Medical Industries of America Completes Acquisition of Pharmacy Care Specialists Inc.BOYNTON BEACH, Fla.--(BW HealthWire)--April 22, 1998--Medical Industries of America Inc. (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 :MIOA MIOA Michigan Institute of Aeronautics (Belleville, MI) ) announced Wednesday that it acquired 100% of Florida-based Pharmacy Care Specialists Inc. (PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. ), a privately held, closed door pharmacy company specializing in the delivery of prescription pharmaceuticals to the Adult Congregal Living Facilities (ACLF ACLF Adult Congregate Living Facility (retirement home) ACLF American Constitutional Law Foundation ACLF Access Control List Facility ACLF Austin City Limits Festival (Austin, Texas) ) industry. The terms of the acquisition provide for Medical Industries of America to issue 680,000 common shares of the company's stock, $90,000 in cash and a predetermined pre·de·ter·mine v. pre·de·ter·mined, pre·de·ter·min·ing, pre·de·ter·mines v.tr. 1. To determine, decide, or establish in advance: number of shares issued under an "earn-out" financing arrangement, whereby shares will be issued to PCS upon their achieving pre-set earnings benchmarks. PCS will become 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 Medical Industries immediately. 1998 revenue and earnings projections for PCS are expected to exceed $3.5 million and $300,000, respectively. According to Paul Pershes, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Medical Industries: "Pharmacy Care Specialists is not only immediately accretive to our bottom line, but it will also greatly enhance opportunities for us to cross market our Hi-Tech Home Infusion Services to PCS' broad customer base. Further, PCS will add considerable revenue enhancement value to the company through cross-marketing of its services to our network of physicians, independent physician associations and group practices, and should greatly benefit from the network of over 4,000 physicians we gain access to through our previously announced merger with Physician Health Corporation." Established in 1996, Pharmacy Care Specialists has earned an outstanding reputation for managing the closed door pharmaceutical needs of the robust Florida ACFL ACFL A Canticle For Leibowitz ACFL Agreed Cease Fire Line industry, with primary emphasis in the Tampa-St. Petersburg area. Additional markets for PCS' services include nursing homes, physicians offices, medical centers, and to physician supervised in-home patients. Medical Industries of America operates medical ancillary services businesses, multi-specialty medical group practices, and is rapidly expanding in the areas of physician practice management and in the delivery of diversified medical technologies, products and services. The company also provides diagnostic and therapeutic healthcare services to the surgical and medical community through its mobile cardiac catheterization services to hospitals and physician practices primarily in the State of Florida, as well as air ambulance services, pain rehabilitation and sleep centers, and comprehensive pharmaceutical and high tech infusion services. Safe Harbor Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, regulatory approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the company's filings with the Securities and Exchange Commission. CONTACT: Medical Industries of America Inc. Linda Moore, 561/737-2227 or Continental Capital & Equity Corp. Dodi Zirkle, 407/682-2001 |
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