MEDSTAT CEO WINS ENTREPRENEUR OF THE YEAR AWARD
MEDSTAT CEO WINS ENTREPRENEUR OF THE YEAR AWARD ANN ARBOR, Mich., June 18 /PRNewswire/ -- MEDSTAT Systems, Inc.
(NASDAQ: MDST) today announced that Ernest G. Ludy, Chairman and Chief Executive, has received the Entrepreneur of the Year award for Michigan. He will be inducted into the Institute of American Entrepreneurs at the national conference in November.
Ludy founded MEDSTAT Systems on the premise that controlling the rising cost of group health insurance depended on having timely, well- organized and accurate information to make good management decisions. From 1981 to early 1983 he raised seed capital from 30 investors. In November of 1983, the company raised capital through an initial public offering to fund operations and expansion. Since then, MEDSTAT Systems has grown to be a leading healthcare information company serving nearly 100 large employers and insurers of healthcare with specialized medical databases, advanced software systems and custom research. In February of this year, MEDSTAT Systems purchased SysteMetrics and expanded its client base with the federal government and sponsors of health policy research. In March, MEDSTAT Systems split its common stock on a 2-for-1 basis. With the stock currently trading at approximately $20 per share, the earliest investors' share value has increased 160 times over their original investment. More recently, in its second-quarter financial release, MEDSTAT announced record results of $8 million in revenues which exceeds $32 million on an annualized basis. In accepting the award on behalf of MEDSTAT Systems' 300 employees nationwide, Ludy credited the dedication and hard work of the MEDSTAT staff, commitment of its customers and belief in the company by early investors: "Without each of them, we would not have been able to build this company. We can all celebrate this award; each of us has worked very hard to make it possible." The award is sponsored nationally by Ernst & Young, Inc. Magazine and Merrill Lynch, and in Michigan by Comerica Inc., Crain's Detroit Business and WJR-AM. -0- 6/18/92 /CONTACT: Jennifer S. Ponski of MEDSTAT Systems, 313-996-1180; or Dixie Watterson, 708-564-5610, Bruce Marcus, 212-580-0703, Earle Brown, 813-796-1452, or Tim King, 213-541-4415, all of The Investor Relations Company, for MEDSTAT Systems/ (MDST) CO: MEDSTAT Systems, Inc. ST: Michigan IN: CPR HEA SU:
ML -- DE028 -- 1621 06/18/92 15:56 EDT
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|Date:||Jun 18, 1992|
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