Pacer Health Corporation Closes Sale of Minnie G. Boswell Memorial Hospital to Saint Joseph's Health System, Inc. MIAMI--(BUSINESS WIRE)--Pacer Health Corporation (OTCBB:PHLH - News), an owner-operator of acute care hospitals, medical treatment centers and psychiatric care facilities in the southeastern United States, today announced the sale of Minnie G. Boswell Memorial Hospital, an acute care hospital located in Greene County, Georgia, to Saint Joseph’s Health System, Inc. of Atlanta, Georgia.
Pacer Health Corporation originally announced its intention to sell the Georgia-based hospital in December 2007 and has since completed the definitive documentation and necessary filings. The company will retain its assets and maintain a Georgia presence in Lake Medical Center and Family Medical Associates, both located in Greensboro, Georgia.
Pacer Health Corporation acquired Minnie G. Boswell when it was sixteen days from closure. “When Pacer first arrived at the hospital, the facility was initiating shut down procedures,” said Rainier Gonzalez, Chairman and CEO of Pacer Health Corporation. “Through Pacer’s turnaround efforts we were able to ensure the hospitals continued operation and growth for an additional three years. Because of Pacer’s efforts, a hospital that was once near closure is being acquired by Saint Joseph’s Health System, Georgia’s only top 50 U.S. Hospital.”
During its tenure, Pacer Health fostered a series of improvements at Minnie G. Boswell which produced growth in the demand for its services and comprehensive offerings available to its patients. "We are excited to share our commitment for personalized patient care with a recognized leader in the healthcare community such as Saint Joseph’s,” added Gonzalez.
“We’re pleased to have completed the process that will enable Saint Joseph’s to enhance medical services and programs to the residents in Greene County,” says Kirk Wilson, president and CEO of Saint Joseph’s Health System. “Saint Joseph’s has treated residents of the tri-county area for many years and now we look forward to collaborating with the local physicians and community leaders to expand the high quality medical care for this region through this local presence.”
Minnie G. Boswell (MGB) is a 25-bed acute care critical access hospital accredited by JCAHO (Joint Commission on Accreditation of Health Care Organizations). Pacer Health has managed and operated Minnie G. Boswell since June 22, 2004, when it entered into an agreement to purchase the then financially troubled hospital. At the time, the hospital had announced its closure. Saint Joseph’s assumes operational control of MGB immediately and does not anticipate any interruption of services.
Pacer Health specializes in the operation of medical facilities. The company plans to continue expanding its business over the next several years, largely through the acquisition of additional medical facilities and the consolidation of these properties under the Pacer Health business model.
About Pacer Health Corporation
Pacer Health Corporation is an owner-operator of acute care hospitals, medical treatment centers, and psychiatric care facilities, primarily serving non-urban areas throughout the Southeast.
Please visit http://www.pacerhealth.com for more information.
About Saint Joseph’s Health Systems, Inc.
Saint Joseph’s Health Systems, Inc., the region's premier provider of cardiac and vascular services, is recognized as one of the 50 top hospitals in the country and is Atlanta’s oldest hospital. Founded by the Sisters of Mercy in 1880, today Saint Joseph’s is a 410-bed, acute-care hospital recognized as one of the leading specialty-referral hospitals in the Southeast.
As a leader in cardiac, neurological, vascular, gastrointestinal, respiratory, orthopedic and cancer care, among others, Saint Joseph’s offers its patients the latest procedures and treatments by providing its medical staff of more than 750 physicians with research services and the most advanced technology available. In addition to serving the metro-Atlanta area, patients come from all over Georgia, nearby states and internationally because of Saint Joseph’s specialized services, excellent reputation and unique patient experience.
Sponsored by the Sisters of Mercy, Saint Joseph’s is a member of Catholic Health East. For more information, visit the website at www.saintjosephsatlanta.org.
Legal Notice Regarding Forward-Looking Statements: "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.
Contact:
Pacer Health Corporation, Miami
Tina Vidal, 305-828-7660
tvidal@pacerhealth.com
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Source: Pacer Health Corporation
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