CORAL GABLES, Fla., Oct. 2 /PRNewswire/ -- Ramsay Health Care, Inc.,
(Nasdaq: RHCI) and West Virginia University Hospitals announced today that
they have completed a transaction under which West Virginia University
Hospitals has acquired, for $14.8 million in cash, Ramsay Health Care, Inc.'s
Chestnut Ridge Hospital, a 70-bed psychiatric facility located on the West
Virginia University Campus in Morgantown.
Luis E. Lamela, Chief Executive Officer of Ramsay Health Care, Inc.,
stated, "We are delighted that we have finalized the transaction with West
Virginia University Hospitals. The consummation of this transaction and the
recently announced transaction with Charter Behavioral Health Systems reflects
our commitment to our debt reduction strategy and our focus on the youth
services industry."
"Patient care has continued without any interruption, and the transaction
has been a smooth one," says Bruce McClymods, President and CEO of WVUH. "We
have retained the same management team that made this a successful hospital in
the past, and the employees are now a part of our hospital family."
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 Exchange Commission for additional information.
Ramsay Health Care, Inc. is a provider and manager of specialized programs
and services for at-risk and troubled youth. The Company through its
subsidiary, Ramsay Youth Services, Inc. operates residential treatment
centers, group homes and other specialized treatment and educational youth
programs in 9 states and Puerto Rico.
West Virginia University Hospitals is a private, not-for-profit
corporation that provides health care services, clinical education and
research in support of the mission of the Robert C. Byrd Health Sciences
Center at West Virginia University. It is a member institution of the West
Virginia United Health System. The Department of Behavioral Medicine and
Psychiatry of the WVU School of Medicine is located in Chestnut Ridge Hospital
and provides its medical staff.
SOURCE Ramsay Health Care, Inc.
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Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 116733
CONTACT:
Isa Diaz of Ramsay Health Care, 305-569-4626;
or Bill Case of West Virginia University Hospitals, 304-293-7087
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