DEERFIELD BEACH, Fla.–(BUSINESS WIRE)–Peer Review Mediation and Arbitration, Inc. (PRVW: OTCBB/PK) announced today the acquisition of Key Vista Associates, Inc. of Boca Raton, FL for cash, restricted stock and a note to launch an internal Medical Enterprise Staffing and Professional Employer Organization (POE).
Peer Review acquired all of the issued and outstanding common stock of Key Vista for $4,188,350 comprised of $113,350 in cash, 200,000 shares of PRVW restricted common stock and a $75,000 note due in quarterly installments commencing January 2011.
“This acquisition will jump start our efforts to service our existing 17,000-plus doctor base and new clients in outsourcing the management of human resources, employee benefits, payroll and workers’ compensation, a major source of physician stress and expense,” Willis Hale, President and CEO of Peer Review said.
“Group and private practice physicians, like most small business owners today, are finding themselves dealing with compliance and buried in additional paperwork stemming from new employee and tax rules attached to health care reform,” he pointed out.
“Once the Key Vista applications are available throughout the PRVW organization, doctors will be able to turn over the ‘business of medicine’ to medical business experts with an arsenal of weapons for innovation, technology and new practice protocols for more efficient and cost effective management,” Mr. Hale concluded.
Key Vista has been in the POE business for five years. They are members of the National Association of Professional Employer Organizations (NAPEO). Key Vista is expected to be fully integrated into the PRVW organization and add immediate revenue as of the fourth quarter.
Peer Review Mediation and Arbitration, Inc. offers attorneys, insurers and healthcare entities access to one of the largest networks of consulting physicians and medical expert witnesses in the United States with more than 17,000 Peer Review Board members encompassing all specialties. Company subsidiaries provide the technology and innovation solutions in addition to the POE services to be provided due to the acquisition of Key Vista.
(The statements which are not historical facts contained in this news release are forward-looking statements that involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company’s filings with the Securities and Exchange Commission.)
Peer Review Mediation and Arbitration, Inc.
Willis Hale, 954-570-7023, Ext. 202
Greg McAndrews & Associates
Gregory A. McAndrews, 310-301-3035