CoMedco announces acquisition anticipated to more than double current revenues.BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--April 23, 1996--CoMedco, Inc., (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). , Bulletin Board: CMDO CMDO Community Motivation and Development Organization (Peshawar, Pakistan) CMDO Canadian Maritime Defense Organization CMDO Contractor Managed Depot Operations ) a physician practice management company which acquires medical practices and specializes in providing healthcare and administrative services to physicians including centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. billing, collection, insurance filings and practice management, today announced that it has entered into an agreement to purchase the Lantana lantana (lăntā`nə): see verbena. lantana Any of more than 150 shrubs that make up the genus Lantana in the verbena family, native to the New World and African tropics. , Fla. based medical practice known as "The Doctor's Office." The Doctor's Office has a current patient base of approximately 13,000 patients and maintains its own pharmacy. William M. Kirschner, chairman of CoMedco, indicated that he was extremely enthusiastic about this acquisition as it reinforced the company's stated ability to make acquisitions primarily with common stock, and this acquisition will serve to more than double current revenues. The final purchase price is subject to the audited financials and will be paid in 200,000 shares of CoMedco, Inc., restricted common stock, valued at $5.00 per share, with the balance to be paid in cash over a three year period. In a related development Kirschner announced that Francis R. Colavecchio, president of The Doctor's Office, had agreed to join CoMedco as a vice president of operations and planning with responsibility for the day-to-day operations of CoMedco medical practices. Colavecchio is an experienced medical administrator with more than 25 years in the business and experience ranging from the creation of small medical practices to the administration of practices with revenues in excess of $30,000,000 per year. Colavecchio indicated that it would be his initial task to integrate the five existing CoMedco practices and effectuate the centralization cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. of operations for cost reduction as well as additional marketing capabilities. CONTACT: CoMedco, Inc., Boca Raton William M. Kirschner, 407/997-6000 |
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