BETHESDA, Md., Oct. 8 /PRNewswire-FirstCall/ -- Hanger Orthopedic Group, Inc. is pleased to announce that it recently acquired Creative Orthotics & Prosthetics, Inc., Custom Orthopedics of Wyoming and certain orthotics and prosthetics assets from the Hospital of the University of Pennsylvania. These acquisitions add patient care centers to existing markets in New York, Wyoming and Pennsylvania.
President and CEO, Thomas F. Kirk stated, "We are extremely pleased to welcome the talented professionals to the Hanger team. They bring outstanding patient care centers in their respective markets and will add value to our core O&P business. As with our previous transactions, they were financed with internally generated cash flows and will be accretive to earnings after completion of the initial integration period."
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 671 patient care centers in 45 states and the District of Columbia, with over 3,700 employees including 1,090 practitioners (as of June 30, 2009). 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®, 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.
Hanger Orthopedic Group, Inc.
CONTACT: Thomas F. Kirk, George E. McHenry, or Kenneth J. Abod, all of
Hanger Orthopedic Group, Inc., +1-301-986-0701
Web Site: http://www.hanger.com/
