BETHESDA, Md., Nov. 28 /PRNewswire-FirstCall/ -- Hanger Orthopedic Group, Inc. (NYSE: HGR) is pleased to announce that it has acquired Stagner Orthopedic Services, Specialized Prosthetic & Orthotic Technologies, Inc., and MHC Prosthetics LLC. These acquisitions will provide Hanger with additional patient care centers in Tennessee, Utah and Maryland, respectively.
Chairman and CEO, Ivan R. Sabel stated, "We are very pleased to welcome the professionals from these acquisitions to our team. The acquisition of these practices strengthens our market positions in Nashville, TN and the Baltimore/Washington, D.C. area and provides us with access to a new market in Salt Lake City, UT. Moreover, these acquisitions were financed with internally generated cash flows and are immediately accretive to earnings. These transactions continue to validate our focused, market-based, acquisition growth strategy for our patient care centers."
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 629 patient care centers in 45 states and the District of Columbia, with over 3,500 employees including 1060 practitioners (as of 9/30/07). 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 http://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.
SOURCE Hanger Orthopedic Group, Inc.