Printer Friendly

PMR CORPORATION ANNOUNCES TERMINATION OF AGREEMENT WITH HOSPITAL

 SAN DIEGO, May 20 /PRNewswire/ -- PMR Corporation (NASDAQ-NMS: PMRP) has announced that its contract with Harbor View Hospital has been terminated.
 According to Allen Tepper, the company's chief executive officer, "The Harbor View contract entailed the operations at five of the company's partial hospitalization facilities and was anticipated to account for approximately 20 percent of the company's revenue in this fiscal year. While the Harbor View termination will likely have an adverse effect upon the company's revenues in the short term, we are presently working on the development of alternative sites and additional programs. Accordingly, we are optimistic that the long-term prospects of the organization will not be adversely affected.
 "The Harbor View termination notice cited no cause and came as a total surprise to all of us at the company," according to Tepper, "especially since the Harbor View programs had operated successfully for more than five years. We will continue to assess the financial consequences of this action while we evaluate our legal recourse and business alternatives."
 PMR Corporation is a San Diego-based company which currently manages 21 psychiatric partial hospitalization facilities in affiliation with acute care hospitals in California, Arizona and Indiana, and provides psychiatric home health care services in three major California markets.
 -0- 5/20/93
 /CONTACT: Louise Dougherty of PMR, 619-295-2227/
 (PMRP)


CO: PMR Corporation; Harbor View Hospital ST: California IN: HEA SU: CON

JM-MK -- PH009 -- 0679 05/20/93 10:31 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 20, 1993
Words:238
Previous Article:CHEMICAL BANKING TO REDEEM OUTSTANDING SHARES
Next Article:BANK SOUTH OPENS FIRST TWO-STORY INSTORE OFFICE; SITE IS SADDLEBROOK KROGER IN ALPHARETTA
Topics:


Related Articles
/REPEATING FROM APRIL 14 FOR POINTS REQUESTING/
PMR CORP. ANNOUNCES COMPLETION OF CONVERSION OF CONVERTIBLE PREFERRED STOCK
PMR ANNOUNCES NEW SAN DIEGO AGREEMENTS AND SETTLEMENT OF DISPUTE WITH FORMER HOSPITAL AFFILIATE
PMR CORP. TELLS ANNUAL MEETING OF NEW CONTRACTS, POTENTIAL BENEFITS FROM HEALTH CARE REFORM
PMR ANNOUNCES RECORD THIRD QUARTER REVENUES, IMPROVED EARNINGS AND NEW CASE MANAGEMENT AGREEMENT
PMR Signs Agreement with Columbia to Create Outpatient Psychiatric Programs for the Seriously Mentally Ill in 10 States
PMR Announces the Commercial Launch of Its Mid-America Division
Transitional Hospitals Corporation Responds to Vencor's Tender Offer; Postpones Distribution Date Under Rights Agreement
PMR Announces Mutual Termination of Definitive Merger Agreement and Establishment of Strategic Relationship With Behavioral Healthcare Corporation.
CardioGenesis and Boston Scientific Terminate Exclusive International Distribution Agreement.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters