CCC FRANCHISING SIGNS LETTER OF INTENT WITH PRIMEDEX
CCC FRANCHISING SIGNS LETTER OF INTENT WITH PRIMEDEX NEW YORK, Jan. 9 /PRNewswire/ -- CCC Franchising Corp.
(NASDAQ: CCFR) announced the signing today of a letter of intent providing for the acquisition by CCFR of substantially all of the assets subject to certain liabilities of Primedex Corporation for $45,000,000 subject to certain market valuations of CCFR common stock at the time of closing. The purchase price will be paid with $30,000,000 in cash and a minimum of $15,000,000 in value of CCFR common stock.
Primedex Corporation is a southern California based Medical Management Company which provides management and financial services to four medical corporations and, in conjunction with the medical corporations, provides medical/legal evaluation services and medical services to California workers' compensation claimants. David Gardner, the founder and president of Primedex Corporation, has agreed to join CCFR as the president and chief executive officer of a new subsidiary that will operate the company's business interests in the medical management and financial services industry. At Nov. 30, 1991, Primedex Corporation had total assets of approximately $47,000,000 and total liabilities of approximately $6,000,000. The closing is expected to take place on or before Jan. 31, 1992. The acquisition is subject to various contingencies including completion of a due diligence review and drafting and execution of an asset purchase agreement. CCFR is a New York corporation organized in 1985. The company currently owns a 51 percent interest in Viromedics, Inc., a development stage company engaged in the development of a procedure for the treatment of Acquired Immune Deficiency Syndrome (AIDS). In addition, CCFR is the major shareholder of Digital Products Corporation, a publicly owned Florida based company engaged in the development, manufacturing and marketing of electronic products including a house arrest monitoring device called the "On Guard Telecomputer System." CCFR also owns approximately 90 percent of Immunotherapeutics, Inc., a Minnesota based company which is engaged in the research and development of immunotherapeutic drugs, primarily for the treatment of human cancer and other diseases. -0- 1/9/92 /CONTACT: Dennis Sheehan of CCC Franchising, 212-732-4974/ (CCFR) CO: CCC Franchising Corp.; Primedex Corporation ST: New York, California IN: SU: TNM
GK-KW -- NY023 -- 8147 01/09/92 10:40 EST
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|Date:||Jan 9, 1992|
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