American Claims Evaluation, Inc. Announces Signing of Letter of Intent to Acquire Childrens' Services Provider
09 Junho 2008 - 12:42PM
Business Wire
American Claims Evaluation, Inc. (Nasdaq:AMCE) (the �Company�)
today announced it has entered into a non-binding letter of intent
for the proposed acquisition of substantially all the assets and
business of a privately-held New York-based company providing a
comprehensive range of services to children with developmental
delays and disabilities. In its most recently completed fiscal
year, this entity had revenues of approximately $5,700,000. The
anticipated purchase price is $1,000,000 and the Company will fund
the transaction utilizing existing cash reserves. The proposed
acquisition is subject to the satisfactory completion of due
diligence activities and the negotiation and execution of a
definitive asset purchase agreement containing terms and conditions
customary for a transaction of this nature and other contingencies.
Approval of the Company�s shareholders will not be required. In
light of the Company�s potential entry into a new line of business,
Stephen Renz, the President of its wholly-owned subsidiary, RPM
Rehabilitation & Associates, Inc. (�RPM�), has expressed
interest in purchasing RPM from the Company. Accordingly, he has
entered into a non-binding letter of intent with the Company to
acquire all of the outstanding shares of stock of RPM in exchange
for cash and an additional amount contingent upon the future
earnings of RPM. Commenting on the proposed transactions, Gary
Gelman, the Company�s Chairman, stated, �American Claims Evaluation
is looking forward to the opportunity to transition into this new
line of business. We see an excellent opportunity for growth in
this industry organically and through potential add-on
acquisitions�. American Claims Evaluation, Inc., through its wholly
owned subsidiary, RPM, offers a full range of vocational
rehabilitation and disability management services. For further
information contact: Gary J. Knauer, Chief Financial Officer,
American Claims Evaluation, Inc., One Jericho Plaza, Jericho, NY
11753; telephone number (516) 938-8000. Notice on forward-looking
statements: This release includes forward-looking statements
regarding the Company and its business. Such statements are based
in management�s current expectations. The forward-looking events
and circumstances discussed in this release may not occur and
actual results could differ materially as a result of unknown risk
factors and uncertainties affecting the Company. No forward-looking
statement can be guaranteed. Forward-looking statements speak only
as of the date on which they are made and the Company undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events,
or otherwise.
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