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: November 12, 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 November 5, 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.
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INDEX TO EXHIBITS
Exhibit Description
99.1 Text of press release dated November 5, 1998
<PAGE>
Exhibit 99.1
ACADIA NATIONAL HEALTH SYSTEMS, INC. ANNOUNCES THE ACQUISITION OF MEDICAL
FINANCIAL SERVICES, INC., BANGOR, MAINE, THROUGH A LIMITED ASSET PURCHASE
AGREEMENT
Lewiston, Maine --(BW HealthWire)--Nov. 5, 1998-- Paul W. Chute, Acadia's
Chairman and CEO, said, "the management and professional staff of Medical
Financial Services brings to Acadia, (OTC BB: ACAD), a wealth of knowledge and
years of experience through its existing lines of medical billing and practice
management consulting services." "What adds additional value is Medical
Financial Services' expertise in nursing home and rural health center
operations management, billing and cost reporting," added Mr. Chute.
Acadia specializes in Medical Billing and Practice Management Consulting
Services throughout northern New England. Its clients range from hospital
ambulatory departments to hospital based physicians such as radiology,
pathology, anesthesiology to independent medical providers like surgery,
behavioral health, pulmonology, internal and family practice medicine, rural
health centers and now nursing homes.
Acadia recently announced the acquisition of Northeast Medical Billing in
Keene, New Hampshire, with clients in New Hampshire, Vermont and
Massachusetts. "What we look for in all our relationships is the quality and
experience of management and staff," said Mr. Chute. "Our business philosophy
is based on 'Great People Add Value', and both acquisitions add seasoned
professionals with proven commitment to their clients and a desire to continue
their work for Acadia."
Acadia also announces the appointment of Steven I. Weisberger, DO, to its
Board of Directors. Dr. Weisberger is a full time practicing family physician
and past President of the Maine Osteopathic Society. Dr. Weisberger offers
ownership and management experience within rural health centers, nursing homes
and medical billing and practice management services organizations. Dr.
Weisberger, DO joins Dr. John Crispin, MD on Acadia's Board of Directors.
"Our commitment to our clients is to bring professionals within medicine to
leadership positions within Acadia," said Mr. Chute.
Acadia, anticipates fiscal year ending September 30, 1998 pre-tax earnings of
$.02 per share compared to $.0005 last year. Gross sales for FY '98, are
anticipated at $1,150,000 vs. $748,000 for FY '97 or a 53% increase. "Gross
sales for FY '99 are anticipated at $2,600,000 or an 126% increase over FY '98
due to recent acquisitions and continual sales emphasis", reports Mr. Chute,
who also offers "our goals are to add value to our clients and share holders
through superior services with great people."
Further information contact:
Acadia National Health Systems
Investor Relations
(207) 777-3423
(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: November 13, 1998 By: PAUL W. CHUTE
Name: Paul W. Chute
Title: Chief Executive Officer
