SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: December 18, 1998
ACADIA NATIONAL HEALTH SYSTEMS, INC.
(Exact Name of Registrant as Specified in its Charter)
COLORADO
(State or Other Jurisdiction of Incorporation)
0-28976 010509781
(Commission File Number) (I.R.S. Employer Identification Number)
95 Park Street, Lewiston, Maine 04240
(Address of Principal Executive Offices (Zip Code)
(207) 777-3423
(800) 274-9185
(Registrant's Telephone Number, Including Area Code)
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INFORMATION INCLUDED IN THIS REPORT
ITEMS 1 THROUGH 4, 6 THROUGH 9 NOT APPLICABLE.
ITEM 5. OTHER EVENTS.
(i) Reference is made to the press release issued to the public by the
Registrant on December 18, 1998, the text of which is attached hereto
as Exhibit 99.1, for a description of the events reported pursuant to
this Form 8-K.
INDEX TO EXHIBITS
Exhibit Description
99.1 Text of press release dated December 18, 1998
Exhibit 99.1
ACADIA NATIONAL HEALTH SYSTEMS, INC. TERMINATES ACQUISITION AGREEMENT
Lewiston, Maine - December 15, l998 - Acadia National Health Systems, Inc
announces the termination of its acquisition discussions with Medical
Financial Services ("MFS") in Bangor, Maine. At the request of MFS' owner,
Steven I. Weisberger, the offer to sell to Acadia was withdrawn for
personal reasons. Acadia's management and board conducted appropriate due
diligence, considered the specific circumstances, and believe it is in the
best interest of the company to terminate acquisition plans with MFS
immediately.
Paul W. Chute, Chairman and Chief Executive Officer believes this decision
will not offset Acadia's growth given the continued success of its sales
efforts. "We continue to work on other strategic relationships that are
shaping and developing our visionary objective, " concluded Mr. Chute.
Mr. Chute states, "A strong team of leaders is a prerequisite for
responsible growth." Mr. Chute is pleased to report that Acadia has
recently taken steps to assemble an experienced and accomplished senior
management team. This is headed by the appointment of John F. Raden as
President and Chief Operating Officer. Mr. Raden comes to Acadia following
two years as Chief Operating Officer of Medical Financial Services. Prior
to that he served as Executive Vice President of Chinet Corporation.
During his tenure, Mr. Raden directed the restructuring of his division of
Chinet, which resulted in a substantial increase in profitability.
Mr. Raden completed a number of national and international mergers and
acquisitions for Van Leer, the Chinet parent company. Mr. Chute reports,
"He will be responsible for the day-to-day operations and strategic
development under a long-term agreement with Acadia."
For Further Information Contact:
Investor Relations
95 Park Street, Suite 200
Lewiston, ME 04240
207 777-3423, extension 403
207 784-7743 (fax)
email: [email protected]
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ACADIA NATIONAL HEALTH SYSTEMS, INC.
/s/ Paul W. Chute
DATE: December 18, 1998 By: PAUL W. CHUTE
Name: Paul W. Chute
Title: Chief Executive Officer
