Community Care Services acquires Metropolitan Respiratory Services, Inc.MT. VERNON, N.Y.--(BUSINESS WIRE)--May 13, 1997--Community Care Now the Largest Provider of Its Kind 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. Company's Revenue Run Rate Doubles to $22 Million Community Care Services, Inc. (Nasdaq Small Cap Issues: CCSE CCSE Check Point Certified Security Expert CCSE Checkpoint Certified Security Engineer CCSE College of Computer Sciences and Engineering (Saudi Arabia) CCSE Center for Computational Science and Engineering ) ("Community Care") today announced that it has acquired all of the shares of Metropolitan Respiratory Services, Inc. ("MRS MRS - Modifiable Representation System. An integration of logic programming into Lisp. ["A Modifiable Representation System", M. Genesereth et al, HPP 80-22, CS Dept Stanford U 1980]. "), one of the leading providers of 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, , services and equipment in the New York metropolitan area. Based in the Bronx, 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 , MRS had 1996 annual revenues of approximately $11 million. As a result of this acquisition, which was made for approximately $9.0 million in cash, notes and Community Care common stock, the Company's current annual revenue run rate is approximately $22 million. MRS will operate as a 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. of Community Care Services. Alan Sheinwald, Community Care's Chief Executive Officer, commented, "Community Care is now the largest provider of respiratory services and equipment, rehabilitation products, 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: Mr. Sheinwald continued, "We are also pleased to announce that the following members of MRS' senior management team have joined Community Care: Wade Wilson, Senior Vice President, Operation Systems; Sal Burdi, Senior Vice President, Sales; Donald Fargnoli, Vice President, Operations for Hudson Valley, Southern Connecticut and Northern New Jersey; and Louis Rocco, President of MRS. Their leadership and years of experience will be a tremendous asset as we continue to expand our industry presence." This press release contains forward-looking statements which involve numerous risks and uncertainties. Actual results could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in the Company's filings with the Securities and Exchange Commission. Community Care Services, Inc., is a leading provider of a wide variety of home healthcare products and services in the New York metropolitan area. A JCAHO JCAHO Joint Commission on Accreditation of Healthcare Organizations, see there accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. with commendation provider, the Company services the home healthcare market by coordinating with various healthcare workers and payor case managers to determine the home health needs of patients. CONTACT: Community Care Services, Inc. Alan Sheinwald, Chief Executive Officer (914) 665-9050 or CCSE's INVESTOR RELATIONS COUNSEL: The Equity Group Inc. Devin Sullivan (212) 836-9608 Robert Goldstein (212) 371-8660 |
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