Capstone Pharmacy Services Acquires by Merger Clinical Care Health Care Services; Merger will add $30.0 Million in Revenue.BALTIMORE--(BUSINESS WIRE)--Jan. 7, 1997--Capstone Pharmacy Se (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 :DOSE) CAPSTONE PHARMACY SERVICES, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. ., a leading provider of institutional pharmacy services to long-term care facilities long-term care facility n. See skilled nursing facility. and correctional institutions throughout the United States, today announced that it has acquired by merger California-based Clinical Care Health Care Services. Clinical Care is comprised of two independent entities operating under one name. These companies are leading value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. providers of institutional pharmacy services in the state of California providing services to 20,000 residents in the Los Angeles and San Diego areas in skilled nursing facilities skilled nursing facility n. Abbr. SNF An establishment that houses chronically ill, usually elderly patients, and provides long-term nursing care, rehabilitation, and other services. , assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. facilities and other institutional health care settings. Clinical Care began business in 1980 and today is the largest independent provider of institutional pharmacy services in California. Dirk Allison, President, Chief Executive Officer of Capstone, stated, "This is a very important acquisition for Capstone. Clinical Care is a large, well respected company and distinguishes itself in the institutional pharmacy market through the provision of important value added services such as pharmacy consulting, I.V. certification, computerized drug interaction screening and other clinical services. In combination with our recent acquisition of Alger Health Services health services Managed care The benefits covered under a health contract in San Francisco, Capstone will serve approximately 32,000 beds and have revenues of over $60.0 million in the state of California. "These acquisitions, along with the California business acquired through Symphony, will make Capstone the leading provider of institutional pharmacy services in the state. Capstone will realize significant cost and operational efficiencies in this market utilizing our `Regional Pharmacy Model' which will enable the company to serve 10,000 beds from a single pharmacy location." Allison added, "We are extremely pleased that the founders of Clinical Care, Denis Denis, king of Portugal: see Diniz. and Sandra Portaro and Ron and Janna Belville, as well as the other staff of Clinical Care will be joining our company." Dennis Portaro, President and Chief Executive Officer of Clinical Care noted, "We are excited about joining Capstone. We believe the Capstone and Clinical Care combination will enhance our ability to continue to provide high quality services in a cost effective manner. Ron and I look forward to being a part of the management team at Capstone. We also look forward to our employees continuing to be a part of a highly respected institutional pharmacy company." Capstone is one of the nation's largest independent institutional pharmacy services companies providing services to long-term care facilities with 114,000 beds in 14 states. It is also the largest provider of pharmacy services to prisons in the U.S. correctional system, serving approximately 110,000 inmates. CONTACT: Capstone Pharmacy Services, Inc. Dirk Allison, 972/401-1541 or Capstone Pharmacy Services Morris Perlis, 416/866-3193 E-Mail: IRDEPT@COUNSELCORP.COM (1) (Computer Output Microfilm) Creating microfilm or microfiche from the computer. A COM machine receives print-image output from the computer either online or via tape or disk and creates a film image of each page. |
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