U.S. Medical Merges with American Emergicenter

U.S. Medical Enterprises Inc. and American Emergicenter, Inc. of Orange County said Friday that they have agreed to merge under revised the terms.

Santa Monica-based U.S. Medical, which will be the surviving entity, operates seven occupational and ambulatory-care health clinics and one fitness center in Los Angeles and Orange counties. American Emergicenter operates four freestanding emergency centers in Orange County--in the cities of La Habra, Anaheim Hills, La Palma and Orange--under the name Americare 1.

The new agreement, which requires the approval of the boards of both companies and of American Emergicenter’s shareholders, differs from the terms announced in May when the merger agreement in principle was made.

The revised agreement calls for issuance of 407,000 shares of U.S. Medical common stock. An additional 138,687 shares of U.S. Medical common stock could be issued to American Emergicenter’s security holders, contingent on the achievement of certain revenue levels.