MT Ultimate Healthcare Corp.
OTC Bulletin Board : MTHC

August 08, 2005 09:00 ET

MT Ultimate Healthcare Signs Binding Agreement to Acquire Medical Resource Network

BROOKLYN, NEW YORK--(CCNMatthews - Aug. 8, 2005) - MT Ultimate Healthcare Corp. (OTCBB:MTHC), one of the nation's leading providers of healthcare staffing, specialty allied health, homecare and infusion nursing, announced today that it has signed a binding agreement to purchase the business and assets of Medical Resource Network (MRN), which conducts business under the name Magic Healthcare and is located in Palm Desert, CA. MRN is a division of Diversified Corporate Resources Inc., of Dallas Texas. MRN provides travel and permanent healthcare professionals in the nursing marketplace.

MTHC's, Chairman and CEO MacDonald Tudeme stated, "This is the beginning of our acquisition strategy. Magic Healthcare truly expands our reach into travelling nurse staffing and helps us meet our goal of becoming a one-stop provider of travel healthcare staffing services for our clients. As patient protection measures increase and as more registered nurses and baby boomers reach retirement, we anticipate that the demand for temporary travel nurses will increase substantially."

Mr. Tudeme further stated that, "Cherie A. Tarif, upon closing of the acquisition will become divisional President. She will be overseeing the entire operational aspects of MT Ultimate Healthcare."

Cherie Tarif, BA, CTS, who is MRN's current Regional & Area Vice President, stated, "We anticipate extremely positive feedback from our clients and nurses regarding the transaction. Many of our clients have been requesting help with their allied staffing needs. With MT Ultimate Healthcare Staffing's reputation and market position in allied healthcare staffing, we will be in a great position to fill positions and integrate the corporate New York divisional services of Infusion Nursing, and allied Healthcare Staffing into our Palm Desert, CA location, which is one of several 'projected' locations. Our nurses are also looking forward to additional assignment options we expect from MT Ultimate Healthcare's significant footprint of client facilities across the northeast. Increased assignment choices should enhance our recruitment and retention efforts."

Ms. Tarif continued, "I am excited to being appointed this new role with MT Ultimate Healthcare. Having over 26 years of healthcare experience, and as a former nursing professional, I have worked numerous stressful shifts and I know our clients and nurses will appreciate having a former nurse's voice at the table. MRN has grown dramatically over the years by offering outstanding service. Our honesty, integrity and personal touch help to differentiate us in a very competitive industry. MT Ultimate Healthcare Staffing and MRN share the same core values and I am particularly pleased with the cultural fit between our two organizations."

It is anticipated that growth and efficiencies in management resulting from the acquisition should result in significant revenues in 2006 and beyond. Closing of the transaction is pending due diligence and anticipated to be completed within 90 days.

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications which may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above.

Contact Information

  • MT Ultimate Healthcare Corp.
    Brent Harbar
    Investor Relations
    (250) 361-9460