CORAL GABLES, Fla., Sept. 12 /PRNewswire/ -- Ramsay Youth Services, Inc.
(Nasdaq: RYOU) announced today that it was awarded a contract to provide a
specialized mental health treatment program for youth referred by the Mental
Health and Anti-Addiction Services Administration in Puerto Rico. The
contract calls for Ramsay to provide a 20-bed residential treatment program
for boys and girls ages 13 to 17, with a provision for additional overflow
capacity. The contract is expected to generate over $2 million in annual
revenue.
Commenting on the new contract, Luis E. Lamela, President and CEO of
Ramsay Youth Services, Inc., stated, "We are very pleased to be working with
the Mental Health and Anti-Addiction Services Administration in Puerto Rico.
Our interdisciplinary team will focus on providing services that will assist
youth in strengthening social and independent living skills, enhance
educational and vocational abilities, improve communication skills and family
interaction. The goal of the program is to achieve optimal functioning in
daily life ultimately leading to the reintegration of youth back into the
community."
In addition, the Company also announced today that it will file an
application to transfer its securities from the Nasdaq National Market to the
Nasdaq Small Cap Market. The transfer application is being filed as a result
of the Company not being able to maintain a minimum market value of public
float of $5,000,000.00 over thirty consecutive trading days as required by the
Nasdaq National Market under maintenance standards.
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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