Attached files
file | filename |
---|---|
8-K - FORM 8-K - UNITED AMERICAN HEALTHCARE CORP | k49372e8vk.htm |
EX-4.1 - EX-4.1 - UNITED AMERICAN HEALTHCARE CORP | k49372exv4w1.htm |
EX-4.2 - EX-4.2 - UNITED AMERICAN HEALTHCARE CORP | k49372exv4w2.htm |
EX-2.2 - EX-2.2 - UNITED AMERICAN HEALTHCARE CORP | k49372exv2w2.htm |
EX-2.3 - EX-2.3 - UNITED AMERICAN HEALTHCARE CORP | k49372exv2w3.htm |
EX-2.1 - EX-2.1 - UNITED AMERICAN HEALTHCARE CORP | k49372exv2w1.htm |
EX-10.3 - EX-10.3 - UNITED AMERICAN HEALTHCARE CORP | k49372exv10w3.htm |
EX-10.2 - EX-10.2 - UNITED AMERICAN HEALTHCARE CORP | k49372exv10w2.htm |
EX-10.1 - EX-10.1 - UNITED AMERICAN HEALTHCARE CORP | k49372exv10w1.htm |
EX-10.4 - EX-10.4 - UNITED AMERICAN HEALTHCARE CORP | k49372exv10w4.htm |
Exhibit 99.1
![]() |
300 River Place Suite 4950 Detroit, MI 48207 www.uahc.com |
|
FOR IMMEDIATE RELEASE
United American Healthcare Corporation Announces
Acquisition of Pulse Systems, LLC
Acquisition of Pulse Systems, LLC
DETROIT, June 18, 2010 United American Healthcare Corporation (NASDAQ: UAHC) today announced it
has acquired privately held Pulse Systems, LLC. Based in Concord, Calif., Pulse Systems, LLC
provides contract manufacturing services to the medical device industry, with a focus on precision
laser-cutting capabilities and the processing of thin-wall tubular metal components, sub-assemblies
and implants, primarily in the cardiovascular market. For the fiscal year ended Dec. 31, 2009,
Pulse Systems generated revenue of approximately $9.2 million.
In the transaction, UAHC purchased all of the common units of Pulse Systems for $3.4 million in
cash and the issuance of a $1.75 million promissory note due Jan. 2, 2011. UAHC will also issue
1,608,040 shares of its common stock to the former Pulse Systems common unit holders, subject to
the approval of its shareholders by Dec. 31, 2010.
UAHC also announced that UAHC has invested $750,000 in Pulse Systems to pay down Pulse Systems
bank debt and, over the next 24 months, will invest another $3.99 million (including an initial
payment made of $1.75 million) in Pulse Systems to redeem all of the Pulse Systems preferred
units.
If the UAHC shareholders do not approve the share issuance contemplated by this transaction, then
rather than issue UAHC common stock, UAHC will return to the sellers Pulse Systems common units
constituting 26% of the common equity of Pulse Systems.
After an extensive review of our strategic alternatives, we have embarked on an acquisition that
meets each of our key investment criteria, including significant revenue contribution, positive
EBITDA and long-term growth potential, said William C. Brooks, President and CEO of United
American Healthcare. While our pursuit of a strategic alternative was not limited to any specific
industry, our purchase of Pulse Systems marks a new chapter in UAHCs longstanding commitment to
the healthcare industry one that we expect will provide new opportunities in the dynamic medical
device sector.
Brooks continued, This acquisition is a milestone in the history of UAHC. One of the most
exciting aspects of this combination is the significant long-term growth potential of our combined
Company, as well as the new, deeper leadership team we will gain. The proven capabilities of the
Pulse Systems team should prove very important as we work to grow revenues over the long term.
-more-
As part of the transaction, key members of Pulse Systems senior management team will remain with
the Company to guide future operations. The team includes Herbert J. Bellucci, CEO of the Pulse
Systems operation, who has more than 30 years experience in the
medical device industry. We are pleased to join forces with the UAHC team, said Bellucci. Our focus on quality, service
and leading-edge technology combined with the institutional knowledge of the UAHC management team
will allow us to achieve our long-term growth objectives, both organically and through potential
future acquisitions.
After managing through the extraordinarily difficult business climate in 2008 and 2009, we are
very pleased that our strategic review process has resulted in this promising initial transaction,
concluded Brooks. We welcome our new team members and will rely on the knowledge and experience
of our combined management team as we seek to build our Company into a leader in the precision
laser-based contract manufacturing industry.
About United American Healthcare Corporation
United American Healthcare Corporation (UAHC) is a provider of contract manufacturing services to
the medical device industry, following its June 2010 acquisition of Pulse Systems, LLC, a leading
provider to the medical device industry since 1998. UAHC has been a healthcare management company
since 1985. For more information, please visit the Companys web site at www.uahc.com.
United American Healthcare Corporation Safe Harbor Statement
Forward-looking statements by United American Healthcare Corporation, including those in this
announcement, involve known and unknown risks, which may cause actual results and corporate
developments to differ materially from those expected. Factors that could cause results and
developments to differ materially from expectations include, without limitation, the ongoing impact
of the U.S. recession, the termination of the TennCare contract, the wind down of our CMS Medicare
business, the integration of the recent acquisition of Pulse Systems, LLC, the ongoing impact of
the global credit and financial crisis and other changes in general economic conditions, the
effects of state and federal regulations, the effects of any future acquisitions, and other risks
described from time to time in each of United American Healthcares SEC reports, including
quarterly reports on Form 10-Q, annual reports on Form 10-K, and current reports on Form 8-K.
Contacts: |
||
Company
|
Investor Relations | |
Bill Dennis, CFO
|
Jeff Tryka, CFA | |
United American Healthcare Corporation
|
Lambert, Edwards & Associates | |
313-393-4571 / Investor_relations@uahc.com
|
616-233-0500 / jtryka@lambert-edwards.com |
# # #
2