COUNSEL INSTITUTIONAL PHARMACY OPERATION EXPANDS CHOICE DRUG SYSTEMS TO ACQUIRE PREMIER PHARMACY.TORONTO--(BUSINESS WIRE)--Jan. 4, 1995--COUNSEL CORPORATION (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : CXS CXS Coherent X-Ray Scattering ) Allan Silber, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Counsel Corporation , and Co-Chairman of Counsel's 25%-owned Choice Drug Systems Inc., today announced the proposed purchase by Choice Drug Systems of 100% of PremierPharmacy, Inc. PremierPharmacy is a privately-held provider of pharmacy services to nursing homes and hospitals. It has 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 U.S. $30 million. The company's hospital pharmacy business operates in 8 states. Its long term care pharmacy business is based in the New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. . Choice Drug Systems provides drugs and related pharmaceutical services to 158 nursing homes and other health care facilities with 17,000 patient beds 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 , New Jersey, Maryland, Delaware and Missouri. It is also one of the largest providers of these services to penitentiaries, serving 72 correctional facilities throughout the United States with 78,000 inmates. In addition, the company manages hospital pharmacies. Choice Drug had revenues of U.S. $55 million for its fiscal year ended February 28, 1994. Allan Silber said, "The purchase of PremierPharmacy makes Choice Drug Systems the dominant provider of institutional pharmacy services in New York city New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . Mr. Silber added, "Our growth in the institutional pharmacy sector furthers Counsel's strategy of expanding in new health care niches in the U.S. that are growing rapidly because they are low cost providers of health care services. We plan to expand Choice Drug Systems through acquisition and focus on dominating states and regions, in much the same way as we have grown our U.S. home health care company, American HomePatient." The consideration for the acquisition is the issuance of 900,000 shares of Choice Drug common stock. Choice Drug currently has 8,096,810 shares of common stock outstanding. Under the proposed terms, senior management of PremierPharmacy will become part of the senior management team of the combined company. The proposed transaction is subject to the execution of a definitive agreement and approval by the Boards of Directors of both companies and, if necessary, their stockholders. In addition, the proposed transaction is subject to any necessary regulatory, bank and other approvals of both companies. Counsel Corporation has been active in the U.S. health care sector since 1983. Its 70%-owned American HomePatient 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 - AHOM) is today the fourth largest diversified home health care company in the U.S. Since going public in 1991, it has grown from 24 locations in 4 states to 125 locations in 17 states. The company's primary lines of business include respiratory therapy respiratory therapy Medical profession concerned with assisting the respiratory function of individuals who have severe lung disorders. Practices include suctioning to clear secretions from the airway, use of aerosol mists (sometimes medicated) or gases to ease breathing, , infusion therapy and the sale or lease of medical equipment and supplies. Counsel Corporation's business operations are focused mainly in the health care sector in the United States. It is also active in real estate asset and property management in Canada. Counsel's asset and property management business is carried on by its wholly-owned subsidiary Counsel Management Services Inc. (CMSI CMSI Citicorp Mortgage Services, Inc. CMSI Checkout/Control and Monitor Subsystem Interface (NASA) ). CMSI manages Counsel Real Estate Investment Trust (TSE - REI.Un) and assets for institutions and individual owners. CONTACT: Morris Perlis
President
(416) 866-3193
or
Ivan Shaffer
Corporate Communications
(416) 866-3187
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion