MOBILE, Ala., March 5, 2012 /PRNewswire/ -- HASCO Medical, Inc. (OTCBB: HASC), www.HascoMed.com a managed healthcare provider that serves patients in Alabama, Florida, and Mississippi, is pleased to announce that the Company has completed the acquisition of all of the outstanding capital stock of Ride-Away Handicap Equipment Corp., a closely-held New Hampshire corporation (Ride-Away). The terms of the agreement are included in the Company's filings with the SEC, please visit www.sec.gov.
Starting in 1986, Ride-Away began modifying wheelchair vans for people with disabilities and quickly became a dominant leader of the vehicle modification industry. From the early stages of carpeting and paneling to full-service wheelchair van lifts and ramps, raised and lowered floor wheelchair van conversions, and full primary and secondary control modifications, Ride-Away has been a pioneer in the vehicle modification industry and continues to lead this growing and emerging market. Mark Lore, the founder and President of Ride-Away, will be staying on board to run the company. "Mark has over 25 years in the industry and we are excited that he has agreed to stay and help grow and drive the business," stated, Hal Compton Jr.
"Ride-Away is a great fit for HASCO Medical's long-term consolidation strategy," continued Hal Compton, Jr. CEO of HASCO Medical. "With the acquisition of Ride-Away, HASCO will now have over $70 million in annual sales. HASCO will continue looking to grow organically or through more acquisitions in the future. We look forward to continuing Ride-Away's commitment and impeccable service they provide to their customers."
Ride-Away is one of America's largest providers of wheelchair vans, vehicle modifications, and adaptive equipment including hand controls, wheelchair and scooter lifts, ramps, raised doors, lowered floors and specialized gas, brake and steering controls. Over 350 accessible vehicles, from manufacturers such as Braun and Viewpoint, are in stock throughout our 11 East Coast locations.
"The Braun Corporation has enjoyed a very successful, longstanding relationship with Ride-Away," said Nick Gutwein, President of the Braun Corporation, a leading manufacturer of wheelchair accessible vehicles. "We are confident that HASCO will build upon Ride-Away's success and continue to provide unmatched transportation solutions for people with disabilities."
Founded in 1986, our 11 East Coast locations are committed to offering a broad selection of specialized vehicles and services to meet the needs of every customer. All of our locations are also Quality Assurance Program (QAP) certified through the National Mobility Equipment Dealers Association (NMEDA), resulting in Ride-Away being held to the highest standards in the vehicle modification industry. For more information, please visit www.ride-away.com.
About HASCO Medical, Inc.
HASCO Medical ("HASC" or the Company) provides products and services that dramatically improve the quality of living for its customers. The Company now consists of Southern Medical and Mobility, Inc. and Certified Medical on the DME side and Ride_Away, Mobility Freedom, Wheelchair Vans of America and Certified Auto on the Van Conversion/Rental side of the company.
This press release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases you can identify those so-called "forward looking statements" by words such as "may," "will," "should," "expects," "plans," "targets," "believes," "anticipates," "estimates," "predicts," "potential," or "continue" or the negative of those words and other comparable words. These forward looking statements are subject to risks and uncertainties, product tests, commercialization risks, availability of financing and results of financing efforts that could cause actual results to differ materially from historical results or those anticipated. Further information regarding these and other risks is described from time to time in the Company's filings with the SEC, which are available on its website at: http://www.sec.gov. We assume no obligation to update or alter our forward-looking statements made in this release or in any periodic report filed by us under the Securities Exchange Act of 1934 or any other document, whether as a result of new information, future events or otherwise, except as otherwise required by applicable federal securities laws.
SOURCE HASCO Medical, Inc.