Ascendant Solutions, Inc. Announces Completion of Second Pharmacy Acquisition by Its Dougherty's Holdings Subsidiary
DALLAS, Sept. 3, 2014 /PRNewswire/ -- Ascendant Solutions, Inc. ASDS, +8.09%("Ascendant" or the "Company") today announced that its Healthcare subsidiary, Dougherty's Holdings, has acquired Thrifty Health and Compounding Pharmacy ("Thrifty"), located in Humble, Texas. Since 1978, Thrifty has provided specialized compounded prescriptions to its Houston-area customers, along with a selection of over-the-counter supplements, health consultations and hormone and cholesterol testing.
The Thrifty acquisition represents the next step in Ascendant's previously announced growth strategy to acquire well-run independent pharmacies, primarily in Texas and the southwestern U.S. The Thrifty acquisition is expected to add approximately $2 million in revenues to Ascendant's results on an annual basis.
Mark Heil, President and CFO of Ascendant, stated, "We are very excited to add Thrifty to our family of Dougherty's Pharmacy locations. We look forward to expanding Thrifty's robust compounding business by adding more traditional pharmacy services, including retail prescriptions, durable medical equipment and other health and wellness products. Acquiring this pharmacy located in Humble, Texas fits nicely into our strategy of expanding our retail pharmacy business regionally."
"We are confident that Thrifty Pharmacy's customers will be pleased with the additional products and services that Dougherty's will be able to offer them while continuing to provide the personalized customer service they have been receiving."
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.
Ascendant Solutions, Inc. is a value-oriented investment firm focused on successfully acquiring, managing and growing community-based pharmacies in the Southwest Region. Ascendant currently has approximately $43 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.
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.