TRANSWORLD HOME HEALTHCARE ANNOUNCES PROPOSED ACQUISITION THE PROMPTCARE COMPANIES, INC.
HAWTHORNE, N.Y., Sept. 14 /PRNewswire/ -- Transworld Home HealthCare, Inc. (NASDAQ: TWHH, Boston Stock Exchange: TWH), today announced that the holders of a majority of the stock of The PromptCare Companies, Inc. have delivered their shares for acceptance pursuant to an offer by Transworld to acquire all of the stock of PromptCare. Transworld anticipates that subject to satisfaction of customary closing conditions, it will complete the PromptCare transaction by late September 1993. PromptCare, a privately held company located in Clark, N.J., is a provider of home health services in New Jersey, including infusion therapy, nursing, respiratory therapy and durable medical equipment. In 1992, PromptCare had revenues in excess of $7.4 million. Joseph J. Raymond, chairman and chief executive officer of Transworld stated that "The anticipated addition of PromptCare will not only enhance Transworld's service capability in the New Jersey market, but will also add to Transworld's total marketing capabilities for the managed care sector through the advocate plan, a proprietary program developed by PromptCare." Transworld Home HealthCare currently provides home infusion therapy, nursing and paraprofessional services to patients in the New York Metropolitan area, New Jersey and in Orlando and Melbourne, Fla. Completion of the above acquisition, combined with Transworld's previously announced third quarter revenues of $4.0 million, is expected to bring Transworld's annualized revenues to in excess of $23 million. -0- 9/14/93 /CONTACT: Robert Fine, chief operating officer of Transworld Home HealthCare, 908-938-4444/ (TWHH)
CO: Transworld Home HealthCare, Inc.; PromptCare Companies, Inc. ST: New York, New Jersey IN: HEA SU: TNM
TS-SH -- NY012 -- 1621 09/14/93 09:10 EDT
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|Date:||Sep 14, 1993|
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