INDIANAPOLIS, Sept. 16 /PRNewswire-FirstCall/ -- Standard Management Corporation (“Standard Management” or the “Company”) announced today the completed acquisition of the assets of two pharmacies located near Seattle, Washington.
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Holland Drug Store (“Holland”), founded in 1895, is one of the oldest and most respected retail pharmacies in Washington state generating approximately $3.5 million in annual sales. This acquisition will be combined with the operations of our recently acquired Rainier Home Health Care Pharmacy, Inc. (“Rainier”).
The purchase price is in cash and is immediately accretive to earnings.
Ronald D. Hunter, Chairman, CEO and President of Standard Management, stated, “The addition of Holland is a natural progression of our acquisition model. As we move into regional markets, such as Seattle and surrounding communities, we look for local acquisitions to build scale and presence. In this instance, Holland will give us an additional footprint in Washington, increasing the capabilities of our long-term care pharmacies, as well as associated products and services.”
John T. Tran, President of Rainier, stated, “This is an excellent example of why I joined Standard Management, because of the opportunity to increase service to our patients.”
Mr. Hunter concluded, “We continue to execute our business plan of strategic acquisitions and combined with current operations we anticipate reaching our goal of $200-300 million in annualized revenue by 2008 year-end.”
This press release contains “forward-looking statements” within the meaning of section 27 A of the Securities Act of 1933. The use of the words “believe,” “expect,” “anticipate,” “intend,” “may,” “estimate,” “could,” “plans,” and other similar expressions, or the negations thereof, generally identify forward-looking statements. Forward-looking statements in this press release include, without limitation, the performance of our health services segment, potential future acquisitions, and their impact on the segment’s performance. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors, which could cause actual results to be materially different from those contemplated by the forward- looking statements. Such factors include, but are not limited to the ability of our management team to successfully operate a health services business with limited experience in that industry; our ability to expand our health services business both organically and through acquisitions, including our ability to identify suitable acquisition candidates, acquire them at favorable prices and successfully integrate them into our business; general economic conditions and other factors, including prevailing interest rate levels and stock market performance, which may affect our ability to obtain additional capital when needed and on favorable terms; our ability to achieve anticipated levels of operational efficiencies at recently acquired companies, as well as through other cost-saving initiatives; customer response to new products, distribution channels and marketing initiatives; and increasing competition in the sale of our products.
We caution you that, while forward-looking statements reflect our good faith beliefs, these statements are not guarantees of future performance. In addition, we disclaim any obligation to publicly update or revise any forward- looking statement, whether as a result of new information, future events or otherwise, except as required by law.
Standard Management is a holding company headquartered in Indianapolis, IN. Information about the company can be obtained by calling the Investor Relations Department at 317-574-5221 or via the Internet at http://www.SMAN.com .
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CONTACT: Michael B. Berry, Investor Relations of Standard ManagementCorporation, Phone: +1-317-574-5221
Web site: http://www.SMAN.com/
