FPA Medical Management completes acquisition of PCA subsidiary, Physicians First.SAN DIEGO--(BUSINESS WIRE)--June 24, 1996--FPA Medical Management, Inc. (Nasdaq:FPAM FPAM Financial Planning Association of Malaysia ) announced today that it completed the acquisition of Physicians First, Inc. ("PFI PFI Pay for Inclusion (web search engines) PFI Private Finance Initiative PFI Private Finance Initiative (UK) PFI Prison Fellowship International PFI Port Fuel Injection (engines) "), formerly a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Physician Corporation of America (Nasdaq:PCAM PCAM Private Clients and Asset Management PCAM Professional Community Association Manager (Community Associations Institute) PCAM Pacific Coast Air Museum (Sonoma County Airport, Santa Rosa, California) ). PFI is a network of 125 physicians, servicing approximately 90,000 HMO HMO health maintenance organization. HMO n. A corporation that is financed by insurance premiums and has member physicians and professional staff who provide curative and preventive medicine within certain financial, members throughout Florida. FPA 1. (hardware) FPA - floating-point accelerator. 2. (programming) FPA - Function Point Analysis. expects the transaction to add $100 million in annual revenue. FPA acquired PFI for approximately $23 million, consisting of cash, common stock, warrants, notes and an additional $2 million based on PCA (tool, programming) PCA - A dynamic analyser from DEC giving information on run-time performance and code use. adding additional enrollees to the FPA network. Commenting on the transaction, Dr. Seth Flam, Chief Executive Officer, stated, "We are excited to enter the Florida market and now that the transaction is completed, we plan to continue to grow our presence in this market. As our first order of business, we will change the name of PFI to Family First Medical Centers, Inc. to reflect our belief that patient care comes first. We would like to welcome all of the employees of Family First Medical Centers, Inc. to FPA Medical Management." FPA plans to expand the HMO enrollee base in the 40 healthcare centers, and is currently in discussion with additional Florida payors. FPA Medical Management, Inc. is a national health care management service organization which organizes and manages primary care physician networks to contract with HMOs and other prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. health insurance plans to provide physician and related health care services. Certain statements contained in this release are forward looking. Although FPA Medical Management, Inc. believes that its expectations are based on reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results will not differ materially from its expectations. Factors that could cause actual results to differ from expectations include the difficulty in controlling healthcare costs and the possible negative effects of prospective healthcare reform. For other important factors that may cause actual results to differ materially from expectations and underlying assumptions, see reports by FPA Medical Management, Inc. filed with the Securities and Exchange Commission. CONTACT: Investor Contact: Steven M. Lash Executive Vice President and Chief Financial Officer 619-295-7005 or Robert Jones/Caroline Babbitt Morgen-Walke Associates 212-850-5600 or Media Contact: Miriam Adler Morgen-Walke Associates 415-296-7383 |
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