Genesis Health Ventures announces second joint venture with Horizon Healthcare.KENNETT SQUARE, Pa.--(BUSINESS WIRE)--March 14, 1995--Michael R. Walker, chairman and chief executive officer of 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) ) Tuesday announced that ASCO ASCO American Society of Clinical Oncology ASCO Association of Schools and Colleges of Optometry (since 1941; Rockville, Maryland) ASCO Australian Standard Classification of Occupations ASCO Automatic Switch Company Healthcare of New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. Ltd., has acquired Delta Drug Inc., an institutional pharmacy company headquartered in Providence, R.I. ASCO Healthcare of New England Ltd., is the joint venture that originated last June between Genesis and Horizon Healthcare Inc., of Albuquerque, N.M. Genesis and Horizon acquired the assets of Delta Drug for $1,666,000, which currently serves over 2,000 long term care beds. The historical annual revenues of Delta Drug were approximately $3 million. "Both Genesis and Horizon have a significant market niche in New England, and this most recent acquisition will help strengthen the ancillary capabilities of both organizations," stated Walker. Additionally, in January 1995, ASCO Healthcare of New England opened an institutional pharmacy in the Boston marketplace which is currently serving approximately 1,000 beds. "The Delta Drug acquisition and the Boston pharmacy fulfill our objective of expanding our service area to cover the Rhode Island Rhode Island, island, United States Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. and Eastern Massachusetts markets with institutional pharmacy and medical supply distribution capability," commented Walker. Genesis Health Ventures, founded in 1985, develops and manages health care networks designed to provide cost-effective, outcome-oriented services. The company focuses on wellness programs and services for the elderly and is concentrated in five markets along the eastern seaboard of the 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. . CONTACT: Genesis Health Ventures, Kennett Square George V. Hager Jr., 610/444-6360 |
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