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Exhibit 2.2
WEDNESDAY JUNE 28, 11:00 AM EASTERN TIME
COMPANY PRESS RELEASE
SOURCE: Lincare Holdings Inc.
LINCARE HOLDINGS INC. EXPANDS OPERATIONS IN THE SOUTHEASTERN UNITED STATES WITH
ACQUISITION OF UNITED MEDICAL INC.
CLEARWATER, Fla., June 28 /PRNewswire/ -- Lincare Holdings Inc. (Nasdaq: LNCR -
news), one of the nation's largest providers of oxygen and other respiratory
therapy services to patients in the home, today announced that it has acquired
the assets and business of United Medical Inc., a leading regional provider of
home respiratory and other medical services and equipment.
United Medical provides home oxygen and other respiratory therapy services,
durable medical equipment and infusion therapy services and has annual revenues
of approximately $60 million. United Medical currently operates through 42
locations in nine states including Alabama, Arkansas, Mississippi, Missouri,
North Carolina, Oklahoma, Tennessee, Texas, and Virginia. With this acquisition,
Lincare now provides services and equipment to more than 250,000 customers in 44
states.
Commenting on the acquisition, John P. Byrnes, Lincare's Chief Executive Officer
said, "For several years now, Lincare has steadily grown its business through a
combination of internal growth and strategic acquisitions. By acquiring United
Medical, the Company significantly enhances its presence as a major provider of
respiratory and other home care services in the Southeastern United States.
Additionally, the acquisition provides new opportunities for growth in our core
business. During 2000, we have now acquired 15 businesses with aggregate annual
revenues of over $80 million. For the balance of the year, Lincare will focus
its efforts on internal growth opportunities and integrating its acquired
businesses."
Statements contained in this release that are not based on historical facts are
forward looking statements, subject to uncertainties and risks, including, but
not limited to, the constantly changing health care environment, potential
reductions in reimbursement by government and third party payors for the
Company's products and services, the demand for the Company's products and
services, economic and competitive conditions, the availability of appropriate
acquisition candidates and the successful completion of acquisitions, access to
borrowed and/or equity capital on favorable terms, and other risks detailed in
the Company's Securities and Exchange Commission filings.
SOURCE: Lincare Holdings Inc.
