Addus HomeCare Broadens Presence in Growing Southeast Homecare Market
PALATINE, Ill., Aug. 18 Addus HomeCare Corporation (Nasdaq: ADUS), a comprehensive provider of home-based social and medical services, announced today the award of three new contracts that broaden its presence in the growing Southeast market.
Addus was the successful bidder for the three new contracts to provide in-home care under a combination of state and federal funding sources in three North Carolina counties. These contracts, which run through June 2011 and are renewable on an annual basis, are expected to add more than 100 consumers, in aggregate, to the Company. Addus also recently opened a new office in Gulfport, Mississippi, marking the Company's entry into its 19th state.
Mark Heaney, President and Chief Executive Officer of Addus HomeCare, said, "The new contract awards in North Carolina build on our existing presence in the State, and we are pleased to have been selected as the provider of choice in a competitive bidding process. In Mississippi, we recently received our Medicaid provider number and have already begun offering services to consumers. Combined with our recently announced acquisition of Advantage Health Systems, which has offices in South Carolina and Georgia, and our expanding business in Alabama, we now have a strong and growing presence in the Southeast market. Favorable demographics, coupled with developing in-home care programs, align for an excellent opportunity for Addus to grow its business in this region."
Addus is a comprehensive provider of a broad range of social and medical services in the home. Addus' services include personal care and assistance with activities of daily living, skilled nursing and rehabilitative therapies, and adult day care. Addus' consumers are individuals with special needs who are at risk of hospitalization or institutionalization, such as the elderly, chronically ill and disabled. Addus' payor clients include federal, state and local governmental agencies, the Veterans Health Administration, commercial insurers and private individuals. Addus has over 13,000 employees that provide services through more than 130 locations across 19 states to over 24,000 consumers. For more information, please visit www.addus.com.
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by words such as "continue," "expect," and similar expressions. Forward-looking statements involve a number of risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements, including the expected benefits and costs of acquisitions, management plans related to acquisitions, the possibility that expected benefits may not materialize as expected, the failure of a target company's business to perform as expected, Addus HomeCare's inability to successfully implement integration strategies, Addus HomeCare's inability to add new consumers, changes in reimbursement, changes in government regulations, changes in Addus HomeCare's relationships with referral sources, increased competition for Addus HomeCare's services, increased competition for joint venture and acquisition candidates, changes in the interpretation of government regulations, and other risks set forth in the Risk Factors section in Addus HomeCare's Prospectus, filed with the Securities and Exchange Commission on October 29, 2009, in Addus HomeCare's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 29, 2010 and in Addus HomeCare's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on August 10, 2010, each of which is available at http://www.sec.gov. Addus HomeCare undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Contacts: Amy Glynn / Nick Laudico The Ruth Group Phone: (646) 536-7023 /7030 Email: firstname.lastname@example.org Email: email@example.com Media Contact: Jason Rando The Ruth Group Phone: (646) 536-7025 Email: firstname.lastname@example.org
SOURCE Addus HomeCare Corporation
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