Secure Horizons, a division of PacifiCare Inc....
Secure Horizons, a division of PacifiCare Inc. of Cypress, has been awarded a Medicare contract allowing Medicare beneficiaries to enroll in its health maintenance organization. Since 1980, Secure Horizons has provided health care benefits to seniors and now serves about 7,000 members in Southern California through its current Medicare supplemental plan.
“We hope to enroll about 30,000 people,” said Joyce Thompson, a company spokeswoman.
She said PacifiCare is taking advantage of recent changes in Medicare regulations which permit seniors to join HMOs. About 20 medical groups and hospitals in Southern California have signed up to offer two forms of the Secure Horizons plan. Both offer comprehensive benefits with no claim forms and no deductibles. Under the plan, Medicare benefits are provided by a Secure Horizons physician group and hospital services are provided by local hospitals.
PacifiCare serves about 105,000 prepaid health plan members in Southern California.
MMI Medical Inc. of Pomona Thursday announced the acquisition of R Squared Scan Systems Inc. of Anaheim for an undisclosed amount of cash and notes.
MMI Medical offers health care providers diagnostic imaging services using equipment transported in specially designed mobile tractor-trailer units. R Squared provides specialized equipment maintenance services to hospitals and other facilities that use computer tomography and X-ray machines.
“The combination of R Squared and MMI Medical creates an organization well suited to service the diverse needs of hospital radiology departments,” said Dudley A. Rauch, president of MMI Medical. “We expected R Squared to add over $4 million revenues for the remainder of the fiscal year ended April 19, 1986.”
R Squared is a privately held company that does not reveal financial data.
For the fiscal year ended May 3, 1985, MMI Medical reported net earnings of $747,000 on revenues of $12.4 million, compared with net income of $1.5 million on revenues of $8.4 million in fiscal 1984.
FDR Service Co. of Tustin has acquired Kalbro Corp., a Morrestown , N.J., its third purchase in a year-long attempt to build up its fledgling computer maintenance and repair business. Terms of the purchase, which was completed earlier this month, were not disclosed.
FDR Service, a unit of American Express, was created in mid-1984 with the purchase of two small service and maintenance operations. According to Thomas Quinn, vice president of sales, the company expects sales this year of about $25 million.
Cogenco Systems Inc. of Irvine purchased an 80% stake in Satco Power Co. of Irvine, in a deal valued at $20 million. Both companies make energy conservation devices for heavy industry.
Terry Young, a major Satco shareholder, said the purchase was partly financed by Sunshine Australia Ltd. of Sydney, Australia, a multimillion-dollar conglomerate headed by Malaysian-Chinese entrepreneur Lee Ming Tee.
Satco, a publicly held company trading for less than $1 per share on the over-the-counter market, holds the rights to an energy-saving system that allows smokestack industries to switch from burning natural gas and oil to powdered coal, a less expensive energy source.
Since 1975, Cogenco has sold heat recovery systems that eliminate sulfur and other emissions from heavy industry smokestacks.
Charlton Associates said it has signed an agreement worth about $7 million over the next two years, which will make it the primary supplier of 5-inch oxide-coated disks used by Quantum Corp. of Milpitas. The closely held Irvine computer disk manufacturer said earlier that it has also signed agreements with Olivetti and Computer Memories Inc. that are expected to exceed $10 million. Charlton had sales of $17.7 million last year, and estimates that it will have sales of $36 to $37 million this year, said Chet Mielcarz, vice president of sales and marketing.
Alpha Microsystems of Santa Ana announced an agreement with Sony Corp. of America, a subsidiary of Sony Corp. of Tokyo, to provide Sony with microcomputers for use with Sony information processing systems. Value of the three-year agreement was not disclosed.
Daniel International, a unit of Fluor Corp. has been awarded a contract by Howard Research and Development Corp., a subsidiary of the Rouse Co. to build a 12-story office building in Columbia, Md. Value of the contract was placed at $8.5 million.
SPI Pharmaceuticals Inc., an affiliate of ICN Pharmaceuticals Inc. in Costa Mesa, said it plans to issue 300,000 shares of common stock in an effort to raise operating cash. The sale is expected to generate between $4 million and $4.5 million. At the same time, the company said stockholders not affiliated with the company’s management intend to sell another 478,666 shares of their stock. The company, which manufactures and sells drugs throughout North America, will not receive any of the proceeds from the sale of the shares by the selling stockholders.
