ORTHOPEDIC SERVICES ACQUIRES SAVANNAH ORTHOTICS AND KNOXVILLE ORTHOPEDIC APPLIANCE CO., INC.
ORTHOPEDIC SERVICES ACQUIRES SAVANNAH ORTHOTICS AND
KNOXVILLE ORTHOPEDIC APPLIANCE CO., INC.
VALLEY FORGE, Pa., Jan. 30 /PRNewswire/ -- Orthopedic Services, Inc. (NASDAQ: OSII), the leading provider of patient care services in the orthotic and prosthetic (O&P) industry, today announced the acquisition of two companies: Knoxville Orthopedic Appliance Co., Inc., Knoxville, Ky., and Savannah Orthotics, Inc., Savannah, Ga.
Knoxville Orthopedic Appliance Co., Inc. has been in operation since 1947. Owner Ted Shown, C.P.O., cited he was professionally in a position where he wanted to become part of a bigger organization. "OSI's philosophy goes along with ours. We like how they treat patients."
Savannah Orthotics, Inc. has been in operation for six years. Current owner Budd Jeffcoat, C.O., states it was the rapid growth in his practice that lead him to seek the financial and professional backing of a merger with Orthopedic Services. "I wanted to see the business continue to grow, but it wasn't going to be possible with the limitations I had. With the merger, I can foresee great progress."
OSI President Jeffrey S. Levitt commented on the acquisitions. "We identified both Knoxville Orthopedic Appliance Co., Inc. and Savannah Orthotic, Inc. as major O&P providers. The acquisition of Knoxville Orthopedic Appliance Co. cements our position in Knoxville as the market leader. We now have three locations for our patients' convenience. The acquisition of Savannah Orthotics allows us entry into Georgia, extending our sphere from our major Tennessee base."
OSI is the largest provider of patient care services in the orthotic and prosthetic rehabilitation segment of the health care services industry. OSI currently provides services through 104 patient care centers in 20 states.
Orthotic rehabilitation is the fitting, design and fabrication of custom-made braces and support devices for the treatment of musculoskeletal conditions resulting from illness, injury, or congenital abnormalities. Prosthetic rehabilitation is the fitting, design and fabrication of custom-made artificial limbs required by people who have suffered the loss of a limb from vascular disease, diabetes, cancer or traumatic injuries.
/CONTACT: Jeffrey S. Levitt, president of Orthopedic Services, 215-631-9900, or Susan Noonan of Noonan/Russo Communications, 212-979-9180, for Orthopedic Services/
(OSII) CO: Orthopedic Services, Inc.; Savannah Orthotics, Inc. ST: Pennsylvania, Georgia, Kentucky IN: HEA SU: TNM PS -- NY004 -- 5073 01/30/92 08:30 EST