PSA HealthCare Completes Acquisition of Melmedica Children's Healthcare, Inc.
June 05 2006 - 6:00AM
Business Wire
PSA HealthCare (Nasdaq: PSAI) announced today that it has completed
its acquisition of Melmedica Children's Healthcare, Inc., an
Illinois corporation ("Melmedica"). The acquisition included
certain of Melmedica's pediatric nursing businesses in Schaumberg,
Oak Lawn, Bloomington, Collinsville and Country Club Hills,
Illinois, as well as a business located in Indianapolis, Indiana.
With the completion of the acquisition, the Company now has five
pediatric nursing offices in Illinois and one in Indiana. Under the
terms of the transaction, PSAI paid approximately $1.6 million in
cash with Melmedica retaining its accounts receivable. Melmedica's
consolidated net revenue for the year ended December 31, 2005 was
approximately $10.8 million. "The completion of this acquisition
represents a significant step for PSAI in executing our strategy to
accelerate growth in our private duty nursing segment," said Daniel
J. Kohl, President and CEO of PSAI. "As a result of the
acquisition, we now have an expanded presence in the Illinois
market and an initial entry into the Indiana market," continued Mr.
Kohl. "We look forward to delivering on the promise of this
acquisition as we continue to build value for our shareholders."
PSA provides comprehensive pediatric home health care services
through a network of over 100 branch offices in 20 states,
including satellite offices and branch office start-ups. Through
these offices PSA provides a combination of services, including
pediatric private duty nursing (PDN), pediatric day treatment
centers (PPECs) and respiratory therapy and equipment services
(RTES). Additional information on PSAI may be found on the
Company's website at http://www.psakids.com. NOTE: Forward looking
statements made in this release involve a number of risks and
uncertainties, certain of which are beyond our control, including,
but not limited to changes in government regulation and health care
reforms, ability to execute the Company's strategic programs,
ability to improve accounts receivable collections, changing
economic and market conditions and other risk factors detailed in
the Company's Securities and Exchange Commission filings. Any
forward looking statement speaks only as of the date on which such
statement is made, and we undertake 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.
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