BETHESDA, Md., Jan. 8 /PRNewswire-FirstCall/ -- Hanger Orthopedic Group, Inc. (NYSE: HGR) is pleased to announce that throughout the fourth quarter of 2008 it acquired Maine Artificial Limb Co., Orthotics Center, Rocky Mountain Orthotic-Prosthetics Center, Riessen's Orthopedic and Prosthetic Services, Inc., First Coast Orthotics & Prosthetics, and Orthopedic Rehabilitation Products, Inc. These acquisitions add patient care centers to existing markets in Maine, Louisiana, Colorado, Washington, and Florida, as well as stock and bill rehabilitation services to our Colorado market.
President and CEO, Thomas F. Kirk stated, "We are very pleased to have the professionals of these acquisitions join our team. These acquisitions will provide value in our core O&P business, as well as building a presence in other related business areas. As with our previous acquisitions, we financed our purchase with internally generated cash flows and expect them to be accretive to earnings after the completion of the initial integration period."
Hanger Orthopedic Group, Inc., headquartered in Bethesda, Maryland, is the world's premier provider of orthotic and prosthetic patient care services. Hanger is the market leader in the United States, owning and operating 677 patient care centers in 45 states and the District of Columbia, with over 3,500 employees including 1,080 practitioners (as of September 30, 2008). Hanger is organized into four units. The two key operating units are patient care, which consists of nationwide orthotic and prosthetic practice centers, and distribution which consists of distribution centers managing the supply chain of orthotic and prosthetic componentry to Hanger and third party patient care centers. The third is Linkia, which is the first and only provider network management company for the orthotics and prosthetics industry. The fourth unit, Innovative Neurotronics, introduces emerging neuromuscular technologies developed through independent research in a collaborative effort with industry suppliers worldwide. For more information on Innovative Neurotronics, Inc. or the WalkAide(R), visit www.ininc.us. For more information on Hanger, visit http://www.hanger.com.
This document may contain forward-looking statements relating to the Company's revenues, contracts and operations. The United States Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. Statements relating to future revenues, contracts and operations in this document reflect the current views of management. However, various risks, uncertainties and contingencies could cause actual results or performance to differ materially from those expressed in, or implied by, these statements, including the Company's ability to enter into and derive benefits from managed care contracts, the demand for the Company's orthotic and prosthetic services and products and the other factors identified in the Company's periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934. The Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts: Thomas F. Kirk (301) 986-0701 George E. McHenry (301) 986-0701 Kenneth J. Abod (301) 986-0701
|SOURCE Hanger Orthopedic Group, Inc.|
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