October 1, 2008
Community Health Systems, Inc. Announces Acquisition of Spokane, Washington Health System
Community Health Systems, Inc. (NYSE: CYH) today announced the closing of the acquisition of substantially all of the assets of Empire Health Services, located in Spokane, Washington. The system includes two full service acute care hospitals, Deaconess Medical Center (388 licensed beds) and Valley Hospital and Medical Center (123 licensed beds), as well as other outpatient and ancillary services. Negotiations commenced in early 2007 and a definitive agreement was signed in October 2007. The closing was effective on October 1, 2008.
"We are very pleased to put this lengthy period of negotiation and approval process behind us and excited to begin implementing our plans for the improved operations of this health system," said Wayne T. Smith, chairman, president and chief executive officer of Community Health Systems, Inc. "We appreciate the support of the community and all of the professionals and employees in bringing this transaction to completion and look forward to working together to expand the services of this system."
Located in the Nashville, Tennessee, suburb of Franklin, Community Health Systems, Inc. is the largest publicly-traded hospital company in the United States and a leading operator of general acute care hospitals in non-urban and mid-size markets throughout the country. Through its subsidiaries, the Company currently owns, leases or operates 118 hospitals in 29 states, with an aggregate of approximately 17,600 licensed beds. Its hospitals offer a broad range of inpatient medical and surgical services, outpatient treatment and skilled nursing care. In addition, through its QHR subsidiary, the Company provides management and consulting services to independent general acute care hospitals located throughout the United States. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol "CYH."
Statements contained in this news release are forward-looking statements that involve risks and uncertainties, including particularly the ability to consummate this acquisition transaction and to integrate and improve the operations at this facility. Actual future events or results may differ materially from these statements. Readers are referred to the documents filed by Community Health Systems, Inc. with the Securities and Exchange Commission, specifically the most recent filings which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including execution of our growth, acquisition, and business strategies. These and other applicable risks are summarized under the caption "risk factors" in the Company's Securities and Exchange Commission filings.