SOURCE: Sleep Holdings, Inc.

September 26, 2006 09:00 ET

SLEEP HOLDINGS, INC. to Acquire Sleep Technology Institute, LTD in Sugar Land, Texas

DALLAS, TX -- (MARKET WIRE) -- September 26, 2006 -- SLEEP HOLDINGS, INC. (PINKSHEETS: SLHH) Chairman and CEO Roy Mers announced today that SLEEP HOLDINGS, INC. has entered into a letter of intent to acquire Sleep Technology Institute, LTD, located at 20403 University Blvd, Suite 300, Sugar Land, Texas. Sleep Technology Institute of Sugar Land is a state of the art sleep diagnostic center and sleep related medical equipment provider that is headed by Owner and President Kevin Asp, CRT, RPSGT (Registered Polysomnographic Technologist), who is the founder and president of the company. In response to the exponential growth in the industry, Mr. Asp identified the need for on-site formal training for entry-level polysomnographic technologists and so he established Sleep Technology Institute (STI) in 1996. After three years of helping many other hospitals and freestanding sleep centers develop successful sleep disorder programs, Mr. Asp opened his first Independent Diagnostic Sleep Testing Facility in Sugar Land, Texas in 1999. The Sugar Land location is the headquarters and hosts its proprietary IT infrastructure that enables centralized scoring, billing, physician interpretations, and technical support for all its sleep centers in Texas and Alaska. Mr. Asp says that "this is a tremendous opportunity for Sleep Technology Institute's growth into other markets and I believe this will be a great marriage with SLEEP HOLDINGS and its team of professionals, as they implement their growth strategy in the sleep disorders, medicine, diagnostic and therapeutic business." SLEEP HOLDINGS is currently negotiating a definitive agreement with Sleep Technology Institute.

Commenting on the proposed acquisition, Mr. Mers said, "Mr. Asp has built a quality business, with an established client base and a state-of-the-art technology platform in an industry that SLEEP HOLDINGS has a strategic interest in. We are excited about the opportunity to work with Mr. Asp and his staff of experienced professionals."

In further response to the proposed acquisition, Mr. Asp said, "We here at Sleep Technology Institute have found a great partner with impressive resources, expertise, and commitment to the sleep diagnostic industry. These credentials will serve us well as we continue to offer quality service to our clients."

The Business

SLEEP HOLDINGS is a healthcare service provider focused on the rapidly growing market of sleep medicine. The Company is seeking out prospective sellers of sleep diagnostic centers in various markets within the United States and developing relationships necessary to acquire and fully develop sleep diagnostic centers.

The Strategy

SLEEP HOLDINGS intends to grow its revenues by acquiring smaller chains of sleep centers, corporate-owned diagnostic centers, opening new freestanding sleep centers, opening new sleep centers under our management in conjunction with hospital partners, competing to acquire contracts to manage existing hospital sleep centers with established sleep study volume and to increase the internal sales and rental volumes of medical equipment specific to the sleep industry.

SLEEP HOLDINGS' mission is to provide innovative solutions to patients suffering from sleep disorders. We strive to provide the highest standard sleep studies, medical directorship, patient education, and therapeutic recommendations in order to assist patients with an overall improved quality of life.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by safe harbors created hereby. Such forward-looking statements involve known and unknown risks and uncertainties.

Contact Information

  • Contact:
    Investor Relations
    (214) 237-3217