Crdentia Corp (CRDT.OB), a leading healthcare staffing company, announced that the company has fully completed the acquisition of ATS Health Services. ATS Health services is a company dedicated to providing temporary nurse and allied health staffing services to hospital, private practice, clinic, home care, corporate and occupational facilities in large metropolitan areas located in Florida, Georgia and North Carolina. Under the terms of this agreement, the acquisition was completed for $3.3 million in cash and 2.1 million shares of the Company’s common stock valued at $700,000.
ATS Health Services, currently based in Jacksonville, Florida, has six offices in Florida, one in Georgia, and one in North Carolina. However, ATS Health has definitive plans to expand in the near future, adding five additional cities in Florida to fit the company’s business model. Tim Jones, President of ATS Healthcare Services, has joined Crdentia’s senior management team and will be responsible for overseeing the acquired operations.
Furthermore, this acquisition increases the Company’s revenue base by 35%, allowing Crdentia a greater penetration of critical markets in their sector. The company believes that the acquisition will allow:
1) Provide critical mass to the Company’s overall operations
2) An increase of operating and EBITDA margins
3) Improve the company’s ability to continue to attract large national and regional contracts to add to the newly combined businesses
“I am very pleased to announce Crdentia’s acquisition of ATS Health Services,” said Crdentia’s Chief Executive Officer John Kaiser. “ATS Health Services is a well-run company operating in attractive markets with a strong reputation and an impressive customer base- all qualities we look for in potential acquisition targets. The southeastern U.S. has an attractive demographic makeup for our service offerings, and we are excited about this new acquisition, which immediately gives Crdentia a strong market share position and broad coverage throughout the southeastern market.”
The CEO continued to say, “the far greater presence throughout the Southeast region gained with this acquisition will allow Crdentia the ability to offer a much broader area of coverage for our Travel Nurse Division. Also, the Company gains a diversified customer mix including hospital-based nursing, allied healthcare, home healthcare nursing, upon which it will be able to add additional large regional and national contracts. I believe we can take the combined companies to the next level of growth while further establishing the Crdentia footprint in the Sun Belt region.”
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