ADAC Laboratories
This article was originally published in The Gray Sheet
Executive Summary
Enters agreement with Community Health Computing Corp., a Houston, Texas-based information systems firm, under which ADAC will loan CHCC up to $3.5 mil. The loan must be repaid by Dec. 31, and will allow CHCC to "meet certain short-term obligations while ADAC and CHCC pursue the possibility of additional relationships," ADAC says. In addition, ADAC reports that it has obtained a three year option to acquire about 4.8 mil. shares in CHCC for 30 cents per share. Recently, CHCC has been trading on NASDAQ for around $1 per share. ADAC is working to expand its health care information business, which is currently focused on the radiology area, and says that "any future relationship with CHCC would be consistent with that plan." The company notes that CHCC has a "large installed base" of systems, particularly in the laboratory information systems field. In addition, CHCC is developing the LabStat open architecture laboratory information system