Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Foundation Healthcare, Inc. | c09423e8vk.htm |
| EX-99.1 - EXHIBIT 99.1 - Foundation Healthcare, Inc. | c09423exv99w1.htm |
Exhibit 99.2
For Immediate Release
Company contact: |
Investor Relations: |
|
Jeff Raymond Graymark Healthcare, Inc. Tel 405-824-2382 jraymond@grmh.com |
Liolios Group, Inc. Scott Liolios or Cody Slach Tel 949-574-3860 info@liolios.com |
Graymark Healthcare to Focus on Treatment of Sleep Disorders with Completed Sale of
Independent Pharmacy Business Assets to Walgreens
Independent Pharmacy Business Assets to Walgreens
OKLAHOMA CITY — December 7, 2010: Graymark Healthcare, Inc. (NASDAQ:GRMH) has closed the
previously announced sale of substantially all the assets of its ApothecaryRx’s retail pharmacy
business to Walgreens Co. (NYSE:WAG, NASDAQ:WAG). ApothecaryRx operated 18 pharmacies across five
states.
The transaction allows Graymark to focus on its core business of providing comprehensive care for
sleep disorders, primarily obstructive sleep apnea, including diagnosis, therapy, and ongoing
clinical and product support.
“Millions of Americans suffer from obstructive sleep apnea, and many aren’t aware they have a
problem or that treatment is available in their communities,” said Stanton Nelson, chairman and CEO
of Graymark Healthcare. “As a pure-play sleep disorders company focused primarily on obstructive
sleep apnea, we believe Graymark is better able to help people sleep better.”
Graymark launched the nation’s first comprehensive care model for patients with obstructive sleep
apnea in 2009 and has grown into one of the nation’s largest aggregators of sleep therapy
providers.
“Given our substantially improved balance sheet as a result of this sale, we are ideally positioned
to execute on our plans to grow through the acquisition of treatment centers, as well as through
developing alliances with hospitals and other health care providers,” added Nelson. “The rapidly
growing sleep apnea marketplace offers us an opportunity for significant growth and margin
expansion.”
The sale to Walgreens was comprised of substantially all of the assets of ApothecaryRx for $25.5
million, plus approximately $3.8 million for inventory. Graymark expects to realize net proceeds of
approximately $33 million from the completed divestiture, including collection of retained accounts
receivable, and proceeds from the liquidation of remaining ApothecaryRx assets.
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The Healthcare Investment Banking Group of Morgan Joseph LLC served as the financial advisor to
Graymark in this transaction, with Greenberg Traurig LLP and Commercial Law Group, P.C. serving as
Graymark’s legal advisors.
About Graymark Healthcare
Graymark Healthcare, Inc. is the nation’s second largest provider of sleep medicine diagnosis and treatment. Graymark owns and operates diagnostic sleep centers that treat a wide range of sleep disorders, and operates a medical equipment supply company that provides disposable and durable medical equipment. For more information, please visit www.graymarkhealthcare.com.
Graymark Healthcare, Inc. is the nation’s second largest provider of sleep medicine diagnosis and treatment. Graymark owns and operates diagnostic sleep centers that treat a wide range of sleep disorders, and operates a medical equipment supply company that provides disposable and durable medical equipment. For more information, please visit www.graymarkhealthcare.com.
This press release may contain forward-looking statements that are based on the company’s current
expectations, forecasts and assumptions. Forward-looking statements involve risks and uncertainties
that could cause actual outcomes and results to differ materially from the company’s expectations,
forecasts and assumptions. These risks and uncertainties include risks and uncertainties not in the
control of the company, including, without limitation, the current economic climate and other risks
and uncertainties, including those enumerated and described in the company’s filings with the
Securities and Exchange Commission, which are available on the SEC’s Web site (www.sec.gov). Unless
otherwise required by law, the company disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new information, future events or otherwise.
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