Crdentia Acquires ATS Health Services
29 October 2007 - 11:00PM
PR Newswire (US)
Expands Penetration of Sun Belt Market; 8 New Office Locations in
the Southeast Region Bringing Companywide Total to 20 Offices and
Increases Revenue Base by 35% DALLAS, Oct. 29
/PRNewswire-FirstCall/ -- Crdentia Corp. (OTC:CRDT) (BULLETIN
BOARD: CRDT) , a leading healthcare staffing company, today
announced that it has completed the acquisition of ATS Health
Services, a provider of temporary nurse and allied health staffing
services to hospital, private practice, clinic, home care,
corporate and occupational facilities in large metropolitan areas
in Florida, Georgia and North Carolina. Terms of the transaction
include $3.3 million in cash and 2.1 million shares of the
Company's common stock valued at $700,000. The acquisition is
expected to be immediately accretive to Crdentia. ATS Health
Services, based in Jacksonville, Florida, has six offices in
Florida (including the hospital-based AFLEX program in
Jacksonville), one in Georgia and one in North Carolina. ATS Health
Services has plans to expand to five additional cities in Florida,
and Crdentia will carefully review these plans over the coming
months. ATS Health Services has traditionally been very strong in
the home care market and has an excellent presence in the hospital
staffing business. In addition, ATS Health Services has received
certification by The Joint Commission under its Home Care
Accreditation Program. Tim Jones, President of ATS Healthcare
Services, has joined Crdentia's senior management team and will be
responsible for overseeing the acquired operations. The integration
process has already begun. In keeping with Crdentia's strategy of
focusing its operations in attractive Sun Belt markets, this
acquisition increases the Company's revenue base by 35% and allows
Crdentia greater penetration of the important markets throughout
the Southeast region of the U.S. Crdentia believes the acquisition
will 1) provide critical mass to the Company's overall operations,
2) significantly increase operating and EBITDA margins and 3)
improve its ability to continue to attract large national and
regional contracts to add to the newly combined businesses. The
acquisition will also bring additional experienced leadership to
Crdentia's growing management and recruitment teams. "I am very
pleased to announce Crdentia's acquisition of ATS Health Services,"
said Crdentia's Chief Executive Officer John Kaiser. "ATS Health
Services is a well-run company operating in attractive markets with
a strong reputation and an impressive customer base- all qualities
we look for in potential acquisition targets. The southeastern U.S.
has an attractive demographic makeup for our service offerings, and
we are excited about this new acquisition, which immediately gives
Crdentia a strong market share position and broad coverage
throughout the southeastern market. In addition, the far greater
presence throughout the Southeast region gained with this
acquisition will allow Crdentia the ability to offer a much broader
area of coverage for our Travel Nurse Division. Also, the Company
gains a diversified customer mix including hospital-based nursing,
allied healthcare, home healthcare nursing, upon which it will be
able to add additional large regional and national contracts. I
believe we can take the combined companies to the next level of
growth while further establishing the Crdentia footprint in the Sun
Belt region." About Crdentia Corp. Crdentia Corp., one of the
nation's leading providers of healthcare staffing solutions, is
focused on recruiting talented national and international
healthcare professionals to meet the ever-increasing employment
needs of over 1,500 clients. Crdentia is one of the few companies
that can provide quality temporary staff for all healthcare
industry positions including local nurses, travel nurses, allied
health and locum tenens professionals. For more information, visit
http://www.crdentia.com/. Forward Looking Statements Statements
contained in this release that are not historical facts are
forward-looking statements that involve risks and uncertainties.
Among the important factors which could cause actual results to
differ materially from those in the forward-looking statements
include, but are not limited to, those discussed in "Risk Factors"
in the Company's Forms 10-K, Forms 10-Q, and other filings with the
Securities and Exchange Commission. Such risk factors include, but
are not limited to, a limited operating history with no earnings;
reliance on the Company's management team, members of which have
other business interests; the ability to successfully implement the
Company's business plan; the ability to continue as a going
concern; the ability to fund the Company's business and acquisition
strategy; the growth of the temporary healthcare professional
staffing business; difficulty in managing operations of acquired
businesses; uncertainty in government regulation of the healthcare
industry; and the limited public market for the Company's common
stock. The actual results that the Company achieves may differ
materially from any forward-looking statements due to such risks
and uncertainties. We undertake no obligation to revise or update
publicly any forward-looking statements for any reason. Contact
Crdentia Corp. John Kaiser, CEO Phone: 972.850.0780 Fax:
972.392.2722 Jim TerBeest, CFO Phone: 972.850.0780 Fax:
972.392.2722 DATASOURCE: Crdentia Corp. CONTACT: John Kaiser, CEO,
, or Jim TerBeest, CFO, , both of Crdentia Corp., +1-972-850-0780,
or Fax, +1-972-392-2722 Web site: http://www.crdentia.com/
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