SOURCE: American Dental Partners, Inc.
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March 10, 2008 17:11 ET
American Dental Partners Announces Affiliation With Advanced Dental Specialists
WAKEFIELD, MA--(Marketwire - March 10, 2008) - American Dental Partners, Inc. (NASDAQ: ADPI)
announced today that the Wisconsin Dental Group, S.C., the affiliated
practice at Forward Dental, has formed a new affiliated dental group,
Advanced Dental Specialists ("ADS").
The Company entered into a service agreement with Advanced Dental
Specialists, L.L.C., and Wisconsin Dental Group, S.C. contributed its oral
surgery, periodontic, and endodontic practices to ADS. Concurrent with
this transaction, the Company also completed an affiliation with
Christopher J. Meyers, D.D.S., S.C. and Margita U. Meyers, D.M.D., L.L.C.,
acquiring certain non-clinical assets of the two practices. The Meyers
practices generate approximately $2 million of patient revenue annually.
Christopher J. Meyers, D.D.S. is an oral surgeon and has joined ADS.
Margita U. Meyers, D.M.D. is a pediatric dentist and has joined Forward
Dental. As a result of these transactions, ADS will have one oral surgeon,
three endodontists and three periodontists, and Forward Dental will have
five pediatric dentists.
"These transactions represent a strategic move for American Dental
Partners, Forward Dental and Drs. Meyers. We have found it beneficial for
our affiliated dental groups to develop separate specialty practices. This
separation creates capacity in the general practices for additional general
dentistry care, and the establishment of specialty practices allows for the
creation of a separate identity with practices designed to meet the unique
requirements of specialty care," said Gregory A. Serrao, Chief Executive
Officer of American Dental Partners, Inc. "We are pleased Drs. Meyers,
well respected doctors in Milwaukee, have chosen to participate in this
strategic move," Mr. Serrao concluded.
American Dental Partners is one of the nation's leading business partners
to dental group practices. The Company is affiliated with 27 dental groups
which have 242 dental facilities with approximately 2,104 operatories
located in 18 states.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: With the exception of the historical information contained in this
news release, the matters described herein contain "forward-looking"
statements that involve risk and uncertainties that may individually or
collectively impact the matters herein described, including but not limited
to the possibility that we may not realize the benefits expected from our
acquisition and affiliation strategy, economic, regulatory and/or other
factors outside the control of the Company, which are detailed from time to
time in the "Risk Factors" section of the Company's SEC reports, including
the annual report on Form 10-K for the year ended December 31, 2007.