PACIFIC PHYSICIAN SERVICES INC. COMPLETES INITIAL PUBLIC OFFERING OF COMMON STOCK
PACIFIC PHYSICIAN SERVICES INC. COMPLETES
INITIAL PUBLIC OFFERING OF COMMON STOCK
REDLANDS, Calif., Nov. 12 /PRNewswire/ -- Pacific Physician Services Inc. ("PPS") (NASDAQ-NMS: PPSI) announced today the completion of a 1,700,000 share initial public offering of its common stock. The initial public offering price was $11.00 per share and trading in the company's common stock commenced on Nov. 12, 1991, on the NASDAQ National Market System under the trading symbol PPSI. All of the shares offered were sold by the company.
The offering is being managed by Furman Selz Inc. The net proceeds of the offering will be used to expand the company's clinical facilities, to acquire similar medical group practices, to purchase additional medical and computer equipment and for general corporate purposes.
Headquartered in Redlands, PPS, together with its affiliate Pacific Physician Services Medical Group Inc., is a leading independent regional network of multi-specialty physician groups. The PPS network provides managed health care to over 125,000 enrollees in 15 health maintenance organizations. The PPS network currently consists of 20 outpatient medical centers located primarily in the Inland Empire region of Southern California.
Copies of the Prospectus relating to the offering may be obtained from Furman Selz Inc., attn: Syndicate Department, 230 Park Ave., New York, NY 10169, 212-309-8200.
These securities are offered only by means of a prospectus, and this announcement shall not constitute an offer to sell or the solicitation of an offer to buy.
/CONTACT: Gary L. Groves, M.D., president and chief executive officer of Pacific Physician Services Inc., 714-825-4401/
(PPSI) CO: Pacific Physician Services Inc. ST: California IN: HEA SU: OFR CH-AL -- LA010 -- 3427 11/12/91 11:34 EST