I-trax Completes Acquisition of ProFitness Health Solutions
December 17 2007 - 12:00PM
Marketwired
CHADDS FORD, PA , the parent company of CHD Meridian Healthcare,
a leading provider of workplace healthcare and wellness solutions,
announced today that it has completed its acquisition of ProFitness
Health Solutions, LLC (PFHS) of Shelton, CT.
The completion of the transaction creates the largest single
provider of workplace-based health, wellness and fitness services
with more than 150 clients and more than 300 total site locations
in the United States and Canada. I-trax will combine the operations
of PFHS into its subsidiary, CHD Meridian Healthcare, LLC.
"Adding ProFitness Health Solutions to our portfolio enhances
our uniqueness, making us a truly comprehensive provider of on-site
health services," said Frank A. Martin, chairman of I-trax. "We
believe that our integrated approach to workplace-based healthcare
-- from full primary care, to occupational health, to episodic care
and pharmacy services, and now including on-site fitness centers
and wellness services, is unmatched in the marketplace," he
added.
ProFitness Health Solutions was founded in 1983 and provides
comprehensive fitness and wellness program management, occupational
health programming, sports and recreation services, and fitness
center design, consulting and evaluation services.
The purchase price for the acquisition is $7,500,000. I-trax
delivered the purchase price as follows: $6,000,000 in cash;
222,684 shares of I-trax common stock (valued at $750,000, or
$3.368 per share, under the terms on the acquisition agreement);
and a promissory note in the principal amount of $750,000. The
shares will be held in escrow and the promissory note will be paid
after I-trax completes the audit of its consolidated financial
statements for 2008. I-trax borrowed an additional $5,000,000 from
Bank of America, N.A. to fund a portion of the purchase price.
About I-trax
I-trax is a leading provider of integrated workplace health and
productivity management solutions. Serving more than 150 clients at
more than 300 locations in the United States and Canada, I-trax
offers on-site health, fitness and wellness centers through its CHD
Meridian Healthcare, LLC subsidiary that deliver primary care,
acute care corporate health, occupational health and pharmacy care
management services, as well as fitness and wellness programming
and integrated disease management programs. CHD Meridian is focused
on making the workplace safe, helping companies achieve employer of
choice status, and reducing costs while improving the quality of
care received and the productivity of the workforce. Managing
employer-sponsored health centers for over 40 years, some of CHD
Meridian Healthcare's clients include: BMW, Coors Brewing Company,
Coushatta Casino Resort, Deutsche Bank, Eastman Chemical, Fieldale
Farms, Horizon Blue Cross Blue Shield of New Jersey, Lowe's, Toyota
and UnumProvident. For more information, visit
www.chdmeridian.com.
Safe Harbor Statement: Statements regarding aspects of I-trax's
business and its expectations as to the transaction with PFHS set
forth herein or otherwise made in writing or orally by I-trax may
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Although I-trax
believes that its expectations are based on reasonable assumptions
within the bounds of its knowledge of its business and operations,
there can be no assurance that actual results will not differ
materially from its expectations. Factors that might cause or
contribute to such differences include, but are not limited to, the
ability of I-trax to integrate the PFHS business successfully,
demand for PFHS's products and services, uncertainty of future
profitability and changing economic conditions. These and other
risks pertaining to I-trax are described in greater detail in
I-trax's filings with the Securities and Exchange Commission
including those on Forms 10-K and 10-Q.
Contacts: Michele Hart-Henry I-trax (610) 459-2405 x109 Email
Contact Lindsay Rubin Edelman (212) 704-8227 Email Contact
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