Complete Management Announces Letter of Intent to Purchase the Major Occupational Health Provider in New Jersey.NEW YORK--(BUSINESS WIRE)--June 20, 1996--Complete Management, Inc. (ASE-CMI) today announced that it has signed a letter of intent to acquire the largest provider of occupational medical services in New Jersey. That company now operates seven centers in six New Jersey counties employing 136 people including 18 physicians. It had gross revenues of $13 million in 1995. The types of services rendered include medical treatment of employee injuries and illness, company physicals and drug screening, loss prevention and related activities. That company now has contracts with about 3,200 employers representing in excess of 600,000 employees. This acquisition will increase the number of physicians under CMI (Computer-Managed Instruction) Using computers to organize and manage an instructional program for students. It helps create test materials, tracks the results and monitors student progress. management to 57, up from 16 at the end of 1995, assuming that this and the other previously announced transactions now under letters of intent are closed. CMl will pay a total of $3 million in cash and stock and up to an additional $10 million of stock over four years based on an earnings formula. Consummation of this acquisition is subject to various conditions, including a due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. investigation and execution of a definitive agreement. Steven Rabinovici, 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 CMI, said "This purchase will greatly increase CMI's occupational health expertise and allow CMI to expand its comparable activities in 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 State. We expect this transaction to close by July 31, 1996." Complete Management is a physician practice management company that offers a broad range of management and support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services to medical practice groups and hospitals in New York List of hospitals in New York (U.S. state), sorted by hospital name. A to H
CONTACT: Complete Management Inc. Steve Rabinovici, 212/868-1188 Arthur Goldberg, 212/868-1188 or Lippert/Heilshorn & Associates, Inc. Keith Lippert/Jonathan Fassberg, 212/838-3777 |
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