Acquisition announced today. Will add $4M to the top line!
Ascendant Solutions, Inc. Announces Completion of First Pharmacy Acquisition by Its Dougherty's Holdings Subsidiary
PR Newswire
Ascendant Solutions, Inc. 1 hour ago
DALLAS, Aug. 5, 2014 /PRNewswire/ -- Ascendant Solutions, Inc. (Pink Sheets: ASDS) ("Ascendant" or the "Company") today announced that its Healthcare subsidiary, Dougherty's Holdings, has acquired Family Pharmacy ("Family"), located in Lewisville, Texas and has combined Family's operations with Dougherty's Pharmacy location at Forest Park Medical Center. Since 2012, Family Pharmacy has provided retail prescriptions to its customers primarily by using state-of-the-art automated compliance packaging not found at most retail pharmacies.
The Family acquisition represents the first step in Ascendant's previously announced growth strategy to acquire well-run independent pharmacies, primarily in Texas and the southwestern U.S. Ascendant expects the Family Pharmacy acquisition to add approximately $4 million in annual revenues to Ascendant's results.
Mark Heil, President and CFO of Ascendant, stated, "We are very excited about the acquisition of Family Pharmacy by our subsidiary, Dougherty's Holdings, and we look forward to expanding revenues and service offerings at Dougherty's Forest Park location. This acquisition fits nicely into our strategy of expanding our retail pharmacy business in the Texas region and also allows us to offer Family's unique multi-dose compliance packaging as an alternative for Dougherty's existing customer base.
"We are confident that Family Pharmacy's customers will be pleased with the additional products and services that Dougherty's will be able to offer them while continuing to provide the personalized customer service they have been receiving."
About Dougherty's Pharmacy
Dougherty's Pharmacy has been the premier pharmacy in Dallas since 1929 offering a wide variety of products and services to customers, including prescriptions, compounds, durable medical equipment, nutritional products, diabetic supplies and a host of other health and wellness products and services.
About Ascendant Solutions, Inc.
Ascendant Solutions, Inc. is a value-oriented investment firm focused on successfully acquiring, managing and growing community-based pharmacies in the Southwest Region. Ascendant currently has approximately $43 million in net operating loss carryforwards which can be used to shelter future income, thus enhancing free cash flow or debt service capabilities. Interested investors can access financials and stock trading information for Ascendant at OTCMarkets.com or at www.ascendantsolutions.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Securities Act of 1933, the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such statements are based upon management's current expectations, projections, estimates and assumptions. These forward-looking statements may be identified by words such as "expects," "believes," "anticipates" and similar expressions. Forward-looking statements involve risks and uncertainties that may cause future results to differ materially from those suggested by the forward-looking statements. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances.
Contacts:
Mark S. Heil
Geralyn DeBusk
President and CFO
Halliburton Investor Relations
972-250-0945
972-458-8000
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