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AMN Healthcare Services Acquires Rx Pro Health and Pharmacy Choice

May 21, 2007
Leader in Healthcare Staffing Further Expands Its Staffing Solutions
San Diego, CA
NYSE:AHS

SAN DIEGO, May 21, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- AMN Healthcare Services, Inc. (NYSE: AHS), the nation's largest healthcare staffing company, is pleased to announce the acquisition of Rx Pro Health, Inc. and Pharmacy Choice, Inc. ("Rx Pro Health"), leading providers of pharmacy staffing, workforce technology solutions, and on-line educational services for hospital-based and retail pharmacies and pharmaceutical companies. The total cash consideration of up to $17.3 million consists of an initial purchase payment and potential additional earn-out payments through 2009. The company expects to finance the acquisition using cash on hand.
"Rx Pro Health is an innovator and leader in the pharmacy staffing industry and its addition to the AMN organization fits perfectly into our strategy of continuing to offer the most comprehensive clinical staffing solutions to our clients," said Susan Nowakowski, President and CEO of AMN Healthcare. "The founders, Stephen Croke and Richard Barnhart, and the entire team at Rx Pro Health are very entrepreneurial and we share similar values and a passionate commitment to providing innovative staffing solutions and best-in class service to all we serve."

"Our industry leading Web portal and job board have played a vital role in changing the way that leading pharmacy and pharmaceutical companies recruit, staff and train pharmacists, pharmacy directors, students, technicians, and other healthcare professionals," said Stephen Croke, President and co-founder of Rx Pro Health. "I'm confident that with this combination we'll have the flexibility and resources needed to continue our innovation and pursue new market opportunities for our company and pharmacist associates."

Rx Pro Health will continue to retain its distinct brand identities and Web portal presence, strengthening and complementing AMN Healthcare's comprehensive portfolio of healthcare staffing services. Rx Pro Health will continue to be based in Denver, Colorado, and the founders and senior management team are expected to continue to lead and build the company under AMN Healthcare's nurse and allied healthcare staffing segment. The acquisition is expected to have a neutral effect on the company's earnings per share in 2007 and to be accretive beginning in 2008.

About AMN Healthcare

AMN Healthcare Services, Inc. is the largest temporary healthcare staffing company in the United States. The company is the largest nationwide provider of travel nurse staffing services, locum tenens staffing services (temporary physician staffing) and physician permanent placement services, and also a leading nationwide provider of allied healthcare staffing services. AMN Healthcare recruits healthcare professionals both nationally and internationally and places them on variable lengths of assignments and in permanent positions at acute-care hospitals, physician practice groups and other healthcare facilities throughout the United States. For more information, visit www.amnhealthcare.com.

About Rx Pro Health

Rx Pro Health, Inc. is a leading provider of pharmacy staffing, workforce technology solutions, and on-line educational services for hospital-based and retail pharmacies and pharmaceutical companies. Through the use of proprietary software and technology, the company offers the most comprehensive suite of employment related services and solutions available to pharmacists, pharmacies, pharmaceutical distributors and pharmaceutical manufacturers. The company operates under the brands of Rx Pro Health(SM) (www.rxprohealth.com), Pharmacy Choice(R) (www.pharmacychoice.com), RxCareerCenter(R) (www.rxcareercenter.com), and RxSchool(R) (www.rxschool.com).

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The company based these forward-looking statements on its current expectations and projections about future events. Actual results could differ materially from those discussed in, or implied by, these forward-looking statements. Forward-looking statements are identified by words such as "believe," "anticipate," "expect," "intend," "plan," "will," "may" and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. The following factors could cause the company's actual results to differ materially from those implied by the forward-looking statements in this press release: the company's ability to continue to recruit qualified temporary and permanent healthcare professionals at reasonable costs; the company's ability to retain qualified temporary healthcare professionals for multiple assignments at reasonable costs; the company's ability to attract and retain sales and operational personnel; the company's ability to enter into contracts with hospitals, healthcare facility clients, affiliated healthcare networks and physician practice groups on terms attractive to the company and to secure orders related to those contracts; the company's ability to demonstrate the value of its services to its healthcare and facility clients; changes in the timing of hospital, healthcare facility and physician practice group clients' orders for temporary healthcare professionals; the general level of patient occupancy at hospital and healthcare facility clients' facilities; the overall level of demand for services offered by temporary and permanent healthcare staffing providers; the ability of hospital, healthcare facility and physician practice group clients to retain and increase the productivity of their permanent staff; the variation in pricing of the healthcare facility contracts under which the company places temporary healthcare professionals; the company's ability to successfully implement its strategic growth, acquisition and integration strategies; the company's ability to leverage its cost structure; access to and undisrupted performance of the company's management information and communication systems; the effect of existing or future government legislation and regulation; the company's ability to grow and operate its business in compliance with legislation and regulations; the challenge to the classification of certain of the company's healthcare professionals as independent contractors; the impact of medical malpractice and other claims asserted against the company; the impact on the company's earnings related to share-based payment awards due to changes in accounting rules; the disruption or adverse impact to the company's business as a result of a terrorist attack; the company's ability to carry out its business strategy and maintain sufficient cash flow and capital structure to support its business; the loss of key officers and management personnel that could adversely affect the company's ability to remain competitive; the effect of recognition by the company of an impairment to goodwill; and the effect of adjustments by the company to accruals for self-insured retentions. Other factors that could cause actual results to differ from those implied by the forward-looking statements contained in this press release are set forth in the company's Annual Report on Form 10-K for the year ended December 31, 2006, its Quarterly Report on Form 10-Q, and its Current Reports on Form 8-K. These statements reflect the company's current beliefs and are based upon information currently available to it. Be advised that developments subsequent to this press release are likely to cause these statements to become outdated with the passage of time.


SOURCE AMN Healthcare Services, Inc.

David C. Dreyer, Chief Financial Officer, or Christopher Schwartz, Vice President, Financial Reporting and Investor Relations, both of AMN Healthcare Services, Inc., 866-861-3229

http://www.rxprohealth.com 
 
 

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