SPARTANBURG, S.C., Dec. 20, 2006 (PRIME NEWSWIRE) -- Southern Home Medical Equipment, Inc. (Pink Sheets:SHMM) announced today the signing of a letter of intent to purchase Mobile Healthcare, Inc. Mobile Healthcare, Inc. is a durable medical equipment company located in Greenville, S.C. The company will finish 2006 with approximate revenues of $850,000.00.
Projected revenues for 2007 are $1,100,000.00. Mobile Healthcare has a primary focus on wheelchairs and other mobility products. Greg Tucker, President of Southern Home Medical stated, "We are looking forward to what Mobile Healthcare and their management teams bring to the table. This group has significant market share within their operating area."
Southern Home Medical is a durable medical equipment operation formed in January 2005, with its principal place of business located in Spartanburg, S.C. Southern Home Medical will be expanding its operations through the acquisition of existing "DME" companies and through the start up of additional sites in strategic locations throughout the southeastern United States. Southern Home Medical will provide "in-home" and nursing home patients with a complete line of medical equipment to include: oxygen concentrators, semi-electric beds, wheelchairs, CPAPs, BiPAPs, enteral tube feeding, etc.
Mr. Tucker also stated, "Mobile Healthcare, Inc. will be the first of many acquisitions to come and we are extremely pleased to have them joining our team."
Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such proclamations about the Company's future expectations, including future revenues and earnings and all other forward-looking statements be subject to the safe harbors created thereby. Southern Home Medical Equipment, Inc. depends on outside resources to maintain its continuation. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.