Community Care Services Makes Announcement.Business Editors MOUNT VERNON, N.Y.--(BUSINESS WIRE)--Dec. 22, 1999 Community Care Services, Inc. (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : CCSE) (The "Company") announced the closing of their merger transaction with Landauer Hospital Supplies, Inc. The merger had previously received shareholder approval in a special meeting held on December 9, 1999. Pursuant to the merger, each of the Company's shareholders will receive $1.20 per share. As previously stated, the Company's common stock will no longer be publicly traded and the Company will cease to be subject to the reporting requirements of the Securities Exchange Act of 1934. The newly formed company, Landauer-Metropolitan, Inc. is the largest independent provider of durable medical equipment Durable medical equipment is a term of art used to describe certain Medicare benefits, that is, whether Medicare may pay for the item. The item is defined by Title XVIII the Social Security Act: HMO n. A corporation that is financed by insurance premiums and has member physicians and professional staff who provide curative and preventive medicine within certain financial, contracts to 75. Alan Landauer, CEO and sole shareholder of Landauer-Metropolitan states, "We are pleased to have consummated the merger of these two fine companies. Our clients will benefit from over 100 years of combined experience through enhanced quality of services and efficiencies delivered by professionals who understand the importance of the needs of our patients." He continues, "When future opportunities become available and additional economies of scale can be realized, further consideration will be made to other acquisitions." To enhance operational efficiency and strengthen market share, the Company named Gary J. Spirgel to the post of Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , Louis Rocco to the position of President and Saverio Burdi to the position as Executive Vice-President of Sales. Mr. Spirgel has over 20 years health care experience most recently as President of a division of a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. , and Mr. Rocco founded Metropolitan Home Care in 1974. Also named were Elia Guarneri to CFO and Rob Garnsey to the post of Vice President, Operations. Community Care Services, Inc., a JCAHO JCAHO Joint Commission on Accreditation of Healthcare Organizations, see there accredited provider, furnishes services to hospital based home health agencies, insurance companies, healthcare facilities and private pay patients. |
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