NOVACARE VOTES TO MERGE WITH ORTHOPEDIC SERVICES, INC.
NOVACARE VOTES TO MERGE WITH ORTHOPEDIC SERVICES, INC. VALLEY FORGE, Pa., March 18 /PRNewswire/ -- Shareholders of
NovaCare, Inc. (NYSE: NOV) today voted in favor of proceeding with a planned merger with Orthopedic Services, Inc. (NASDAQ: OSII). As a result, OSI will become a wholly owned subsidiary of NovaCare. OSI shareholders voted in favor of the merger at the company's annual meeting yesterday.
The merger will become effective upon the close of business today. Orthopedic Services will stop trading on the NASDAQ exchange at the end of today's trading day. Beginning Thursday, March 19, the combined entity stock will trade on the New York Stock Exchange under the ticker symbol NOV. Orthopedic Services, Inc. is the largest provider of patient care services in the orthotic and prosthetic rehabilitation industry. The company currently provides services through 104 patient care centers in 20 states. NovaCare, Inc. is the largest provider of contract rehabilitation therapy services to the healthcare industry. The company also operates seven freestanding rehabilitation hospitals and six community integrated programs. -0- 3/18/92 /CONTACT: Timothy E. Foster, senior vice president of finance & administration of Nova Care, 215-631-9300, or Dr. Anthony J. Russo of Noonan/Russo Communications, 212-979-9180, for NovaCare/ (NOV OSII) CO: NovaCare Inc.; Orthopedic Services Inc. ST: Pennsylvania IN: HEA SU: TNM
AH-OS -- NY047 -- 9231 03/18/92 12:14 EST
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|Date:||Mar 18, 1992|
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