Pinnacle Environmental Inc., 774 S. 500 West, has completed the acquisition of Professional Medical Services and its affiliated companies that manufacture and market prepackaged sterile medical products and supplies used in diagnostic, surgical and other medical procedures.
Rex Crosland, Pinnacle chairman and president, said the acquisition is a significant chapter in his company's growth and doubles its current revenue. He said the purchase will complement Pinnacle's subsidiary, EnviroPak Medical Products Inc., that recently was organized to market and service sterile, prepackaged, reusable medical products.The acquisition was made for cash and 600,000 shares of Pinnacle common stock, which last Friday closed at $7.25 per share. Professional Medical Services will operate under the new name of Pro Med International Inc. as a wholly owned subsidiary of Pinnacle. Professional Drape Co. will operate under its existing name as a separate entity under Pinnacle.
Crosland said the Professional Medical Services corporate group reported gross sales of $6.9 million and a net profit of $508,000 during 1990.