CORAL GABLES, Fla., Aug. 4 /PRNewswire/ -- Ramsay Youth Services, Inc.
(Nasdaq: RYOU) announced today that it has acquired the operating assets of
Charter Behavioral Health System of Manatee Palms, LP and the corresponding
real estate from Crescent Real Estate Funding VII, L.P. The business which is
located in Florida includes two owned and one contracted facility with 225
total beds and an aftercare case management program serving over 200
adolescents. The transaction was financed by an increase in the company's
senior credit facility and is expected to be accretive to earnings.
Commenting on the acquisition, Luis E. Lamela, President and CEO of Ramsay
Youth Services, Inc., stated, "We are very pleased to welcome the Charter
Behavioral Health System of Manatee Palms staff to our organization. This
strategic acquisition continues to broaden the Company's operations in Florida
and expands our capacity in Florida to over 700 beds."
Ramsay Youth Services, Inc. is a leading quality provider and manager of
treatment, education and community-based programs for at-risk, troubled and
special needs youth. The Company has operations in nine states and the
Commonwealth of Puerto Rico.
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.
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.
SOURCE Ramsay Youth Services, Inc.
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Related links:
http://www.ramsay.com
Company News On-Call:
http://www.prnewswire.com/comp/116733.html or fax,
800-758-5804, ext. 116733
CONTACT:
Isa Diaz, Vice President Corporate Relations,
Ramsay Youth Services, 305-569-4626
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