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Continucare Shareholders Approve Pending Acquisition of Miami Dade Health Centers

Posted on: Tuesday, 19 September 2006, 12:01 CDT

Continucare Corporation (AMEX:CNU) today announced that its shareholders overwhelmingly approved the proposal submitted to them relating to Continucare's proposed acquisition of Miami Dade Health Centers, Inc. and its affiliated companies. In excess of 99% of the Continucare shares voting voted in favor of the transaction. Continucare expects that the transaction will close in the fourth quarter of calendar 2006.

About Continucare Corporation

Continucare provides primary care physician services on an outpatient basis through a network of medical facilities and independent physician affiliates (IPAs) in the State of Florida. The Company has 15 medical offices equipped with state-of-the-practice technology and staffed with experienced physicians and a comprehensive support staff. In addition, Continucare provides health practice management services to IPAs who practice primary care medicine in facilities similar to the Company's medical offices. Continucare assists these physicians with medical utilization and pharmacy management and specialist network development, freeing them to devote more time to patient care. Currently, through its network of medical facilities and IPAs, the Company provides health care services for approximately 24,000 patients. For more information please visit http://www.continucare.com.

Except for historical matters contained herein, statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors and others are cautioned that forward-looking statements are subject to risks and uncertainties that may affect our business and prospects and cause our actual results to differ materially from those set forth in the forward-looking statements. These factors include, without limitation, whether and when the proposed acquisition will be consummated and the terms of any conditions imposed in connection with such closing, Continucare's ability to rapidly integrate MDHC's operations and personnel and achieve expected synergies, Continucare's ability to serve a significantly larger patient base, trends in patient enrollment both at Continucare and MDHC, the realization of the expected synergies and benefits of the proposed acquisition, diversion of management time on acquisition-related issues, Continucare's ability to successfully adapt its operations to accommodate larger Medicaid patient base, the unaudited financial information provided by MDHC, and that the audit of those financial statements might require adjustments that could result in MDHC's reported results differing materially from its previously reported results, the inherent uncertainty in financial forecasts which are based upon assumptions which may prove incorrect or inaccurate, pricing and other pressures exerted by managed care organizations, Continucare's ability to work together effectively with its HMO affiliates pending and following consummation of the acquisition, the impact of the Medicare Prescription Drug, Improvement and Modernization Act of 2003 and the Medicare Risk Adjustment on payments Continucare and MDHC receive, the risk that future legislation, changes in governmental regulations, including possible changes in Medicare or Medicaid programs, could adversely impact Continucare's or MDHC's operations or the expected benefits of the acquisition, and general economic conditions and uncertainties generally associated with the health care business. These and other applicable risks, cautionary statements and factors that could cause actual results to differ from our forward-looking statements are included in our annual report on Form 10-K for the fiscal year ended June 30, 2005 and other filings with the SEC. We undertake no obligation to update or revise these forward-looking statements to reflect events or circumstances after the date hereof except as required by law.

Source: Business Wire

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