PSA HealthCare Announces Agreement to Acquire Select Pediatric Assets of The Care Group of Texas, Inc.
June 18 2007 - 3:14PM
Business Wire
Pediatric Services of America, Inc., d/b/a PSA Healthcare
(Nasdaq:PSAI) announced today that it has acquired select pediatric
assets of The Care Group of Texas, Inc. (�TCGOT�). The acquisition
includes TCGOT�s pediatric private duty nursing business in the
Houston, Texas market. PSA will consolidate TCGOT�s pediatric
nursing patients into its existing Houston operations which include
the recently acquired Maternal Child Health (�MCH�) business. The
purchase price is approximately $2,900,000 in cash with TCGOT
retaining its accounts receivable. TCGOT�s pediatric nursing net
revenue for the trailing twelve months totals approximately $4.4
million. President and CEO Daniel J. Kohl commented �We are very
excited by the opportunity to acquire the TCGOT pediatric nursing
assets in the Houston market and the ability to consolidate these
operations and gain further market density is very attractive to
us.� TCGOT will continue their remaining pediatric service programs
including ventilator/respiratory management, DME and rehabilitation
services. PSA provides comprehensive pediatric home health care
services through a network of 59 branch offices in 18 states,
including satellite offices and branch office start-ups. Through
these offices PSA provides a combination of services, including
pediatric private duty nursing (PDN) and pediatric day treatment
centers (PPECs). Additional information on PSAI may be found on the
Company's website at http://www.psahealthcare.com. NOTE: This press
release contains certain forward-looking statements (as such term
is defined in the Private Securities Litigation Reform Act of 1995)
relating to future financial performance of Pediatric Services of
America, Inc. (the �Company�). When used in this press release, the
words �may,� �targets,� �goal,� �could,� �should,� �would,�
�believe,� �feel,� �expects,� �confident,� �anticipate,�
�estimate,� �intend,� �plan,� �potential� and similar expressions
may be indicative of forward-looking statements. These statements
by their nature involve substantial risks and uncertainties,
certain of which are beyond the Company�s control. The Company
cautions that various factors, including the factors described
hereunder and those discussed in the Company�s other filings with
the Securities and Exchange Commission, as well as general economic
conditions, industry trends, the Company's anticipated uses of the
proceeds from the sale of its Respiratory and Pharmacy Businesses,
the Company's ability to assimilate and manage previously acquired
field operations, collect accounts receivable, including
receivables related to acquired businesses and receivables under
appeal, hire and retain qualified personnel and comply with and
respond to billing requirements issues, including those related to
the Company�s billing and collection system, nurse shortages,
competitive bidding, HIPAA regulations, adverse litigation,
workers� compensation losses, availability and cost of medical
malpractice insurance and any potential reduced state funding
levels and nursing hours authorized by Medicaid program, could
cause actual results or outcomes to differ materially from those
expressed in any forward-looking statements of the Company made by
or on behalf of the Company. Any forward-looking statement speaks
only as of the date on which such statement is made, and the
Company undertakes no obligation to update any forward-looking
statement or statements to reflect events or circumstances after
the date on which such statement is made or to reflect the
occurrence of an unanticipated event. New factors emerge from time
to time, and it is not possible for management to predict all of
such factors. Further, management cannot assess the impact of each
such factor on the business or the extent to which any factor, or
combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements.
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