CORAL GABLES, Fla., May 2 /PRNewswire-FirstCall/ --
Ramsay Youth Services, Inc. (Nasdaq: RYOU) ("Ramsay") today announced that it
has elected Mr. Robert E. Galloway to its Board of Directors as an independent
director effective May 1st, 2003. Mr. Galloway, Senior Vice President -
Development for Vanguard Health Systems, Inc. is a seasoned executive with
over 40 years of experience in the health care field. He has been appointed
to serve as a member of the audit, compensation and independent directors
committees of the Board.
(Photo: http://www.newscom.com/cgi-bin/prnh/20020731/RYOULOGO )
In addition, the Company also announced today that Mr. Aaron Beam, Jr. has
resigned as a Director of Ramsay's Board for personal reasons effective May
1st, 2003.
Mr. Paul Ramsay, Chairman of the Board of Ramsay, commented, "I am very
pleased to have Robert Galloway join our Board of Directors. Mr. Galloway's
extensive health care industry experience will be very beneficial to the
Board." Furthermore, Mr. Ramsay added, "We are very grateful to Mr. Beam for
his contribution to the Board over the years."
Ramsay Youth Services, Inc. is a leading provider and manager of mental
health, substance abuse and behavioral health programs and services in
residential and non-residential settings in eleven states and the Commonwealth
of Puerto Rico.
On April 9, 2003, Ramsay announced it had signed a definitive agreement
with Psychiatric Solutions, Inc. (Nasdaq: PSYS) ("PSI") whereby PSI will
acquire Ramsay. The transaction, which is subject to customary closing
conditions, is expected to be completed by early July 2003.
Except for historical information contained herein, the matters set forth
in this news release are forward-looking statements as defined under the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
The forward-looking statements involve known and unknown risks and
uncertainties. Actual operations and results may differ materially from those
expected in the forward-looking statements made by the Company. Please refer
to Ramsay's filings with the Securities and Exchange Commission for additional
information, specifically the Risk Factors section in the Company's Form 10K
for the year ended December 31, 2002.
SOURCE Ramsay Youth Services, Inc.
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Related links:
http://www.ramsay.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20020731/RYOULOGO
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Company News On-Call:
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CONTACT:
Isa Diaz, Executive Vice President, Corporate
Relations, Ramsay Youth Services, Inc., +1-305-569-4626
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