CompScript acquires SecuRx.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)--Aug. 21, 1996--CompScript, Inc. (Nasdaq Small Cap Issues: CPRX), a comprehensive provider of integrated pharmacy management services, today announced that it has completed the acquisition of SecuRx, Inc. Specific terms were not disclosed. Based in Painesville, Ohio Painesville is a city in Lake County, Ohio, United States, along the Grand River. Its population was 17,503 as of the 2000 Census. It is the county seat of Lake CountyGR6 and the home of Lake Erie College and Morley Library. , SecuRx, Inc. is a privately-held provider of mail order pharmacy services to insurers, self-insured companies and third party administrators serving more than 110,000 individuals nationwide. CompScript believes SecuRx's annual revenues to be in excess of $4 million. Brian A. Kahan, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CompScript, Inc., stated, "Together with the acquisition of Delta Pharmacy in May, CompScript's annual revenue run rate is now approaching $20 million. The acquisition of SecuRx will allow CompScript to provide its members with a broader array of options for their prescription benefit requirements while ensuring safe, convenient and cost-effective pharmacy services. Going forward, we believe that the integration of our proprietary operating systems Operating systems can be categorized by technology, ownership, licensing, working state, usage, and by many other characteristics. In practice, many of these groupings may overlap. and management expertise, coupled with increased revenues and an expanded customer base, will allow CompScript to realize certain operating and purchasing efficiencies while further enhancing the Company's marketplace recognition. SecuRx has earned a reputation for providing high-quality customer-oriented service, and we feel fortunate that Mark Kirasich, 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. , and Peter Longbons, President, will join the Company. Their years of experience and industry relationships will be a tremendous asset to our combined companies." All forward looking information are estimates by the Company's management and are subject to various risks and uncertainties that may cause results to differ from management's current expectations. Such factors include the Company's ability to close pending acquisitions; changes in healthcare regulations and reimbursement policies; increased competition; and other risks as detailed from time to time in the Company's SEC reports and filings. CONTACT: CompScript Inc., Boca Raton Brian A. Kahan, CEO, 407/994-8585 or Investor Relations Investor relations The process by which the corporation communicates with its investors. Counsel: The Equity Group Inc., 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 Devin Sullivan, 212/836-9608 Robert Goldstein, 212/371-8660 |
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