UNITED AMERICAN HEALTHCARE CORPORATION ANNOUNCES PLANNED ACQUISITION OF CAM ADMINISTRATIVE SERVICES, INC.
UNITED AMERICAN HEALTHCARE CORPORATION ANNOUNCES PLANNED ACQUISITION OF CAM ADMINISTRATIVE SERVICES, INC. DETROIT, Aug. 6 /PRNewswire/ -- United American Healthcare Corporation (NASDAQ: UAHC) today announced that it has completed a letter of intent to acquire CAM Administrative Services, Inc., based in Southfield, Mich. CAM Administrative Services, Inc., acting in the capacity of a third party administrator, in 1991 administered approximately $18,500,000, in health insurance premiums. The company provides third party administration and health care services to construction industry employees in southeastern Michigan. "We believe the consummation of an agreement to complete this acquisition will provide several key advantages important to our overall expansion strategy," said Julius Combs, M.D., chairman of the board. "Once completed, the acquisition will enable us to immediately penetrate several new markets in southeastern Michigan, particularly Third Party Administration business." William Lichtig, president of CAM Administrative Services, said, "This transaction will allow us to improve and expand services to our clients and agents." The letter of intent, which is subject to definitive agreements, anticipates a closing to occur on or about Sept. 1, 1992. United American Healthcare Corporation is a health care management company. UAHC provides a full range of services to two health maintenance organizations -- OmniCare Health Plan in southeast Michigan and Personal Physician Care of Ohio, based in Cleveland. The company also has a Third Party Administrator contract with the Bing Group of Detroit. -0- 8/6/92 /CONTACT: Dr. Julius V. Combs, M.D., chairman and CEO, United American Healthcare Corporation, 313-874-2852; or Dixie Watterson, 708-564-5610, Bruce Marcus, 212-580-0703, Earle Brown, 813-796-1452, or Tim King, 213-541-4415, all of The Investor Relations Company, for United American Healthcare Corporation/ (UAHC) CO: United American Healthcare Corporation; CAM Administrative Services, Inc. ST: Michigan IN: HEA INS SU: TNM
SB -- DE010 -- 7469 08/06/92 09:48 EDT
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|Date:||Aug 6, 1992|
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