Genesis Health Ventures Inc. acquires Diane Morgan & Associates.KENNETT SQUARE, Pa.--(HealthWire)--Aug. 5, 1996--Genesis Health Ventures Inc. (NYSE NYSE See: New York Stock Exchange :GHV GHV Genesis Health Ventures, Inc. GHV Gross Heating Value (relationship between volume and corresponding amount of energy for gas) ) Monday announced that it has acquired the outstanding stock of Diane Morgan & Associates and certain assets of DM&A Rehab, a proprietorship, (collectively, "Diane Morgan & Associates") each of which provide rehabilitation therapy in the Southeastern Pennsylvania area. Diane Morgan & Associates employs approximately 35 therapists. The purchase price was $3.82 million of which $3.3 million was paid from available cash at closing and the balance of consideration was in the form of notes issued to the principal. "The acquisition of Diane Morgan & Associates further expands the Genesis ElderCare eld·er·care n. Social and medical programs and facilities intended for the care and maintenance of the aged. (SM) Network and complements our existing therapy services in the Pennsylvania marketplace," stated Michael R. Walker, Genesis chairman and chief executive officer. A leader in the healthcare industry, Genesis Health Ventures was founded in 1985 to redefine how America cares for the elderly, utilizing a coordinated, comprehensive approach that helps older people define and live a full life. The company has established Genesis ElderCare(SM) Networks in five major metropolitan markets in the Eastern 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. and currently serves more than 70,000 customers. CONTACT: Genesis Health Ventures, Kennett Square George V George V, king of Great Britain and Ireland George V (George Frederick Ernest Albert), 1865–1936, king of Great Britain and Ireland (1910–36), second son and successor of Edward VII. . Hager, Jr., 610/444-6350 |
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