Ascendant Solutions, Inc. Announces Completion of Fourth Pharmacy Acquisition by Its Dougherty's Holdings Subsidiary
DALLAS, June 29, 2015 /PRNewswire/ -- Ascendant Solutions, Inc. (Pink Sheets: ASDS) ("Ascendant" or the "Company") today announced that its Healthcare subsidiary, Dougherty's Holdings, has acquired The Medicine Shoppe pharmacy ("McAlester") located in McAlester, Oklahoma. For more than 25 years, this premier community-based pharmacy has provided retail prescriptions, non-sterile compounded prescriptions and home health products for customers in and around the McAlester area.
The McAlester pharmacy acquisition is expected to add approximately $3 million in revenues to Ascendant's 2015 results and $6 million in annual revenues to Ascendant's results on a full year basis. In total, Ascendant's four recent acquisitions (including McAlester) should boost sales for Dougherty's Holdings 45 percent to over $42 million in 2015, compared to 2014 sales of $29 million.
Mark Heil, President and CFO of Ascendant, stated, "We are very fortunate to add The Medicine Shoppe pharmacy in McAlester, Oklahoma, to our family of Dougherty's Pharmacy locations. Given its excellent reputation as the premier independent pharmacy in McAlester, we intend to continue to operate this pharmacy under The Medicine Shoppe name. As with previous acquisitions, we look forward to expanding McAlester's robust retail business and continuing the long-standing tradition of service that The Medicine Shoppe has provided to the McAlester area for over 25 years. This pharmacy's long history of providing outstanding customer service to 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 five 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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