Ascendant Solutions, Inc. Announces Completion of Fifth Pharmacy Acquisition by Its Dougherty's Holdings Subsidiary
DALLAS, Aug. 31, 2015 /PRNewswire/ -- Ascendant Solutions, Inc. (Pink Sheets: ASDS) ("Ascendant" or the "Company") today announced that its Healthcare subsidiary, Dougherty's Holdings, has acquired Springtown Drug ("Springtown") located on the downtown square of Springtown, Texas, just north of Fort Worth. For more than 35 years, this community-based pharmacy has provided retail prescriptions, healthcare products and gifts for the hometown residents of Springtown.
The Springtown pharmacy acquisition is expected to add approximately $1.3 million in revenues to Ascendant's 2015 results and $4 million in annual revenues to Ascendant's results on a full year basis. In total, Ascendant's five recent acquisitions (including Springtown) should boost sales for Dougherty's Holdings by 50 percent to over $43 million in 2015, compared to 2014 sales of $29 million.
Mark Heil, President and CFO of Ascendant, stated, "With the addition of Springtown Drug to our family of Dougherty's Pharmacy locations, we are continuing to lay the foundation for our future growth in the independent pharmacy industry. Springtown Drug has a long history of providing excellent personalized service to the citizens of that community. As with previous acquisitions, we look forward to expanding Springtown's retail business and continuing the store's long-standing tradition of providing outstanding customer service. This pharmacy's long history of meeting the healthcare needs of its community aligns perfectly with the tradition of service that Dougherty's Pharmacy has provided in Dallas, Texas, for almost a century."
About Dougherty's Pharmacy
Dougherty's Pharmacy has been the premier pharmacy in Dallas since 1929, offering a wide variety of products and services to customers, including prescriptions, compounds, durable medical equipment, nutritional products, diabetic supplies and a host of other health and wellness products and services.
About Ascendant Solutions, Inc. and Its Healthcare Subsidiary, Dougherty's Holdings, Inc.
Ascendant Solutions, Inc. is a value-oriented investment firm focused on successfully acquiring, managing and growing community-based pharmacies in the Southwest Region under its Healthcare subsidiary, Dougherty's Holdings, Inc. Dougherty's Holdings currently owns and operates six pharmacies in Texas and Oklahoma. Ascendant currently has approximately $42 million in net operating loss carryforwards which can be used to shelter future income, thus enhancing free cash flow or debt service capabilities. Interested investors can access financials and stock trading information for Ascendant at OTCMarkets.com or at www.ascendantsolutions.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Securities Act of 1933, the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such statements are based upon management's current expectations, projections, estimates and assumptions. These forward-looking statements may be identified by words such as "expects," "believes," "anticipates" and similar expressions. Forward-looking statements involve risks and uncertainties that may cause future results to differ materially from those suggested by the forward-looking statements. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances.
SOURCE Ascendant Solutions, Inc.
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