Message #8 From:
NewsBot Date: December 8, 2005 02:00:00 AM
PHLH News Pacer Health Corporation Acquires Majority Interest in Lafayette, Louisiana Hospital; Group of Physician Investors Enter Into Equity and Management Partnership with Pacer Health
MIAMI--(BUSINESS WIRE)--Dec. 8, 2005--Pacer Health Corporation (OTCBB: PHLH), an owner-operator of acute care hospitals, medical treatment centers and psychiatric care facilities in the Southeastern United States, announced today that it has acquired a majority interest in Southpark Community Hospital, a 54,000-square foot, acute care hospital located in South Lafayette, Louisiana.
Southpark was developed by a group that includes 37 physician investors, who have selected Pacer Health as their management and equity partner. A letter of intent was approved by all parties last month and today's announcement represents the execution of that letter.
As part of the new agreement, Pacer Health assumes management of all hospital operations effective immediately and will own a minimum 60 percent stake in Southpark.
"Our management team is already onsite, assessing and restructuring Southpark's current operating procedures, and evaluating how best to introduce our proven management strategies with minimal to no impact on current staff and quality of patient care. Preserving quality of care is our top priority," said Rainier Gonzalez, chairman and CEO of Pacer Health. "We view Southpark as potentially a banner facility for Pacer Health, and we look forward to growing and strengthening our relationship with our new physician partners."
Southpark Community Hospital primarily serves the residents of South Lafayette, Youngsville and Broussard, Louisiana - areas that have experienced considerable, recent population growth. The hospital, opened in August of this year, offers a comprehensive suite of acute care services including inpatient and outpatient surgery, radiology services and 24-hour laboratory. Southpark's facilities include beautiful private patient rooms, 16 PACU/RR observation beds, 16 acute care beds and three intensive care beds. Its medical staff consists of more than 90 physicians in all.
About Pacer Health Corporation
Pacer Health Corporation is an owner-operator of acute care hospitals, medical treatment centers, and psychiatric care facilities serving non-urban areas. Please visit http://www.pacerhealth.com for more information.
Legal Notice: "Forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 may be included in this news release. These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. Pacer Health disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions, actions of our competitors, the extent to which we are able to develop new services and markets for our services, the level of demand and market acceptance of our services, and changes in our business strategies.
