THE ADMAR GROUP INC. ACQUIRES BENEFIT PLAN ADMINISTRATORS AND HOFGARD & CO.
THE ADMAR GROUP INC. ACQUIRES BENEFIT PLAN ADMINISTRATORS AND HOFGARD & CO. SANTA ANA, Calif., Oct. 6 /PRNewswire/ -- The Admar Group Inc. (NASDAQ: ADMR) today announced that it has signed an agreement acquiring Benefit Plan Administrators ("BPA") and Hofgard & Co. ("Hofgard") for cash and notes of $1.6 million. BPA and Hofgard of Boulder, Colo., a third party administrator with annualized revenues exceeding $1.5 million, administers and provides health care benefit management services to 150 employers covering approximately 30,000 individuals. The current staff and facilities will continue to provide regional services. William G. Hofgard, a chartered financial consultant and founder of the firms, will remain a consultant and continue his life insurance and retirement plan practice. Mark William Hofgard, son of the founder, will be the new president of BPA. "BPA's location in the Rocky Mountain market provides Admar with excellent presence, ability for growth and expansion of Admar's existing services in this geographic area. It will also enable Admar to couple its managed care products to better serve BPA and Hofgard's clients," said Richard H. Toral, chairman and chief executive officer of Admar. "This addition to Admar, plus the recent acquisition of Image Financial & Insurance Services Inc., of Laguna Niguel, Calif., should add over $2.25 million of additional annual revenue to Admar." William G. Hofgard, former president and chief executive officer of BPA and Hofgard, commented, "With Admar's growing national presence, our combined organization will be ideally positioned to continue delivering the administrative services and cost management products and systems so much in demand by the employers we serve in this area. I look forward to adding our expertise to the Admar management team in the further development of this dynamic business." The Admar Group Inc. develops, markets and administers managed health care services which facilitate the delivery and manage the cost of providing health care through contracted insurance carriers and self-insured employer groups. Admar's services are marketed as an adjunct to employee health care benefit plans. Programs include Preferred Provider Organizations and Exclusive Provider Organizations; the HealthWatch Medical Review System, designed to ensure appropriate use of hospitalization for medical/surgical, substance abuse, mental health, catastrophic illness and injuries; HealthWatch Advantage, a hospital and surgical negotiation program; and Managed Benefits Division, which provides management of employee benefits. -0- 10/6/92 /CONTACT: Mark William Hofgard, president of Benefit Plan Administrators, 303-442-1000; or Stephen Goodell, president of managed benefits division of The Admar Corp., 714-953-9600/ (ADMR) CO: The Admar Group Inc.; Benefit Plan Administrators; Hofgard & Co. ST: California IN: HEA SU: TNM PER
JB-KJ -- LA008 -- 6917 10/06/92 09:02 EDT
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|Date:||Oct 6, 1992|
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