Counsel Corporation Sells Interest In Property Management Business -- Now Focused Solely On Health Care.TORONTO--(BUSINESS WIRE)--May 29, 1997--Counsel Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CXS CXS Coherent X-Ray Scattering ; NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CXSNF) today announced that it has completed the sale of its 40 percent interest in O&Y Properties Inc. ("OYPI"). The interest was acquired by Camdev Corporation. The sale price was $6 million cash. OYPI is one of Canada's largest real estate management services companies with over 21 million square feet under management. Allan Silber, Counsel Corporation's Chairman & 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. said: "The sale of our 40 percent interest in OYPI marks the completion of a process begun in 1992, to divest Counsel of all its involvement in the real estate business. Counsel Corporation is now solely a health care management company, focused on acquiring and enhancing companies in dynamic sectors of the U.S. health care service industry. We will continue to approach this industry in a disciplined manner, with a clear strategy in place. Our mandate is to create value for our shareholders and, at the same time, make a real and noticeable contribution to our customers." Counsel Corporation has been active in the health care sector since 1983. It is currently involved in three segments of the U.S. health care service industry: specialty retail pharmacy through Stadtlander Drug Co. Inc., home health care through American HomePatient Inc. and institutional pharmacy through Capstone Pharmacy Services Inc. Stadtlander Drug Co., owned 64.4 percent by Counsel, is a leading U.S. specialty pharmacy provider in the rapidly growing prescription drug prescription drug Prescription medication Pharmacology An FDA-approved drug which must, by federal law or regulation, be dispensed only pursuant to a prescription–eg, finished dose form and active ingredients subject to the provisos of the Federal Food, Drug, market. Stadtlanders provides disease-specific pharmaceutical care, encompassing drug distribution, reimbursement services and programs to support appropriate drug use and compliance, to high-risk, high-cost patient populations, including transplant recipients and HIV/AIDS HIV/AIDS Human Immunodeficiency Virus/Acquired Immune Deficiency Syndrome , oncology and infertility patients. American HomePatient (NASDAQ:AHOM), owned 26 percent by Counsel, is one of the largest diversified providers of home health care services in the U.S. with 312 centres in 32 states. Its primary product and service offerings include home respiratory services, home infusion therapy home infusion therapy The IV administration of therapeutics–analgesics, antibiotics, chemotherapy, parenteral nutrition–outside of a formal healthcare environment. See Hyperalimentation, Patient-controlled analgesics, TPN. , parenteral parenteral /pa·ren·ter·al/ (pah-ren´ter-al) not through the alimentary canal, but rather by injection through some other route, as subcutaneous, intramuscular, etc. par·en·ter·al adj. 1. and enteral nutrition and medical equipment and supplies. These products and services are provided to patients cost effectively in the home or alternative settings. Capstone Pharmacy Services (NASDAQ:DOSE), owned 18 percent by Counsel, is a leading U.S. independent institutional pharmacy services company, providing services to long term care facilities with approximately 120,000 beds in 16 states. It is also the largest provider of pharmacy services to correctional facilities in the U.S. with approximately 110,000 inmates. CONTACT: Counsel Corporation Morris Perlis, 416/866-3193 Susan Feldman, 416/866-3187 Stephen Weintraub, 416/866-3058 |
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