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NationsHealth Enters Into a Definitive Merger Agreement to be Acquired by ComVest Investment Partners III
Apr 30, 2009 11:41:00 PM
Copyright Business Wire 2009
Email Story Discuss on ZenoBank
View Additional ProfilesSUNRISE, Fla.--(BUSINESS WIRE)-- NationsHealth, Inc. ("NationsHealth") (OTCBB:NHRXE), announced today that it has entered into a definitive merger agreement pursuant to which NationsHealth shall be acquired and taken private by ComVest NationsHealth Holdings, LLC, a wholly-owned subsidiary of ComVest Investment Partners III, L.P. (collectively, "ComVest"), a Florida-based private equity firm. Under the terms of the definitive merger agreement, ComVest will acquire all issued and outstanding shares of common stock of NationsHealth for $0.12 per share in cash, other than certain stockholders and members of NationsHealth management. The proposed transaction is expected to close by the third quarter of 2009.
Glenn Parker, MD, chief executive officer of NationsHealth, said, "This proposed transaction provides NationsHealth the additional capital needed to execute upon its strategic initiatives. Upon completion of the transaction, NationsHealth will become a private company that will provide us greater flexibility to accomplish our long-term plans, and produce a better partnership with our customers, suppliers and employees."
In connection with the transaction, NationsHealth entered into amendments with its credit facility lender and subordinated note holder, pursuant to which both debt facilities will remain in existence on substantially similar terms and conditions following the closing of the transactions contemplated under the definitive merger agreement. Concurrently with the execution of the definitive merger agreement, ComVest has provided NationsHealth a bridge loan in the principal amount of $3.0 million, which will convert into shares of NationsHealth convertible preferred stock at $0.12 per share upon closing of the transaction. ComVest will make an additional $5.0 million investment in NationsHealth at closing in the form of NationsHealth convertible preferred stock at $0.12 per share, the proceeds of which will be used to take NationsHealth private and for general working capital purposes. In addition, ComVest shall have the right to make an additional $2.0 million investment in NationsHealth convertible preferred stock at $0.12 per share for a period of one year following the closing date.
A Special Committee of independent directors and the NationsHealth Board of Directors have approved the definitive merger agreement and recommended to the NationsHealth stockholders that they approve the definitive merger agreement. The NationsHealth Board of Directors, in conjunction with the Special Committee, has carefully considered this offer with the counsel of independent legal and financial advisors and, after extensive negotiations, concluded that this transaction is in the best interest of NationsHealth's stockholders. The transaction, which is expected to close by the third quarter of 2009, is subject to approval by NationsHealth's stockholders, as well as other customary closing conditions. Additionally, stockholders representing over 50% of the issued and outstanding shares of common stock of NationsHealth have entered into a voting agreement in favor of the merger.
Deloitte & Touche Corporate Finance LLC is acting as financial advisor to NationsHealth. Ladenburg Thalmann & Co. Inc. has rendered a fairness opinion in connection with the merger transaction to NationsHealth's Special Committee. Legal counsel to NationsHealth's Special Committee is Broad and Cassel.
Legal counsel to NationsHealth and its Board of Directors is McDermott Will & Emery LLP. Legal counsel to ComVest is Foley & Lardner LLP.
About NationsHealth, Inc.
NationsHealth seeks to improve the delivery of healthcare to Medicare and managed care beneficiaries by providing medical products and prescription related services. NationsHealth provides home delivery of diabetes supplies and insulin pumps, medications and other medical products to patients across the nation. In addition to its medical products business, NationsHealth also provides education, marketing, enrollment and member service to insurers offering Medicare Part D prescription drug plans and other Medicare insurance coverage. NationsHealth has an agreement with CIGNA to service its Medicare Part D prescription drug plans nationally. For more information, please visit http://www.nationshealth.com.
About ComVest:
The ComVest Group is a leading private investment firm focused on providing debt and equity solutions to middle-market companies with enterprise values of less than $250 million. Since 1988, ComVest has invested more than $2 billion of capital in over 200 public and private companies worldwide. Through its extensive financial resources and broad network of industry experts, ComVest is able to offer its companies total financial sponsorship, critical strategic support and business development assistance.
Forward-Looking Statements:
Certain statements in this news release that are not historical fact constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements typically are identified by the use of terms such as "may," "should," "might," "believe," "expect," "anticipate," "estimate" and similar words, although some may be expressed differently. Forward-looking statements in this release include, but are not limited to, statements regarding anticipated benefits of the proposed merger, expected financial benefits to our stockholders, anticipated benefits to our business flexibility, potential benefits to our associates, suppliers and customers, anticipated future financial and operating performance and results, expectations for our products, our positioning in the marketplace and our expected growth.
These statements are based on our management's current expectations. There are a number of risks and uncertainties that could cause our actual results to differ materially. For example, we may be unable to obtain stockholder or regulatory approvals required for the merger. The merger may involve unexpected costs. Our business may suffer as a result of uncertainty surrounding the merger. Certain other risks associated with our business are discussed from time to time in the reports filed by NationsHealth with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the fiscal year ended December 31, 2008, filed by NationsHealth on April 30, 2009. The information set forth herein should be read in light of such risks. NationsHealth cautions investors not to place undue reliance on the forward-looking statements contained herein. These statements speak only as of the date of this press release and, except as required by applicable law, NationsHealth assumes no obligation to update the information contained herein. NationsHealth disclaims any intent or obligation to update these forward-looking statements.
Additional Information and Where to Find It:
In connection with the proposed merger, NationsHealth will file a proxy statement with the Securities and Exchange Commission. INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE, BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders may obtain a free copy of the proxy statement (when available) and other documents filed by NationsHealth at the Securities and Exchange Commission's web site at http://www.sec.gov and on NationsHealth's website at http://www.nationshealth.com.
NationsHealth and its directors, executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies from its stockholders in connection with the proposed merger. Information concerning the interests of NationsHealth's participants in the solicitation will be set forth in NationsHealth's proxy statement relating to the merger when it becomes available.
Source: NationsHealth, Inc.
----------------------------------------------
NationsHealth
Inc.
Sunrise
Tim Fairbanks
954-903-5018
or
ComVest
Daniel Nenadovic
561-868-6060
Company Market Cap 4.3M
YTD Price Performance +328.6%
hey where is everyone.8c x 12c .weeeeeeee
thanks boomerstock
i'm adding you as well
(not much to do but just be peek in every once in a while :)
Tina...good job on the ibox..looks great...best to you
Hi boomer
updated the ibox and looks like we're green again today :)
yup...still in.. recent purchase bot at 2.5c...on the recent plunge.avg down......still under water on this one (8.4c)....but feel totally confident in nationshealth....
didnt have the gnochis to realy pounce it when it was at 3c.
best to you
and happy new year
boomer
just make sure to make it go up and not DOWN :)
Looks good, I will look to add in the new year :)
Yes, very nice
did some work on the ibox
88% up very nice turn of events
weeeeeeeeeeeeeeeeeeee
what a NHRX day :)~
Hi boomer
are you in?
Might need to call them and get an updated share structure
Pink sheets not updated for a while
Transfer Agent
Corporate Headquarters
Continental Stock Transfer
17 Battery Place
New York, NY 10004
Telephone/Fax
T 212.509.4000
F 212.509.5150
E-Mail
General – cstmail @continentalstock.com
Individual – first initial and last name@continentalstock.com
yup...you gotta like it...best to you and all.
any thoughts on today's NHRX trading?
Outstanding Shares
29,318,591 - as of Mar 26, 2008
28,864,909 - as of Aug 12, 2008
Estimated Market Cap
6,450,090 - as of Apr 9, 2008
4,041,087 - as of Sep 10, 2008
Products:
Living with diabetes and managing an active lifestyle has never been easy. But with our convenient home delivery program for diabetes testing supplies,
it just got a little easier. When you choose NationsHealth for your diabetes testing supplies, you can count on the following:
Diabetes testing supplies delivered directly to your home with * no charge for shipping
* No up-front out-of-pocket expenses*
* No insurance claims forms to fill out
* A friendly reminder call when it’s time to place your next order
* Availability of major brand name meters and supplies
* Compliance management programs
* Superior customer value and care
Medical Supplies:
* Canes and Crutches
* Cold Therapy
* Commodes
* Enteral Nutrition
* Erectile Dysfunction Devices
* External Infusion Pumps
* Immunosuppressive Drugs
* Infrared Heating Pad Systems
* Insulin Pumps and Syringes
* Moist Heating Pads
* Oral Anticancer Drugs
* Oral Antiemetic Drugs
* Ostomy Supplies
* Seat Lift Mechanisms
* Surgical Dressings (Wound Care)
* Walkers
Timothy Fairbanks
Chief Financial Officer
NationsHealth, Inc.
13650 NW 8th Street, Suite 220
Sunrise, Florida 33325
Telephone: (954) 903-5018
tfairbanks@nationshealth.com
absolutely no volume for weeks
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NHRX waking up
I'm still holding some shares in this stock
I've sent messages to the company and received one response from them asking me to call and haven't had calls returned so not sure what's going on at this point.
on the bright side, it's up today! lol
Is anyone looking at this stock?..Any updates on this company?
Outstanding shares have decreased since March
from 29,318,591 to 28,864,909
Short Interest:
Sep 11, 2008 - 37,484 - 16.90% Days to Cover - 9.24
Sent an email to the company today- will post response (when/if received).
Investor Contact At NationsHealth:
Bryan Happ, CFO 954-903-5288
NATIONSHEALTH ANNOUNCES 2008 SECOND QUARTER FINANCIAL RESULTS
SUNRISE, Fla. – August 12, 2008 - NationsHealth, Inc. (OTCBB: NHRX) (“NationsHealth” or the “Company”) today announced its financial results for the quarter and six months ended June
30, 2008.
Revenue for the quarter ended June 30, 2008 increased 45% to $24.7 million, compared to $17.0 million for the corresponding period in 2007. Net loss for the quarter ended June 30, 2008 was $1.9 million, or $0.07 per share, compared to a net loss of $0.5 million, or $0.02 per share, for the corresponding period in 2007. Results for the second quarter of 2008 reflect $1.5 million of restructuring costs related to the previously-announced May 2008 corporate restructuring.
Revenue for the six months ended June 30, 2008 increased 35% to $48.1 million, compared to $35.8 million for the corresponding period in 2007. Net loss for the six months ended June 30, 2008 was $3.8 million, or $0.13 per share, compared to a net loss of $1.7 million, or $0.06 per share, for the corresponding period in 2007. In addition to the $1.5 million of restructuring costs incurred during the second quarter of 2008, results for the first six months of 2008 were also impacted by $0.8 million of certain non-recurring costs as well as continued investment in growth initiatives within the Company’s Medical Products segment.
Adjusted EBITDA*, defined as earnings before interest, taxes, depreciation and amortization, stock based compensation and restructuring costs, was $2.7 million for the quarter ended June 30, 2008, compared to adjusted EBITDA of $2.5 million for the quarter ended June 30, 2007.
For the first six months of 2008, adjusted EBITDA was $4.3 million, compared to adjusted EBITDA of $4.0 million for the first six months of 2007.
The Company’s Insurance Services segment contributed profit of $4.6 million for the quarter ended June 30, 2008, compared to profit of $2.7 million for the quarter ended June 30, 2007. For the first six months of 2008, the Insurance Services segment contributed profit of $8.2 million, compared to profit of $4.8 million for the first six months of 2007. The Medical Products segment had a loss of $0.1 million for the quarter ended June 30, 2008, compared to a $1.5 million profit for the quarter ended June 30, 2007. For the six months ended June 30, 2008, the Medical Products segment was breakeven, compared to a $3.1 million profit for the first six months of 2007. As anticipated, results for the Medical Products segment for the 2008 periods were adversely impacted by investments in certain growth initiatives, which have significantly
enhanced this segment's revenue and future profitability prospects. In addition, results were impacted by higher amortization of acquired intangible assets, including those recorded in the Company's acquisition of Diabetes Care & Education, Inc. in the third quarter of 2007. Segment profit and loss, as discussed above, is before allocation of corporate
overhead and other unallocated amounts.
“We are pleased with the results of our growth and patient acquisition strategies, which have enabled us to increase our second quarter revenue from our Medical Products segment by 9%
from the preceding quarter and over 60% from the 2007 second quarter” said Glenn Parker, Chief Executive Officer of NationsHealth. “We look forward to continuing this revenue growth during the second half of 2008, as well as improving our bottom line as we realize the financial impact of our recent corporate restructuring and other cost reductions, with a view towards net income profitability.”
About NationsHealth, Inc.
NationsHealth seeks to improve the delivery of healthcare to Medicare and managed care beneficiaries by providing medical products and prescription related services. NationsHealth
provides home delivery of diabetes supplies and insulin pumps, medications and other medical products to patients across the nation. In addition to its medical products business, NationsHealth also provides education, marketing, enrollment and member service to insurers offering Medicare Part D prescription drug plans and other Medicare insurance coverage. NationsHealth has an agreement with CIGNA to service its Medicare Part D prescription drug plans nationally. For
more information, please visit http://www.nationshealth.com.
https://www.nationshealth.com/pdf/Q2%202008%20Earnings%20FINAL.pdf
I don't have diabetes, but filled out the info to see if I receive anything in the mail
Personal Information
An asterisk (*) designates a required field for enrollment.
First Name * Last Name * Date Of Birth
/ /
Address * City * State * Zip *
Phone Number Email Address Type of Insurance
- - Select Type Medicaid Medicare Other Insurance I do not have Insurance
Yes, you may contact me by phone in order to complete my enrollment. * This serves as my written consent that a representative from NationsHealth can contact me by phone.
Best time to call:
Morning Afternoon Evening Weekends
Yes, I am interested in joining the NationsHealth family. *
(Check all that apply)
Diabetes Supplies Moist Heating Pads Prescription Medication
Ostomy Products Impotence Devices Wound Care Supplies
called the business office 1-800-298-1554
answering service picked up (at least they're still in business lol)
Putting the chart on watch
not quite a pincher yet but looks like it may be forming one
Estimated Market Cap
3,493,287 as of Aug 26, 2008
Outstanding Shares
29,110,722 as of May 13, 2008
whoever turned you on to this unloaded their shares on you.
really? hmmmmm
I traded it and I also have long term investment shares (which aren't looking so good right now)
yup, the shorts
:-0
tell that to the poor sole who bought at 51c
R
O
T
F
Good one
well it is .51 backwards
prints .51 today yowser
Nationshealth (BB) (USBB:NHRX)
Last Price (USD) $ 0.15
Change 0
Bid 0.15
Ask 0.20
Volume -
Day's Range
NHRX +54.55%
.30 x .34
better looking spread now :)
NHRX has been getting someone's attention this week :)
NationsHealth and CIGNA Extend Preferred Vendor Agreement Through 2012
Wednesday May 7, 4:30 pm ET
SUNRISE, Fla.--(BUSINESS WIRE)--NationsHealth, Inc. (OTCBB:NHRX - News) (“NationsHealth” or the “Company”) today announced that NationsHealth and CIGNA have amended and restated the agreement under which the Company provides services for CIGNA’s Medicare Rx Medicare Part D Prescription Drug Plan. The amended and restated agreement extends the term through September 30, 2012, with automatic renewals for additional one-year periods thereafter.
NationsHealth’s Chief Executive Officer, Dr. Glenn M. Parker, commented, “CIGNA's extension of the agreement through 2012 speaks to the relationship’s ongoing success. We are honored to have CIGNA as a major client of our Insurance Services division for years to come, and we look forward to providing CIGNA and their members with continuous service excellence. We hope to build upon this successful collaboration over the next four and half years as CIGNA expands their Medicare product offerings.”
About NationsHealth, Inc.
NationsHealth seeks to improve the delivery of healthcare to Medicare and managed care beneficiaries by providing medical products and prescription related services. NationsHealth provides home delivery of diabetes supplies and insulin pumps, medications and other medical products to patients across the nation. In addition to its medical products business, NationsHealth also provides education, marketing, enrollment and patient service to insurers offering Medicare Part D prescription drug plans and other Medicare insurance coverage. NationsHealth has an agreement with CIGNA to service its Medicare Part D prescription drug plans nationally. For more information, please visit http://www.nationshealth.com.
This press release contains forward-looking statements about NationsHealth, including statements regarding management initiatives and new product and market opportunities, none of which should be construed in any manner as a guarantee that such results will in fact occur. In addition, other written or oral statements that constitute forward-looking statements may be made by us or on our behalf. Forward-looking statements are statements that are not historical facts, and in some cases may be identified by the words “anticipate,” “project,” “expect,” “plan,” “intend,” “may,” “should,” “will,” and similar words or phrases. Such forward-looking statements, based upon the current beliefs and expectations of NationsHealth’s management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: our ability to successfully maintain our Insurance Services segment, our ability to maintain our existing customer base; our dependence on Medicare reimbursement; changes in Medicare and Medicaid and any other state or national-based reimbursement programs, including the results of competitive bidding for durable medical equipment and supplies; our customers’ desire to take advantage of our Part D services; uncertainty in our costs incurred in administering the Part D program; changing interpretations of generally accepted accounting principles; outcomes of government reviews of NationsHealth’s business practices; inquiries and investigations and related litigation; our exposure to product liability in excess of our insurance coverage; continued compliance with government regulations; legislation or regulatory requirements or changes adversely affecting the businesses in which NationsHealth is engaged; timing and market acceptance of new products sold by NationsHealth; our ability to raise the capital we will need to sustain our operations; general economic conditions; and geopolitical events, regulatory changes and other risks and uncertainties described in NationsHealth’s Annual Report on Form 10-K for the year ended December 31, 2007, and NationsHealth’s other reports it has filed with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. NationsHealth cautions investors not to place undue reliance on the forward-looking statements contained herein. These statements speak only as of the date of this press release and, except as required by applicable law, NationsHealth assumes no obligation to update the information contained herein.
Contact:
NationsHealth, Sunrise
Timothy Fairbanks, CFO, 954-903-5018
7-May-2008
Entry into a Material Definitive Agreement, Financial Statements and Exhibits
Item 1.01 Entry into a Material Definitive Agreement.
On May 1, 2008, NationsHealth, Inc. (the "Company") and its indirect wholly-owned subsidiary, United States Pharmaceutical Group, L.L.C. ("USPG"), entered into the Second Amended and Restated Preferred Vendor Agreement with Connecticut General Life Insurance Company ("CIGNA") (the "Second Amendment"). The Second Amendment amends and restates the amended and restated preferred vendor agreement entered into on May 26, 2006. The Second Amendment extended the term of the agreement through September 30, 2012 (the "Term") and automatically renews for additional one-year periods (an "Additional Period") unless any party provides to the other parties notice to terminate not later than July 1 of any Additional Period or the final year of the Term. The Second Amendment continues to be contingent upon the award of Part D contracts to CIGNA by the Centers for Medicare and Medicaid Services' (CMS) and contains customary and usual representations and warranties and indemnification provisions.
Pursuant to the Second Amendment, and through an anticipated transition date of the end of the first quarter of 2009 (the "Transition Date"), USPG will continue to provide CIGNA the same member service activities and selected marketing and enrollment services it currently provides (the "Pre-Transition Services") in connection with CIGNA's Medicare Rx Medicare Part D Prescription Drug Plan ("PDP"). Following the Transition Date, USPG will provide more focused member facing services, including telephonic enrollment, member services, grievance management and billing customer service (collectively, the "Post-Transition Services"), but will no longer provide services relating to membership reconciliation, mail room monitoring and document processing, financial reconciliation, premium billing and collection and member correspondence fulfillment. In connection with the Second Amendment, the compensatory terms related to the Pre-Transition Services have been slightly reduced for the period November 2008 through the Transition Date. Furthermore, the compensation related to the Post-Transition Services will be reduced to reflect the reduction in overall services that USPG will provide to CIGNA.
The Second Amendment permits the Company and USPG to provide the Pre-Transition Services and Post-Transition Services to other Medicare Part D insurers and CIGNA may use other vendors to provide the Services for its Medicare Part D program, provided, however, that CIGNA is required to pay the Company certain fees if CIGNA does not meet (i) specified membership enrollment thresholds, and
(ii) CIGNA does not direct to USPG at least a certain minimum percentage of its total enrollees in the CIGNA PDP.
The Second Amendment will be filed as an exhibit to the Company's quarterly report on Form 10-Q for the quarter ending June 30, 2008, with portions omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment.
The Company issued a press release regarding the foregoing on May 7, 2008, a copy of which is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
We entered into an agreement with CIGNA effective May 5, 2005, with an initial term through December 31, 2009, to provide services to CIGNA in connection with CIGNA's offering of its national Medicare Part D prescription drug plans to Medicare beneficiaries. This arrangement combines CIGNA's pharmacy product portfolio and expertise with regard to clinical management programs and our experience with regard to Medicare and enrolling individual Medicare eligible beneficiaries. Pursuant to this agreement, the services we provided to CIGNA included marketing, insurance agent training and licensing, member enrollment and service, distribution, billing and collections. We trained and developed a team of licensed healthcare insurance agents and began enrolling beneficiaries in CIGNA's Medicare Part D prescription drug plans throughout the United States on November 15, 2005, the first day of open enrollment for the 2006 plan year, and plan benefits began on January 1, 2006.
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Location: Sunrise, FL
Founders: Lewis Stone, 46, Glenn Parker, 43, Robert Gregg, 41
Chart:
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