CompScript completes acquisition of Medical Services Consortium, Inc.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)--Jan. 14, 1997--Company to Open Institutional Pharmacy pharmacy, art of compounding and dispensing drugs and medication. The term is also applied to an establishment used for such purposes. Until modern times medication was prepared and dispensed by the physician himself. In the 18th cent. in Jackson, Mississippi Jackson is the capital and the most populous city of the U.S. State of Mississippi. It is one of the county seats of Hinds County; Raymond is the other county seat. As of the 2000 census Jackson's population was 184,256. CompScript, Inc. (Nasdaq SmallCap Market: CPRX), a provider of integrated pharmacy services to the long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. and sub-acute care industries, today announced that it has completed the acquisition of Miami, Florida “Miami” redirects here. For the Native American tribe, see Miami tribe. Miami is a major city in southeastern Florida, in the United States. It is the county seat of Miami-Dade County. Miami is a gamma world city with an estimated population of 404,048. - based Medical Services Consortium, Inc. ("MSC (1) (MSC.Software Corporation, Santa Ana, CA, www.mscsoftware.com) Founded in 1963 by Richard H. MacNeal and Robert G. Schwendler, MSC is the world's largest provider of mechanical computer aided engineering (MCAE) strategies, simulation software and services. "). Terms were not disclosed. MSC, with 1996 annual revenues of approximately $9 million, provides institutional pharmacy and related services to long-term and sub- acute care facilities primarily located in Florida's Dade, Broward and Monroe counties Monroe County is the name of seventeen counties in the United States, named after President James Monroe:
The phrase pro forma basis, the combined 1996 revenues of the two companies approximates $29 million. Brian Kahan, Chairman and Chief Executive Officer of CompScript, Inc., stated, "Coupled with the May 1996 acquisition of Mobile, Alabama-based Delta Pharmacy Services, Inc., this acquisition significantly strengthens our presence in the southeastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Both CompScript and MSC provide a broad array of pharmacy services to the managed care industry. As a result of this acquisition, insurers and managed care organizations in South Florida now have the opportunity to negotiate with a single company serving the majority of this region." Mr. Kahan continued, "To allow for seamless customer service and support, MSC will continue to operate out of Miami, Florida. This reflects our strategic plan to maintain a physical presence, wherever possible, in the service areas of any acquired companies. We are also pleased to announce that several key members of MSC's senior management team will join the Company. Their leadership and years of experience will be a valuable asset as we continue to expand CompScript's industry presence." The Company also announced that it has signed a lease agreement to open an institutional pharmacy in Jackson, Mississippi. This new facility, which is scheduled to open in February 1997, will provide pharmacy and pharmacy related services to area long-term care and sub- acute care facilities. Mr. Kahan stated, "The Jackson facility will handle the increased business resulting primarily from the acquisition of Delta Pharmacy Services." 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. CompScript, Inc. is a comprehensive provider of pharmacy management services to managed care networks, long-term and sub-acute care facilities, home health patients and recipients of managed care. These services include pharmacy services and pharmacy benefits management, infusion therapy, mail order and consulting. CONTACT: CompScript, Inc. The Equity Group Inc. Brian A. Kahan Devin Sullivan (212) 836-9608 Chief Executive Officer Robert Goldstein (212) 371-8660 (561) 994-8585 |
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