MEDISYS AGREES TO ACQUIRE PHARMACY VENTURES, INC.
MEDISYS AGREES TO ACQUIRE PHARMACY VENTURES, INC. MINNEAPOLIS, Oct. 27 /PRNewswire/ -- Medisys, Inc. (NASDAQ: MEDS),
today announced that it has entered into a definitive agreement to acquire Dallas-based Pharmacy Ventures, Inc. Specific terms of the agreement were not disclosed, however, the company stated that the purchase price will be paid in a combination of cash and Medisys common stock and that a portion of the purchase price is predicated on Pharmacy Ventures meeting certain revenue goals over the next two years. The transaction is expected to be non-dilutive to Medisys' earnings per share.
Pharmacy Ventures is a privately owned provider of comprehensive pharmacy services to long-term care and retirement communities. Such services include prescription dispensing, pharmaceutical consulting, IV therapy, enteral therapy and medical supplies. The company had revenues for the 12-month period ended Sept. 30, 1992, of approximately $2.3 million. "As we outline our expansion strategies for 1992 and beyond, one of our major goals is for each of our operating units to achieve a significant market share in its region," said William Brummond, Medisys' chief executive officer. "We would like to see each of our current operating units reach at least the $5 million range within the next 12 to 24 months. The acquisition of Pharmacy Ventures puts our Dallas unit on target to reach that goal in 1993." John McKee, a pioneer in closed door long-term care pharmacy practice since 1965, is the founder and chairman of the board of Pharmacy Ventures. McKee was also the founder of RNA, Inc., the United States' premier provider of computer systems for long-term care pharmacies. He was RNA's original president and is now the chairman of the board. McKee will join Medisys as a consultant, advising the company regarding expansion strategies for its long-term care programs. Medisys entered the home infusion therapy market in Dallas in November, 1991. The company provides comprehensive home infusion therapy services and products through regional centers in Minnesota, Missouri, Wisconsin, Texas and Ohio under the name CareVan Medical Systems. Home infusion therapy involves the intravenous or other administration of physician-prescribed nutrients, antibiotics, chemotherapeutic agents or other medications to patients in their homes. Medisys also provides comprehensive pharmacy services to long-term care and retirement communities through its regional center in Minnesota as well as centers in Arizona and California. -0- 10/27/92 /CONTACT: William Brummond, CEO, or David Byrd, CFO, 612-835-8300, both of Medisys/ (MEDS) CO: Medisys, Inc. ST: Minnesota IN: MTC SU: TNM
AL -- MN020 -- 5635 10/27/92 16:43 EST
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|Date:||Oct 27, 1992|
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