A Medical Device Daily
Southern Home Medical Equipment (SHME; Spartanburg, South Carolina) reported securing funding for its first location of Encore Medical Staffing (Greenville, South Carolina). The amount was not disclosed.
Greg Tucker, president/CEO of Southern Home, said, "Our growth plans are right on target as it pertains to our move into medical staffing."
The company recently reported a development agreement with First Choice Medical Staffing of Louisiana (Medical Device Daily, April 26, 2007), a healthcare staffing company, designed to meet the personnel needs of hospitals, nursing homes, rehabilitation and other facilities.
"First Choice Medical Staffing has a proven business model which capitalizes on one of the fastest growing industries in the country. In their second year of operations, the company generated over $3 million in revenues. We have no plans to change or alter this business model. We simply want to grow it and expand it quickly. We have begun operations under the name Encore Medical Staffing, Inc. in Greenville, South Carolina. Our plans are to expand the business model first in the Southeastern United States and eventually on a national level."
The company said the First Choice agreement allows Southern Home first right of refusal for all markets outside Louisiana.
Southern Home is a holding company with a focus on medical equipment operations in the U.S. Southeast. It said it will be expanding its operations through the acquisition of durable medical equipment companies and via start-ups of additional sites throughout the Southeast.
Health Care REIT (Toledo, Ohio) reported that the company's stockholders voted to increase the number of its shares of common stock from 125 million to 225 million at its annual meeting held last week.
The company said it will reconvene the meeting this coming Friday to consider a proposal to amend the company's certificate of incorporation to increase the number of shares of preferred stock from 25 million to 50 million. No other business is scheduled.
With respect to the proposal, management said the move will give the company greater flexibility in future transactions, or other corporate purposes. The company said it will use the increased number of shares for capital formation rather than anti-takeover purposes so that any series of the new shares will not have voting power that exceeds the shares' economic interest in the company,
Health Care REIT invests in senior housing and healthcare real estate, including independent living/continuing care retirement communities, assisted living facilities, skilled nursing facilities, hospitals, long-term acute care hospitals and medical office buildings.