REHABCLINICS ACQUIRES FOUR BUSINESSES IN FLORIDA
REHABCLINICS ACQUIRES FOUR BUSINESSES IN FLORIDA VALLEY FORGE, Pa., Nov. 4 /PRNewswire/ -- RehabClinics, Inc.
(NASDAQ: RCII), today announced that it has acquired four outpatient physical therapy practices in Southern Florida. The businesses acquired are: Boca Rehab Agency, Inc., located in Boca Raton; North County Physical Therapy, Ltd., located in Palm Beach Gardens, ODTI, Ltd., also located in Boca Raton; and Physical Therapy Associates, Ltd., located in West Palm Beach. Terms of the acquisitions were not disclosed.
"These four physical therapy practices provide services to patients referred from over 150 physicians. We believe this broad base of referrals provides RCI an excellent entry into the Southern Florida market, said James C. New, RCI's president. "Together, these practices will generate revenues of approximately $2,300,000 in 1992." RCI's strategy is to develop the most extensive network of private pay outpatient physical therapy clinics in selected markets through acquisitions and internal growth. This strategy is designed to capitalize on the highly fragmented nature of the outpatient physical therapy industry, and the limited professional management, marketing and sales, information systems and access to capital which typically characterizes these practices. RCI has already established itself as one of the largest outpatient physical therapy companies in the country with 91 clinics in 13 states. -0- 11/4/92 /CONTACT: James C. New, president, or Alan N. Vinick, senior vice president of RehabClinics, Inc., 215-631-1873, or Susan Noonan of Noonan/Russo Communications, Inc., 212-979-9180, for RehabClinics, Inc./ (RCII) CO: RehabClinics, Inc. ST: Pennsylvania, Florida IN: HEA SU: TNM
PS-OS -- NY008 -- 2313 11/04/92 08:45 EST
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|Date:||Nov 4, 1992|
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