CoMedco announces corporate developments.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)--March 27, 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 ) today announced that it has entered into a definitive agreement to complete the purchase of the medical practice formerly owned by Dr. Sherwin Isaacson of Lake Worth, Fla. The practice is a forty year old internal medicine practice strategically located in Lake Worth and had been under the management of Dr. Isaacson until his recent death. The acquisition is being completed for cash and a series of Promissory Notes payable over a two year period. William M. Kirschner, chairman of CoMedco, indicated that this acquisition, along with the acquisition of the practice of Bernando B. Fernandez, which is scheduled for closing prior to March 31, 1996, and is also for cash and Promissory Notes, is different from its previous acquisitions in that the company is not issuing stock as consideration. Kirschner indicated that although the company generally prefers to acquire practices in exchange for stock, these acquisitions are different in that the physicians are not remaining with the practice, and the company prefers not to issue more stock for acquisitions until it feels that the price of the stock more accurately reflects its value. Kirschner further announced that operations at its flagship wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. Health Associates of South Florida Inc., are proceeding profitability, and that extensive expansion plans are continuing. Dr. Roy S. Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. has been named Medical Director of Health Associates of South Florida Inc., replacing Chester E. Kaminester. Dr. Cohen is an experienced managed care professional with more than twenty years TWENTY YEARS. The lapse of twenty years raises a presumption of certain facts, and after such a time, the party against whom the presumption has been raised, will be required to prove a negative to establish his rights. 2. experience in the Palm Beach County medical community, and has been with Health Associates since its inception. Kirschner indicated that the company was extremely gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. that Dr. Cohen would assume these responsibilities and would assist in the intended expansion of Health Associates of South Florida Inc. Kirschner stated that he has personally assumed responsibility for the financial operation of Health Associates and anticipates an acceleration in the company's profitability. CONTACT: CoMedco Inc. William M. Kirschner, 407/997-6000 or Howard Bronson Associates Howard C. Bronson, 212/867-6160 |
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