HONOLULU, March 16, 2004 (PRIMEZONE) -- American Hospital Resources, Inc. (OTCBB:AMHR) (Berlin (WKN) 913541) announces that it has entered into an agreement with Quantum Pharmacy Alliance to act as consultants in the implementation of American Hospital Resources' pharmacy rollup business model. Quantum is a nationwide purchasing network for independently owned or managed pharmacies with annual pharmaceutical purchases in excess of $150 million. Dr. Robert DellaValle, the founder and president of Quantum Pharmacy Alliance, has over twenty years of senior management experience in both venture backed-private and large public pharmacy outsourcing companies, which includes the management of the acquisition and integration of more than 30 pharmacies and related companies. Dr. DellaValle is one of the best-known and respected operators and executives in the pharmacy-outsourcing industry.
Between 1997 and 1999, Dr. DellaValle founded the Quantum Pharmacy Alliance, a $150 million pharmaceutical purchasing network, Creative Pharmacy Solutions, a pharmacy automation and inventory management company, and, Pharmacy Healthcare Solutions, a pharmacy consulting company and provider of Indigent Drug Outsourcing Services. Pharmacy Healthcare Solutions was successfully sold in June 2000 to Amerisource and Creative Pharmacy Solutions was successfully sold to Integrated Health Services, Inc. in October 2003.
From 1987 through 1996, Dr. DellaValle served as Vice President of Operations and President of the $80 million long-term care and hospital pharmacy management company, Allied Pharmacy Management, Inc. Shortly after Allied's sale in 1996 to Pyxis Corporation, Dr. DellaValle became Executive Vice President and Chief Operating Officer for Capstone Pharmacy (Nasdaq:DOSE), where he was responsible for reorganizing Capstone's purchasing, clinical and information service functions. He was also responsible for driving the acquisition and the associated integration processes that allowed Capstone to complete 15 acquisitions and grow from $60 million to more than $325 million in annual revenue. Dr. DellaValle helped orchestrate Capstone's merger in 1997 with Pharmacy Corporation of America, Inc., a then subsidiary of Beverly Enterprises, Inc., to create the $800 million in revenue company, PharMerica, Inc. While at PharMerica, Dr. DellaValle oversaw all operations and acquisitions that grew PharMerica to be the industry leader with revenue in excess of $1.2 Billion. PharMerica was successfully sold to Bergen Brunswick Corporation in 1999.
Dr. DellaValle earned a Bachelor of Science in Medical Technology from Tennessee Wesleyan College, a Bachelor of Science in Pharmacy from Auburn University and Doctor of Pharmacy from the University of Tennessee.
A key component of the consulting team is the structuring and sourcing of acquisition financing. Through the Quantum agreement, American Hospital Resources will have access to Mr. Gary Himes, Managing Partner of Flatirons Capital Advisors (FCA) and his more than 15 years' experience in healthcare service related merchant and investment banking and lending.
From 1999 to 2002 Mr. Himes was an Investment Officer in the Healthcare Group at CapitalSource LLC, where he completed debt financing transactions for healthcare services companies throughout the U.S. From 1995 to 1999 Mr. Himes was Vice President of Adirondack Capital Advisors and Colman, Furlong and Company where he completed more than $1 billion of healthcare service buyout, merger, acquisitions and divestiture transactions, which included working with Dr. DellaValle as the Director of Acquisitions for PharMerica, Inc. and its predecessor Capstone Pharmacy, Inc. During this time more than 25 long-term pharmacy acquisitions and mergers were completed, growing the company from approximately $60 million in revenue to more than $1.2 Billion before the company was successfully sold to Amerisource Bergen.
From 1993 to 1995 Mr. Himes was an Investment Banking Associate at Prudential Securities, where his work focused on U.S. technology and health care companies. From 1989 to 1991, he was a Strategic Planning Associate with Pilkington Visioncare, Inc. (predecessor to SOLA International, Inc. SOL/NYSE). Preceeding his tenure with Pilkington, he was an Investment Banking Analyst at Prudential-Bache Capital Funding in San Francisco and New York from 1987 to 1989.
Mr. Himes graduated from the University of Colorado and earned an MBA from the Anderson School at UCLA.
American Hospital Resources, Inc. specializes in the acquisition and consolidation of pharmacy outsourcing businesses. AMHR plans to acquire and consolidate pharmacy operations in several regions of the country with a plan to gain labor efficiencies as well as increase its pharmaceutical buying power and enhance its pricing and purchasing terms with the pharmaceutical supply houses.
Except for historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risk and uncertainties, including but not limited to economic, competitive, governmental, political and technological factors affecting the Company's revenues, operations, markets, products and prices and other factors discussed in the Company's various filings with the Securities and Exchange Commission.