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Harmony to Provide Behavioral Healthcare Services to 3,300 Members
PEABODY, Mass., April 14 -- PHC, Inc., d.b.a. Pioneer Behavioral Health (OTC Bulletin Board: PIHC - News), a leading provider of inpatient and outpatient behavioral health services, announced today that its Harmony Healthcare division has been awarded the Employee Assistance Program (EAP) and Behavioral Healthcare Program contract by the Teamsters Security Fund (TSF) for Southern Nevada, Local 14. Harmony has been providing interim services since October 2003. The new two year contract will go into effect on June 1, 2004 and will provide approximately $200,000 in incremental annual revenues to PHC. This is the first Taft-Hartley contract awarded to Harmony.
The Local 14 includes 3,300 members in Southern Nevada, a highly unionized region of the United States.
Bruce A. Shear, Chairman and Chief Executive Officer of Pioneer Behavioral Health, commented, "This represents a tremendous opportunity for Harmony and Pioneer, and a great benefit for the members of this union. As the first union carve-out contract for the Company, this could potentially open the door for substantially more future union business. Harmony is well positioned to provide exceptional behavioral health services to union members, and we look forward to a long and healthy relationship with this organization."
About Pioneer Behavioral Health
Pioneer Behavioral Health contracts with national insurance companies, major transportation and gaming companies to provide behavioral health services. Pioneer also owns and operates Wellplace.com, a leading provider of Internet and 24/hr telephonic based behavioral health services to consumers and other segmented populations, and Pioneer Pharmaceutical Research, a growing clinical trials company. For more information visit www.phc-inc.com or www.haydenir.com.
This press release may include forward-looking statements that are subject to risks and uncertainties. Forward-looking statements include information about possible or assumed future results of the operations or the performance of the company and its future plans and objectives. Various future events or factors may cause the actual results to vary materially from those expressed in any forward-looking statements made in this press release (or during this conference call). These factors and risks are discussed in the company's annual report on Form 10-KSB for the years ended June 30, 2000 and 2001, copies of which were filed with the Securities and Exchange Commission, and in our quarterly reports on Form 10-Q filed with the Securities and Exchange Commission since October 2001.
For further information please contact: Bruce A. Shear of PHC, Inc., +1-978-536-2777; or Matthew Hayden of Hayden Communications, Inc., +1-843-272-4653, for PHC, Inc.