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0000950144-08-003106.txt : 200804240000950144-08-003106.hdr.sgml : 2008042420080424130707ACCESSION NUMBER:0000950144-08-003106CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:19CONFORMED PERIOD OF REPORT:20080423ITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20080424DATE AS OF CHANGE:20080424

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:Pet DRx CORPCENTRAL INDEX KEY:0001331931STANDARD INDUSTRIAL CLASSIFICATION:AGRICULTURE SERVICES [0700]IRS NUMBER:562517815STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:000-51596FILM NUMBER:08773800

BUSINESS ADDRESS:STREET 1:8000 TOWERS CRESCENT DRIVE, SUITE 1300CITY:VIENNASTATE:VAZIP:22182BUSINESS PHONE:703-448-7688

MAIL ADDRESS:STREET 1:8000 TOWERS CRESCENT DRIVE, SUITE 1300CITY:VIENNASTATE:VAZIP:22182

FORMER COMPANY:FORMER CONFORMED NAME:Echo Healthcare Acquisition Corp.DATE OF NAME CHANGE:20050630

8-K1g12964e8vk.htmPET DRX CORPORATION - FORM 8-K

PET DRx CORPORATION - FORM 8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April24, 2008

Pet DRx Corporation

(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of
incorporation)

000-51596
(Commission File
Number)

56-2517815
(I.R.S. Employer Identification
No.)

215 Centerview Drive
Suite360
Brentwood, Tennessee 37027
(Address of principal executive offices)

(615)369-1914
(Registrants telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy thefiling obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule425 under the Securities Act.

o Soliciting material pursuant to Rule14a-12 under the Exchange Act.

o Pre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act.

o Pre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act.

Item7.01 RegulationFD Disclosure.

Gregory Eisenhauer, Chief Financial Officer of Pet DRx Corporation (the Company) will bemeeting with investors in connection with the LD MICRO Conference on April29, 2008 at the Omni LosAngeles Hotel in Los Angeles, California. A copy of the presentation to be used in the meeting isfurnished as Exhibit99.1 to this Report. The Company is scheduled to present at the one dayconference at 5:00 p.m., Pacific Time.

Item9.01 Financial Statements and Exhibits.

(d)Exhibits

99.1 Pet DRx Corporation Investor Presentation.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has dulycaused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PET DRX CORPORATION

By: /s/ Gregory Eisenhauer

Name: Gregory Eisenhauer

Date: April 24, 2008 Title: Chief Financial Officer

Date: April 24, 2008

EX-99.12g12964exv99w1.htmEX-99.1 PET DRX INVESTOR PRESENTATION

EX-99.1 PET DRx INVESTOR PRESENTATION

Exhibit 99.1

Pet DRx Corporation

Investor Presentation

OTC/BB: PDXC

April 23-24, 2008

1

Safe Harbor

This presentation includes actual and pro forma financial information that reflects themerger of XLNT Veterinary Care, Inc. into a wholly-owned subsidiary of Pet DRxCorporation (formerly known as Echo Healthcare Acquisition Corp.), which was completedon January 4, 2008. Please see the Company's Current Report on Form 8-K/A filed withthe SEC on April 4, 2008 for additional information.

Certain matters discussed in this presentation, including statements as to the expectedoperations of Pet DRx Corporation, future product and service offerings and anticipatedbenefits of the merger, among others, are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results todiffer materially, including, but not limited to, the ability of the Company to successfullyacquire, integrate and operate veterinary hospitals and clinics, requirements or changesaffecting the businesses in which the Company is engaged, veterinary services trends,including factors affecting supply and demand, dependence on acquisitions for growth,labor and personnel relations, changing interpretations of generally accepted accountingprinciples and other risks detailed from time to time in the Company's SEC reports,including its Current Report on Form 8-K/A filed on April 4, 2008, its RegistrationStatement on Form S-4, as amended, filed on November 8, 2007 and all future reports onForms 10-Q and 10-K. These forward-looking statements speak only as of the datehereof. The Company disclaims any intention or obligation to update or revise anyforward-looking statements.

April 2008

2

Our Company

Provider of primary and specialty veterinary care services tocompanion animals through a network of fully-owned veterinaryhospitals

Currently own and operate 26 veterinary hospitals in the state ofCalifornia, acquired 2004-2007

A differentiated "hub-and-spoke" model

Full range of medical treatments

Primary and Preventive care

Vaccinations

Examinations

Spaying / neutering

Dental care

Specialized diagnostic/medical services

X-ray Ophthalmology

Ultrasound Dermatology

Neurology Oncology

Internal medicine Neurology

Surgery

Cardiology

April 2008

3

Investment Highlights

Large and growing veterinary market with positivefundamentals

Acquisition/consolidation strategy drives near-termrevenue and margin expansion

"Hub-and-Spoke" model generates operationalsynergies and above-market margins

Management team with track record of success

Financial resources sufficient to achieve near-termgrowth plan

April 2008

4

Large and Growing Market

Large and Growing Market

Source: American Pet Products Manufacturers Association, Inc.

Source: American Veterinary Medical Association ("AVMA") U.S. Pet Ownership & DemographicsSourcebook (2002 Edition). 2006 estimate per APPMA 2005/2006 National Pet Owners Survey.

Veterinary Healthcare Spending: 1991-2006

9.7% CAGR

$ in billions

$ in billions

U.S. Household Pet Ownership

April 2008

5

Positive Fundamentals Create Opportunity

Favorable pet ownership and care trends

Household pet ownership increased from 54% to 63% since mid-1990s

Medical technology driving increased spending

Migration of human technology to pet care sector

Spending on animal surgery doubled from 2000 to 2004

Primarily cash business, recession resistant

Offer more complex services and advanced medicaltechnology

April 2008

Recession Resistant

Recession Resistant

7

Consolidation: Revenue/Margin Expansion

Fragmented ownership supports acquisition strategy

Top 5 operators own only 5.5% of 22,000 hospitals

41% of veterinarians are in a 1-2 person practice

Economies of scale in administration and service

Centralize functions, reduce redundancies

Maximize veterinarian time on medical practice

Combined purchasing power

Discounts on lab work

Centralized ordering

April 2008

Veterinarians per Practice

8

Differentiated "Hub-and-Spoke" Model

Regional clusters generate operational synergies and above-marketmargins

"Hub" is a specialty/emergency hospital providing specializeddiagnostic/medical services

"Spoke" is a traditional smaller general practice that performs primary andpreventive care services; directs business to Hub

Target areas with favorable demographics: higher income householdsaccount for half of pet spending

"Hub"

"Spoke"

"Spoke"

"Spoke"

"Spoke"

April 2008

9

Strategies for Cluster Success

Develop brand identity

Proactive marketing activities

Promote preventive care and "wellness" to increase visits

One-stop provider for all pet needs

Customer-friendly

Extend hours, add weekend hours

Utilize flex time and resource sharing to maximize vet productivity

Offer proprietary products and higher-margin services

Boarding, day care, grooming, retail

April 2008

10

Stage 1

(3 - 12 months)

Stage 2

(12 - 24 months)

Stage 3

(24 months -)

Extend hours

Sickness towellness

Proactivemarketing

Eliminate smalleconomic scaleinefficiencies

Add higher-marginancillary servicesto improve hospitalnet profit

Gain market share

Strengthen brand

Value proposition

Preferred provider

Purchasingpower

Centralizeadministrativeservices

Introduce newtechnology

April 2008

Maximizing the Practice

CONSOLIDATION

DIFFERENTIATION

11

Experienced Management Team

Robert Wallace - Chief Executive Officer

Joined Pet DRx at its inception in 2004 and served as Chairman of the Board from2004 to November 2006

Founded Pets Rx in 1993 and served as its Chairman until sale to VCA Antech in 1996

Steven Johnson - President, Chief Operating Officer

Previously served as a president of Fresenius Medical Care North America, managingmore than 300 facilities and responsible for approximately $880 million in revenue

Gregory Eisenhauer, CFA - Chief Financial Officer

Previously served as CFO of two public healthcare companies: Proxymed, ahealthcare IT company; and RehabCare Group, a rehabilitation program managementservices provider

Gene Burleson - Chairman of the Board

Served as Chairman for numerous healthcare companies

Served as CEO and Chairman of the Board for GranCare from 1990-1997

Zubeen Shroff - Vice Chairman

Currently serves as director of ONI Medical Systems and Aperio Technologies

April 2008

12

Rapid Revenue Growth

April 2008 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr East 20.4 27.4 90 20.4 West 30.6 38.6 34.6 31.6 North 45.9 46.9 45 43.9

13

Financial Highlights

2007 revenue $62.5 million, +258%

Driven by 6 hospitals acquired in 2007, full contribution of 14 hospitalsacquired in 2006 plus same-unit growth

Strong balance sheet (figures pro forma as of 12/31/07)

Cash: $38.6 million

Working capital: $26.5 million

April 2008

14

Milestones

2008

Complete acquisitions and build-out in first full market, Coachella Valley, Calif. (PalmSprings area)

Establish presence in one market outside California

Complete 7-20 acquisitions, add $40-$60 million revenue run rate

Add key senior management

Achieve positive cash-flow by year-end

2009

Complete multiple hub-and-spoke clusters, including one outside California

Demonstrate positive EPS growth

Gain Nasdaq listing

April 2008

15

In Summary

Operating in a market with strong growth and afavorable outlook

Proven roll-up strategy with immediate opportunity forrevenue growth and facilities efficiencies

A scaleable operating model that provides for furtherfinancial leverage and market-share gains

Sufficiently capitalized to fund near-term plans, reachpositive cash-flow

April 2008

Pet DRx Corporation

OTC/BB: PDXC

www.petdrx.com

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