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Advanced Orthopedic Technologies announces proposed acquisition of Med-Tech O&P Services, Inc.

WEST HEMPSTEAD, N.Y.--(BUSINESS WIRE)--Nov. 27, 1995--Advanced Orthopedic Technologies, Inc. (Nasdaq Small Cap Issues: AOTI) ("AOTI") today announced that it has reached a preliminary understanding as to terms of an acquisition of Med-Tech O&P Services, Inc. ("Med-Tech"), a privately-held provider of orthotic and prosthetic ("O & P") patient care services based in New York City. Med-Tech, which currently owns and operates four outpatient care centers in the greater New York area, expects to report 1995 annual revenues of approximately $2.5 million. This transaction, which is expected to close within the next 30 days, is subject to, among other things, the completion of due diligence by AOTI and the signing of a definitive purchase agreement. The purchase price and other terms of the acquisition were not disclosed.

Andrew H. Meyers, President and Chief Executive Officer of AOTI, commented, "Adhering to our program of seeking strategic acquisitions in targeted regions, this transaction, once completed, will greatly increase AOTI's geographic coverage in our downstate New York region through the addition of offices in Queens, Manhattan, the Bronx and Rockland counties. The effects of this acquisition should increase revenues from AOTI's New York/New Jersey area offices to over $8 million in fiscal 1996. Through strategic acquisitions, we will continue to capitalize on the consolidation trend taking place in the O & P industry and look forward to continued progress in this pursuit."

Steven Goldstein, President, and Marc Waldman, Vice President of Med-Tech, stated, "Aligning ourselves with an industry leader will allow us to continue to provide our patients with the highest levels of service and standards, while affording us the opportunity to more effectively compete in a rapidly evolving healthcare marketplace. Advanced Orthopedic Technologies boasts an exceptionally strong management team, a growing list of managed care relationships and a solid financial position. We look forward to a long and mutually beneficial relationship."

Advanced Orthopedic Technologies is one of the nation's leading providers of patient care services to the orthotic (design, fabrication and fitting of custom-made braces and other devices) and prosthetic (design, fabrication and fitting of artificial limbs) rehabilitation markets. Currently, the Company operates 33 patient care centers in California, New Mexico, New Jersey, New York, Virginia and West Virginia.

CONTACT: Advanced Orthopedic Technologies

Andrew H. Meyers, Chief Executive Officer

(516) 481-9670

or

INVESTOR RELATIONS COUNSEL:

The Equity Group Inc.

Devin Sullivan (212) 836-9608

Robert Goldstein (212) 371-8660
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Publication:Business Wire
Date:Nov 27, 1995
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