Carolina Complete Health Network, Inc. to Conduct Public Offering of Stock
RALEIGH, N.C., Feb. 23, 2017 (GLOBE NEWSWIRE) — Carolina Complete Health Network, Inc. (CCHN) has been formed as a wholly-owned subsidiary of the North Carolina Medical Society (NCMS) to joint venture with others to create a health plan with a patient-focused approach to Medicaid under the reform plan enacted in the State of North Carolina. CCHN will primarily establish, build and maintain a network of providers to serve this patient-focused Medicaid health plan. The health plan to be created will be physician-led, and will work with the medical provider community statewide to implement value-based models of care.
CCHN has two classes of common stock: Class M Common Stock, which is held by the NCMS, and Class P Common Stock, which CCHN anticipates offering to physicians, nurse practitioners and physician assistants licensed to practice in North Carolina and participating in the network of providers in a public stock offering pursuant to Regulation A of the Securities Act of 1933, as amended. Net proceeds from the offering will be used to capitalize the joint venture company.
Subsequent to the completion of the offering and the closing of the joint venture, the Board of Directors of CCHN is expected to consist of (i) five physicians who are investors in CCHN and who are licensed to practice in North Carolina, (ii) two members of the Board of Directors of the health plan entity, and (iii) two community leaders, one of whom will be a representative of the NCMS.
As previously announced, NCMS, working in conjunction with the North Carolina Community Health Center Association (NCCHCA), and Centene Corporation have entered into a joint venture agreement to collaborate on a patient-focused approach to Medicaid under the reform plan enacted in the State of North Carolina. Centene Corporation is not a party to the stock offering by CCHN.
About the North Carolina Medical Society (NCMS)
The NCMS is the oldest professional member organization in North Carolina, representing physicians and physician assistants who practice in the state. Founded in 1849, the Society seeks to promote access to quality health care for all citizens in North Carolina and champions initiatives that seek to improve quality of care and promote patient safety.
About Carolina Complete Health Network, Inc. (CCHN)
CCHN is a wholly-owned subsidiary of the NCMS formed for the purpose of establishing, building and maintaining a network of providers to serve the patient-focused Medicaid health plan to be created in connection with the joint venture between the NCMS, working in conjunction with the NCCHCA, and Centene Corporation.
CCHN is “testing the waters” under Regulation A under the Securities Act of 1933, as amended, to gauge market demand from potential investors for an offering of securities. No money or other consideration is being solicited, and if sent in response, will not be accepted. No offer to buy the securities can be accepted and no part of the purchase price can be received until an offering statement is filed with, and qualified by, the Securities and Exchange Commission. Any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time before notice of its acceptance given after the qualification date. A person’s indication of interest involves no obligation or commitment of any kind.
This communication contains forward-looking statements. In some cases, you can identify these statements by forward-looking words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “plan,” “expect” or the negative or plural of these words or similar expressions. These forward-looking statements include, but are not limited to, statements concerning the joint venture, the proposed health plan and our expectations about the capitalization, ownership and governance of CCHN. You should not rely upon forward-looking statements as predictions of future events. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, among other things, satisfaction of the conditions to closing of the joint venture transaction. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this communication may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Except as required by law, neither NCMS nor CCHN, nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. NCMS and CCHN undertake no obligation to update publicly any forward-looking statements for any reason after the date of this communication to conform these statements to actual results or to changes in our expectations.
For more information, contact: Elaine A. Ellis Director of Communication and Marketing (919) 833-3836 [email protected]
