CIS TECHNOLOGIES, INC. COMPLETES ACQUISITION OF AUTOMATED MEDICAL SYSTEMS CONSULTANTS, INC.TULSA, Okla.--(BUSINESS WIRE)--November 7, 1994--CIS Technologies, Inc. (Nasdaq/NM:CISI (company) CISI - A French software producer. ) today announced that it had completed its acquisition of 100% of the outstanding stock of Orlando, Florida-based Automated Medical Systems Consultants, Inc. ("AMSC AMSC Army Management Staff College AMSC American Mobile Satellite Corporation AMSC American Miniature Schnauzer Club AMSC Area Maritime Security Committee AMSC Acquisition Method Suffix Code AMSC Advanced Missile Signature Center ") for a total consideration of $5 million, which will consist of a combination of cash, notes, and CIS Cis (sĭs), same as Kish (1.) (1) (CompuServe Information Service) See CompuServe. (2) (Card Information S common stock. AMSC is the nation's leading reseller An organization that sells hardware and software to the general public. Resellers purchase products from software publishers and hardware manufacturers. of The Medical Manager physician practice management software and provides complete automated business office solutions for medical service organizations ("MSOs") and physician-hospital organizations physician-hospital organization Managed care A corporation formed by a hospital and its medical staff to contract with MCOs. See Managed care. ("PHOs"), as well as individual physicians. Philip D. Kurtz, chairman and chief executive officer of CIS Technologies, said, "We are excited about this new initiative because it positions our Company to assume a leading role in the physician information management marketplace. We estimate that 45% of all U.S. physicians will be affiliated with an MSO (1) (Multiple System Operator) Typically refers to a cable TV organization that owns more than one cable system, but it may refer to an operator of only one system. or PHO within five years and, at this time, only 16% of physician claims are processed electronically." AMSC has generated approximately $3.4 million in revenues through the nine months ended September 30, 1994. CIS Technologies anticipates revenues and positive contributions to earnings based on the developing MSO marketplace and the synergies from the business combination. Kurtz added, "This acquisition presents us with cross-selling opportunities because the respective services our two companies provide are very complementary. Our hospital franchise of 550 clients plus AMSC's penetration into MSOs, PHOs and physician sites across the country will enable CIS to play a major role in this emerging market. Additionally, CIS' infrastructure, direct sales force and credibility in the marketplace will help to accelerate AMSC's growth during 1995 and into future years and will give CIS potential access to approximately 800,000 additional claims per month from the AMSC client base." CIS Technologies, Inc. is a leading provider of automated products and services that help hospitals and physicians to process claims, manage data electronically, and increase cash flow through a wide range of professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. . CIS 'products and services are used by over 550 hospitals in 32 states. CONTACT: CIS Technologies, Inc., Tulsa Richard A. Evans, 918/496-2451 |
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