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Health care industry

IntegraCare Inc. Announces Acquisition of Convenient Family Medical Center Inc. and North Lauderdale Medical Group Inc.

Strategic Insights

— 2 min read

IntegraCare Inc. has made significant strides in establishing its integrated network of primary and specialty care services in Florida, with the recent announcement of its acquisition of the medical practices of Dr. Melvyn Sherman M.D. The proposed acquisition, valued at $625,000, will see IntegraCare assume certain liabilities and purchase certain assets of the Convenient Family Medical Center Inc. and North Lauderdale Medical Group Inc. This move follows a similar acquisition of the internal medicine/gastroenterology practice of Dr. Ralph E. DiPrima M.D. in Coconut Creek, Fla. for $75,000 in cash. Under the terms of the agreement, IntegraCare will provide a comprehensive care package to patients in Florida, including primary and specialty care, homecare, outpatient rehabilitation clinics, and diagnostic services.

Key Takeaways:

  • IntegraCare Inc. has executed a letter of intent to acquire the medical practices of Dr. Melvyn Sherman M.D. for $625,000.
  • The proposed acquisition includes the assumption of certain liabilities and the purchase of certain assets of Convenient Family Medical Center Inc. and North Lauderdale Medical Group Inc.
  • IntegraCare will absorb the debt and liabilities of the acquired practices, totaling $250,000 in shares of IntegraCare Common stock and $375,000 in cash.
  • The number of shares payable to Dr. Sherman will be determined by the average closing price per share for the 30-day calendar period ending one week prior to closing.
  • IntegraCare has acquired the internal medicine/gastroenterology practice of Dr. Ralph E. DiPrima M.D. in Coconut Creek, Fla. for $75,000 in cash.
  • The company has entered into a five-year employment agreement with Dr. DiPrima and a non-competition agreement.
  • Dana J. Pusateri, chairman and chief executive officer of IntegraCare Inc., stated that the company's acquisitions in South Florida demonstrate its commitment to establishing an integrated network of care services throughout the state.

Statistics:

  • The proposed acquisition is valued at $625,000.
  • IntegraCare will pay $250,000 in shares of IntegraCare Common stock and $375,000 in cash as part of the acquisition.
  • The number of shares payable to Dr. Sherman will be determined by the average closing price per share for the 30-day calendar period ending one week prior to closing.
  • IntegraCare has completed the acquisition of Dr. DiPrima's practice for $75,000 in cash.
  • IntegraCare provides physical, occupational, and speech therapy services to 25,000 patients in Florida.

Sources:

  • Business Wire, "IntegraCare Inc. Announces Acquisition of Convenient Family Medical Center Inc. and North Lauderdale Medical Group Inc.", January 24, 1995.
  • IntegraCare Inc. press release.

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