Netsmart Technologies Acquires Addiction Management Systems, Inc.
21 June 2005 - 4:00AM
PR Newswire (US)
Netsmart Technologies Acquires Addiction Management Systems, Inc.
Netsmart and AMS combination anticipated to be beneficial to
customers and to marketplace GREAT RIVER, N.Y., June 20
/PRNewswire-FirstCall/ -- Netsmart Technologies, Inc.
(NASDAQ:NTST), a leading supplier of enterprise-wide software for
health and human services providers through its wholly owned
subsidiary, Creative Socio-Medics Corp. (Creative), today announced
that it has acquired the assets of Addiction Management Systems,
Inc. (AMS) of Long Island City, NY for an undisclosed amount that
included cash and the assumptions of certain contract liabilities.
Creative and AMS are leaders nationally in the development and
implementation of automated dispensing systems for methadone clinic
management programs, with each company having more than 150
clients. There are 1,100 methadone clinics in the United States.
James Conway, CEO of Netsmart said, "We are excited about the
acquisition and the combination of the Creative and AMS client
bases." Mr. Conway went on to say, "I believe that our customers
will benefit from this acquisition by having expanded investment in
R&D, support and product enhancements for both user
communities. We will have a dynamic offering to the marketplace in
terms of state-of-the-art products. This combination positions our
Company as the largest supplier of automated computerized methadone
dispensing systems in the United States". AMS president, Dr. Ronald
Brady MD, originated the process of automated computerized
Methadone dispensing. As the Director of Medicine, Research and
Resident Training at the Bridge Plaza Treatment and Rehabilitation
Clinic in New York City and an Associate Professor of Psychiatry at
Columbia University, Dr. Brady is intimately familiar with the
requirements and challenges faced by clinic personnel involved in
the treatment of substance abuse at all levels, and he is
constantly working to improve the efficiency and accountability of
systems and personnel within substance abuse. Integrated Total
Solutions, Inc., a Miami-based investment advisory firm,
represented AMS in this transaction. Commenting on the sale, Dr.
Brady noted that "AMS had reached the point in its 20 year
evolution where continued growth and new product development called
for the capital and resources of a larger organization. Creative
has the experience and resources to take AMS to the next level in
terms of new technologies, while continuing to provide clients with
affordable and reliable solutions for managing their clinics. This
acquisition will benefit our respective clients by adding greater
support depth and improving product lines, including automated
medication dispensing, patient record keeping, and real-time
billing." About Netsmart Technologies, Inc. Netsmart Technologies,
Inc. of Great River, NY, through Creative Socio-Medics, is an
established, leading supplier of enterprise-wide software solutions
for health and human services providers with over 600 clients,
including 26 systems with state agencies. Creative's clients
include health and human services organizations: public health
agencies, mental health and substance abuse clinics, psychiatric
hospitals, and managed care organizations. Avatar Practice
Management and the Avatar Clinician Work Station, Creative's core
products, are full-featured information systems that operate on a
variety of operating systems, hardware platforms, and mobile
devices and offer unlimited scalability. Statement on Behalf of
Netsmart Technologies, Inc. Statements in this press release may be
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Words such as
"anticipate", "believe", "estimate", "expect", "intend" and similar
expressions, as they relate to the company or its management,
identify forward-looking statements. These statements are based on
current expectations, estimates and projections about the company's
business based, in part, on assumptions made by management. These
statements are not guarantees of future performance and involve
risks, uncertainties and assumptions that are difficult to predict.
Therefore, actual outcomes and results may, and probably will,
differ materially from what is expressed or forecasted in such
forward-looking statements due to numerous factors, including those
described above and those risks discussed from time to time in
Netsmart's filings with the Securities and Exchange Commission. In
addition, such statements could be affected by risks and
uncertainties related to product demand, market and customer
acceptance, competition, pricing and development difficulties, as
well as general industry and market conditions and growth rates,
and general economic conditions. Any forward-looking statements
speak only as of the date on which they are made, and the company
does not undertake any obligation to update any forward-looking
statement to reflect events or circumstances after the date of this
release. Information on Netsmart's or Creative's website do not
constitute a part of this release. DATASOURCE: Netsmart
Technologies, Inc. CONTACT: Netsmart Technologies Contact: Ron
Marge, 1-800-421-7503, ext. 2026, ; Carpe DM, Inc. - Stuart Fine,
+1-908-490-0075, Web site: http://www.netsmartech.com/
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