country in a more efficient and rapid manner and it serves as a platform for our further expansion in this area," explained Mr. Wissing. With the addition of ConPharma, American HomePatient now has 182 home health care centers in 26 states. Last week, the Company announced the addition of six new centers through the acquisition of two companies, Highland Medical Supply with two centers in New Mexico, and Advanced Home Care, Inc. with four centers in Tennessee, North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. and Kentucky. American HomePatient also recently completed a public offering of common stock raising $50.8 million at a price of $28 per share (before deduction of offering expenses and underwriting discounts) and obtained an increase in its bank credit facility from $60 to $90 million. American HomePatient is the fourth largest diversified provider of home care services in the country with 182 locations in 26 states. The company's primary product and service offerings include home respiratory services, home infusion, parenteral parenteral /pa·ren·ter·al/ (pah-ren´ter-al) not through the alimentary canal, but rather by injection through some other route, as subcutaneous, intramuscular, etc. par·en·ter·al adj. 1. and enteral nutrition Enteral nutrition Nourishment given through a tube or stoma directly into the small intestine, thus bypassing the upper digestive tract. Mentioned in: Electrolyte Supplements, Enterostomy, Necrotizing Enterocolitis , and home medical equipment. American HomePatient's common stock is traded in the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. (National Market) under the symbol AHOM. CONTACT: American HomePatient, Franklin Edward K. Wissing, John Combs, or Kathey Palmer, 615/794-3313 |
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