Hygea Holdings Corp. Receives First $2,000,000 From One Stop Rx
Hygea Holdings Corp. announced today it received a $2,000,0000 installment against a $10,000,000 equity investment from Tampa, Fla.-based One Stop Rx LLC. The deal calls for One Stop to purchase the common shares of Hygea for $0.2175 per share and to invest the entire balance of the $10,000,000 capital infusion in monthly installments by the end of fourth quarter 2014.
Hygea owns and operates integrated medical group practices and independent provider networks with a focus on concierge-level, preventive, primary care. One Stop, part of a national pharmacy group, provides specialty pharmacy services in the Florida market.
"One Stop's investment has strategic value for both parties," said Hygea's CEO, Manuel Iglesias. "In addition to capital resources that will help fuel our growth, this partnership gives us a valuable resource to deliver pharmacy and laboratory services to our integrated group practices – all within a Stark-compliant infrastructure. And for One Stop, Hygea's network of physicians represents a significant new market."
"Between Hygea's integrated group practices and its IPA subsidiary, Palm Medical, we have expanded opportunities to offer our products and services to thousands of new patients," said Christopher Parks, CEO of One Stop Rx.
Hygea will use the capital to accelerate growth, specifically through acquisition of physician practices, IPAs outside of Florida, and other strategic healthcare organizations that support and complement its ability to deliver integrated care. As Hygea continues to expand its network in size and geography, the company will create increased demand for the services provided by One Stop and other members of its participating specialty pharmacy group.
Hygea is a diversified healthcare holding company led by a team of nationally recognized industry leaders with backgrounds in insurance, finance, medicine, and technology. The company owns physician practices, ancillary medical services, such as pharmacy, physical therapy, and diagnostics, as well as a 1,700-doctor independent physician association (IPA). Hygea's business model applies best practices at every stage of healthcare delivery to reduce inefficiencies and improve outcomes, providing seamless care to commercial, Medicare, and Medicaid patients. The Palm Medical Group, a wholly owned subsidiary of Hygea, is a Florida independent provider association (IPA) comprised of more than 1,700 physicians. For more information on both Hygea and Palm, visit www.hygeaholdings.com.
The forward-looking statements contained herein represent Hygea's expectations as of December 27, 2013, and are subject to change after such date. However, Hygea disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
One Stop Rx is part of a nationwide group of specialty pharmacies that operate in over a dozen states including the major markets of Texas, New York, New Jersey, Connecticut and Florida. The Company expresses its mission to help people in its motto; "it's why we do what we do." One Stop's business model impounds the uniqueness of the individual by allowing physicians to customize prescriptions to fit each individual's need. One Stop fulfills each prescription using the finest available ingredients compounded by the best pharmacists.