WORK RECOVERY INC. ANNOUNCES ACQUISITION OF REHABNET INC.
WORK RECOVERY INC. ANNOUNCES ACQUISITION OF REHABNET INC. TUCSON, Ariz., Feb. 3 /PRNewswire/ -- Work Recovery Inc. (NASDAQ: WORK), a Tucson manufacturer of diagnostic health care equipment, today announced the acquisition of RehabNet Inc. (NASDAQ: RHNT), in a share-for-share transaction. RehabNet Inc. is a publicly held corporation trading on the NASDAQ Bulletin Board, established for the purpose of developing a national network of clinics dedicated to the creation of a cost-effective cost containment process for returning industrially injured workers to employment. The company has extensive experience in providing necesssary occupational, vocational and medical services to industrially injured workers, and currently owns and operates 23 clinics throughout the United States and Canada, with current revenues estimated at $4 million. Thomas L. Brandon, president of Work Recovery Inc., commented as follows: "Combining RehabNet Inc.'s service delivery program with Work Recovery Inc.'s ERGOS Work Simulator technology offers an opportunity for both our stockholders and typical workers' compensation referral sources -- i.e. employers, physicians and insurance carriers." The acquisition, Brandon believes, enables Work Recovery Inc. to continue its growth. Brandon went on to state, "The impact of having the service delivery model and ERGOS technology, operating together, will enable the company to have a more effective impact on assisting workers to return to work and assisting employers in reducing their yearly expenditures in this industry of $60 billion." Details of the acquisition will follow in a subsequent news release. -0- 2/3/92 /CONTACT: Thomas L. Brandon, president, or Nancy Bommer (investors), of Work Recovery Inc., 602-322-6634/ (WORK RHNT) CO: Work Recovery Inc.; RehabNet Inc. ST: Arizona IN: HEA SU: TNM
CH -- LA025 -- 6260 02/03/92 14:34 EST
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|Date:||Feb 3, 1992|
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