BETHESDA, Md., Sept. 11 Hanger Orthopedic Group,Inc. (NYSE: HGR) is pleased to announce that it has acquired AdvancedProsthetics of America, Inc., Manhasset Orthotics-Prosthetics, Ltd., andCustom Design Orthotic & Prosthetic. These acquisitions add patient carecenters to existing markets in Florida, New York and Ohio.
President and CEO, Thomas F. Kirk stated, "We are very pleased to welcomethe professionals of these acquisitions to our team. These transactionsfurther our acquisition strategy of targeted densification in our existingmarkets. As with our previous acquisitions, we financed our purchase withinternally generated cash flows and expect them to be accretive to earningsafter the completion of the initial integration period."
Hanger Orthopedic Group, Inc., headquartered in Bethesda, Maryland, is theworld's premier provider of orthotic and prosthetic patient care services.Hanger is the market leader in the United States, owning and operating 661patient care centers in 45 states and the District of Columbia, with over3,500 employees including 1,060 practitioners (as of June 30, 2007). Hangeris organized into four units. The two key operating units are patient care,which consists of nationwide orthotic and prosthetic practice centers, anddistribution which consists of distribution centers managing the supply chainof orthotic and prosthetic componentry to Hanger and third party patient carecenters. The third is Linkia, which is the first and only provider networkmanagement company for the orthotics and prosthetics industry. The fourthunit, Innovative Neurotronics, introduces emerging neuromuscular technologiesdeveloped through independent research in a collaborative effort with industrysuppliers worldwide. For more information on Innovative Neurotronics, Inc. orthe WalkAide(R), visit http://www.ininc.us. For more information on Hanger,visit http://www.hanger.com.
This document may contain forward-looking statements relating to theCompany's revenues, contracts and operations. The United States PrivateSecurities Litigation Reform Act of 1995 provides a "safe harbor" for certainforward-looking statements. Statements relating to future revenues, contractsand operations in this document reflect the current views of management.However, various risks, uncertainties and contingencies could cause actualresults or performance to differ materially from those expressed in, orimplied by, these statements, including the Company's ability to enter intoand derive benefits from managed care contracts, the demand for the Company'sorthotic and prosthetic services and products and the other factors identifiedin the Company's periodic reports on Form 10-K and Form 10-Q filed with theSecurities and Exchange Commission under the Securities Exchange Act of 1934.The Company disclaims any intent or obligation to update publicly theseforward-looking statements, whether as a result of new information, futureevents or otherwise.
SOURCE Hanger Orthopedic Group, Inc.