Community Health Systems Executes Asset Purchase Agreement
Posted on: Thursday, 1 September 2005, 18:01 CDT
Community Health Systems, Inc. (NYSE: CYH) announced today the execution of an asset purchase agreement to acquire the assets of Newport Hospital and Clinic located in Newport, Arkansas. As a result of this transaction, the operations of Newport Hospital and Clinic will combine with Harris Hospital, a 132 licensed bed facility also located in this market and currently owned by the Company.
"The consolidation of the operations of these two hospitals in Newport reflects our strategy to be the sole provider in the communities we serve," said Wayne T. Smith, chairman, president and chief executive officer of Community Health Systems, Inc. "We will continue to deliver high quality healthcare services. We remain committed to the Newport market and look forward to many years of providing essential healthcare services in this community."
Located in the Nashville, Tennessee, suburb of Brentwood, Community Health Systems is a leading operator of general acute care hospitals in non-urban communities throughout the country. Through its subsidiaries, the Company currently owns, leases or operates 69 hospitals in 21 states. Its hospitals offer a broad range of inpatient and outpatient medical and surgical services. 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. 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.
Source: Business Wire
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