News
Pacer Health Corporation and Saint Joseph's Health System Complete Sale of Minnie G. Boswell Memorial Hospital
MIAMI - (March 7, 2008)--Pacer Health Corporation (OTCBB: PHLH), and Saint Joseph's Health System in Atlanta today announced the completion of the sale of Minnie G. Boswell Memorial Hospital (MGB), an acute care hospital located in Greene County, Georgia.
Pacer Health Corporation, an owner-operator of acute care hospitals, medical treatment centers and psychiatric care facilities in the southeastern United States announced its intention to sell the Georgia-based hospital in December 2007. Saint Joseph's Hospital, Georgia's only top 50 U.S. Hospital is a leading acute care, specialty referral hospital in Atlanta, Georgia.
Pacer Health Corporation acquired Minnie G. Boswell when it was sixteen days from closure. "When Pacer first arrived at the hospital, the facility was initiating shut down procedures," said Rainier Gonzalez, Chairman and CEO of Pacer Health Corporation. "Through Pacer's turnaround efforts we were able to ensure the hospitals continued operation and growth for an additional three years. Because of Pacer's efforts, a hospital that was once near closure is being acquired by Georgia's only top 50 U.S. Hospital."
"We're pleased to have completed the process that will enable Saint Joseph's to enhance medical services and programs to the residents in Greene County," says Kirk Wilson, president and CEO of Saint Joseph's Health System. "Saint Joseph's has treated residents of the tri-county area for many years and now we look forward to collaborating with the local physicians and community leaders to expand the high quality medical care for this region through this local presence."
During its tenure, Pacer Health fostered a series of improvements at Minnie G. Boswell which produced growth in the demand for its services and comprehensive offerings available to its patients. "We are excited to share our commitment for personalized patient care with a recognized leader in the healthcare community such as St. Joseph's," added Gonzalez.
Minnie G. Boswell (MGB) is a 25-bed acute care critical access hospital accredited by JCAHO (Joint Commission on Accreditation of Health Care Organizations). Saint Joseph's assumes operational control of MGB immediately and does not anticipate any interruption of services. Mike Huff, formerly CEO of Fannin Regional Hospital in Blue Ridge, has been appointed administrator of MGB.
"We're excited to move forward operationally and address the needs of the local citizens," says Huff. "Along with Mr. Wilson, I look forward to getting to know the leaders of each Lake county and developing strategies with them for the future of local advanced health care. For the time being, the hospital's name will continue to be Minnie G. Boswell. As we finalize plans for a replacement hospital and expand the board of the hospital to include talented local citizens, another name may be chosen."
Pacer Health will retain its physician practice assets and maintain a presence in Greene County in Lake Medical Center and Family Medical Associates.
About Saint Joseph's Health Systems, Inc.
Saint Joseph's Health Systems Inc., the regions premier provider of cardiac and vascular services, is recognized as one of the 50 top hospitals in the country and is Atlanta's oldest hospital. Founded by the Sisters of Mercy in 1880, today Saint Joseph's is a 410-bed, acute-care hospital recognized as one of the leading specialty-referral hospitals in the Southeast. As a leader in cardiac, neurological, vascular, gastrointestinal, respiratory, orthopedic and cancer care, among others, Saint Joseph's offers its patients the latest procedures and treatments by providing its medical staff of more than 750 physicians with research services and the most advanced technology available. In addition to serving the metro-Atlanta area, patients come from all over Georgia, nearby states and internationally because of Saint Joseph's specialized services, excellent reputation and unique patient experience. Sponsored by the Sisters of Mercy, Saint Joseph's is a member of Catholic Health East. For more information, visit the Web site at www.saintjosephsatlanta.org.
Legal Notice Regarding Forward-Looking Statements: "Forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 may be included in this news release. These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. Pacer Health disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions, actions of our competitors, the extent to which we are able to develop new services and markets for our services, the level of demand and market acceptance of our services, and changes in our business strategies.
