Continental Home Healthcare To Acquire Mobility Plus.Business Editors GLENDALE, Calif.--(BUSINESS WIRE)--June 2, 2000 Continental Home Healthcare Ltd. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CHT CHT Chart CHT Center for Health Transformation (Washington, DC) CHT Chittagong Hill Tracts (Bangladesh region) CHT Certified Hypnotherapist CHT Cylinder Head Temperature CHT Certified Hand Therapist .) announced today that it has entered into a letter of intent to acquire all of the assets of Mobility Plus of Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , Nevada, a home medical equipment rental and sale business with revenues greater than US$400,000 annually. The aggregate total cost of the acquisition is US$175,000 and includes a cash payment of US$150,000 and the issuance of US$25,000 in common shares of Continental. As a condition of the transaction, and in recognition of the valuable, experienced and long-term employees of Mobility Plus, offers of employment will be made to all five existing employees. Robert Thornton, President 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. , stated that this acquisition is a very positive and strategic move for the Company as it will add significant, high margin, rental revenues to the Las Vegas branch. Approximately 50% of Mobility Plus revenues are cash and carry equipment rentals to guests of Las Vegas area casinos. This will double the Company's Las Vegas branch's current casino rental revenue which approximates US$200,000 annually. The addition of the two experienced principals of Mobility Plus and their three employees will also satisfy the Company's recruiting efforts. As recently announced, the Company signed a preferred provider agreement with the Hotel Employees and Restaurant Employees International Union Welfare Fund, of Las Vegas, which is expected to add considerable revenue and provide a good source of new customer referrals in the casinos. Continental Home Healthcare Ltd. acquires, consolidates, and manages healthcare equipment retailers that provide equipment such as hospital beds, custom power and manual wheelchairs, scooters, bathroom safety products, ambulatory aids, and aids for daily living sold to individuals and healthcare institutions. Branches are located in Glendale and Indian Wells, California Indian Wells is a city in Riverside County, California, in the Coachella Valley (Palm Springs area), in between Palm Desert and La Quinta. As of the 2000 census, the city population was 3,816. It has the highest proportion of millionaires of any city in the United States. ; Las Vegas, Nevada; Penticton and Vancouver, British Columbia. The Company's shares trade on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol "CHT". The shares also trade on the Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) . Current Company updates can be found at the web site: www.continentalhomehealth.com. If you wish to receive company press releases via email, please advise Natasha Blackburn at natasha@humekieran.on.ca. |
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