In a press release issued August 27, 2001, Med
Diversified announced financing commitments in excess of $120 million from the Swiss institution.
On January 8, 2002, Med Diversified announced it had entered into a definitive agreement to acquire Addus Healthcare, Inc.
Based on this discrepancy, and other factors, Med Diversified has decided to proceed with litigation to protect its interests.
At this time, we are negotiating with PIBL to extend the maturity date with a resolution beneficial to both Med Diversified and the PIBL lenders.
On December 27, 2001, Med Diversified announced a $1 billion, gross revenue accounts receivable-based, bond financing facility with Swiss-based Societe Financier du Seujet Limited (SFSL).
TLCS will become a wholly owned subsidiary of Med Diversified, and will continue to be led by the current TLCS management team from its Lake Success headquarters.
Med Diversified is leading a worldwide transition in the medical industry.
These forward-looking statements include assumptions, beliefs and opinions relating to Med Diversified's and TLCS's businesses and growth strategies based upon management's interpretation and analysis of its own contractual and legal rights, management's ability to satisfy industry and consumer needs with its technologies, health-care industry trends, and management's ability to successfully develop, implement, market and/or sell its network transaction processing services, software programs, clinical and financial transaction services, and e-commerce systems to its clientele.
Many known and unknown risks, uncertainties and other factors, including general economic conditions and risk factors detailed from time to time in news releases and the filings of Med Diversified and TLCS with the Securities and Exchange Commission, including TLCS's Annual Report on Form 10-K for the fiscal year ended February 28, 2001, filed with the Securities and Exchange Commission on June 6, 2001 and as amended by a filing on September 27, 2001, may cause these forward-looking statements to be incorrect in whole or in part.
The tender offer statement has been filed by Med
Diversified with the SEC, while the solicitation/recommendation statement will be filed with the SEC by TLCS.
In addition, TLCS has granted Med
Diversified a "top-up option" to purchase sufficient shares to constitute, when combined with the shares tendered in the offer, 90% of TLCS' outstanding common stock at a price of $1.
We are convinced that our partnership with Med
Diversified to introduce their American technologies and clinical protocols to the region will allow UHG to reach more patients in need of treatment and to deliver higher quality post-acute and chronic care, more affordably.