Message #12 From:
NewsBot Date: January 3, 2007 07:38:00 AM
PHLH News Pacer Health Corporation Completes Lease Purchase Agreement of Knox County Hospital
MIAMI--(BUSINESS WIRE)--Pacer Health Corporation (OTCBB:PHLH),
a Miami-based owner-operator of acute care hospitals, medical treatment
centers and psychiatric care facilities, announced today that it has
finalized its Lease Agreement of Knox County Hospital, a non-urban
healthcare facility located in Barbourville, Kentucky that Pacer Health
has managed and operated since March 24, 2006. Effective December 31,
2006, Pacer Health has taken over the operations of the facility and is
leasing the property for a 30 year term with an option to Purchase.
"We are excited about the addition of Knox County Hospital to the Pacer
portfolio," said Rainier Gonzalez, chairman and CEO of Pacer Health.
"Knox County Hospital is a thriving operation and its inclusion into our
portfolio again proves the success of our company model. We are
currently reviewing other properties for inclusion in the Pacer Health
portfolio."
An accredited JCAHO (Joint Commission on Accreditation of Health Care
Organizations) hospital, Knox County is a 42-bed facility that offers a
comprehensive suite of healthcare services, including nuclear medicine,
surgical services, physical therapy, spiral C.T., mammography, 24-hour
emergency services, and a 16-bed skilled nursing unit. The hospital
employs a staff of more than 250 and receives more than 16,000 emergency
room visits each year.
The hospital building was constructed approximately five years ago and
upon Pacer’s completion of a replacement
facility for its hospital in Greensboro, Georgia and the re-opening of
its hospital in Cameron, Louisiana, all of Pacer’s
facilities will be newly constructed. “Having
brand new buildings for all of our hospitals adds an additional
competitive advantage since most non-urban hospitals were built with
Hill-Burton funds almost 50 years ago,” added
Gonzalez.
About Pacer Health Corporation
Pacer Health Corporation is an owner-operator of acute care hospitals
and psychiatric care facilities serving non-urban areas throughout the
Southeast. Please visit http://www.pacerhealth.com
for more information.
"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. They are only predictions and may differ materially from
actual future results or events. Pacer Health disclaims any intention or
obligation to revise forward-looking statements whether as a result of
new information, future developments or otherwise. Important risk
factors – including, but not limited to risks
associated with changes in general economic and business conditions
(including in the IT and financial information industry), actions of our
competitors, the extent to which we are able to develop new services and
markets for our services, the time and expense involved in such
development activities, the level of market acceptance of our services,
and changes in our business strategies – could
cause actual results to differ from those contained in forward-looking
statements.
