Apollo Medical Holdings, Inc., Medical Management Leader, Begins Trading on the OTC-BB
GLENDALE, Calif.--(BUSINESS WIRE)--
Apollo Medical Holdings, Inc. (OTCBB:AMEH), a leading provider of management services to medical groups that provide comprehensive hospital-based medical services, today announced that it completed its reverse merger with Siclone Industries, Inc. on June 13, 2008.
Pursuant to the terms of the merger agreement, Siclone has agreed to change its name to Apollo Medical Holdings, Inc. and Mr. Paul Adams, the former Chief Executive Officer of Siclone, resigned and was replaced by Warren Hosseinion, M.D.
"The successful completion of this transaction coupled with Apollo's common stock listing on the OTC Bulletin Board are both major milestones for us. Our listing on the OTC-BB will provide us with access to new sources of capital with which to grow our company, and greatly enhance our visibility and market awareness of our outstanding services," stated Warren Hosseinion, M.D., Chief Executive Officer of Apollo Medical Holdings, Inc.
"We believe that being a publicly listed company will also enable our affiliated medical groups to continue to recruit and retain the finest hospital-based physicians," stated Adrian Vazquez, M.D., President and Chairman of the Board.
Apollo intends to capitalize on the growing market for hospital-based physicians, such as hospitalists, or physicians with expertise in hospital medicine. There are 4900 acute care hospitals in the U.S., with over 35 million annual admissions. Total U.S. spending on hospital care is over $650 billion dollars, and is expected to increase to $1.3 trillion by 2016. There are tremendous inefficiencies in the delivery of inpatient care as well as an unacceptable rate of hospital errors. Both of these are drivers for the growth of hospital-based medicine. Apollo and its affiliated medical groups have proven expertise in providing excellent and efficient care to hospitalized patients. It is estimated that currently only 40% of hospitals have full-time hospitalists on staff, creating a unique opportunity for Apollo.
The company also announces the following additional executive team members:
Jagdish Belgaum, M.S., Chief Technology Officer: Mr. Belgaum has served as Chief Technology Officer of the company since March, 2007. He is an experienced entrepreneur with over 15 years in the technology industry. Most recently, he served as a founder and key executive of a company providing software solutions to the healthcare industry. Mr. Belgaum holds a M.S. in Computer Science from Bradley University in Peoria, IL and a B.S. in Electronics and Communications Engineering from Kamataka University in India.
Additional information may be found on the company's recent filing on Form 8k.
Safe Harbor Statement
Under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results, performance and achievement in the future to differ materially from forecasted results, performance and achievement. These risks and uncertainties are described in the Company's periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectation.
Source: Apollo Medical Holdings, Inc.
Released September 4, 2008