Health & Fitness
Health and Fitness
Health and Fitness
Mon, January 19, 2009
Fri, January 16, 2009
Thu, January 15, 2009 Odyssey HealthCare Expands Footprint in Michigan Through Acquisition of Avalon Hospice
DALLAS--([ BUSINESS WIRE ])--Odyssey HealthCare, Inc. (NASDAQ: ODSY) today announced that it has acquired the Flint, Michigan-based Avalon Hospice program, expanding Odyssey's geographic coverage northward into Genesee and surrounding counties. The transaction, which was completed on December 31, 2008, is not expected to have a material impact on earnings in 2009.
"We are pleased to expand our footprint in Michigan through the addition of Avalon Hospice, a non-profit hospice program with an average daily census of approximately 80 patients and a proven track record for delivering the highest level of hospice services," said Robert A. Lefton, president and chief executive officer of Odyssey HealthCare. "We welcome Avalon Hospice to the Odyssey family, and we look forward to working with the caregivers and support staff to accomplish a smooth transition for the residents of Flint and the surrounding areas."
Commenting on the announcement, Sharry Smith, Chairman of the Board of Community Hospice Foundation (formerly known as Avalon Hospice), said, "We truly believe that the acquisition by Odyssey is the best way to continue Avalon's quality care and commitment to the Flint community, and we look forward to working with Odyssey and the Avalon Hospice program as our foundation continues its work in the Flint community. Odyssey has done an outstanding job to make this transition as smooth as possible for the patients and staff at Avalon."
Based in Dallas, Texas, Odyssey is one of the largest providers of hospice care in the country in terms of both average daily patient census and number of locations. Odyssey seeks to improve the quality of life of terminally ill patients and their families by providing care directed at managing pain and other discomforting symptoms and by addressing the psychosocial and spiritual needs of patients and their families.
Certain statements contained in this press release are forward-looking statements within the meaning of the federal securities laws.Such forward-looking statements are based on management's current expectations and are subject to known and unknown risks, uncertainties and assumptions which may cause the forward-looking events and circumstances discussed in this press release to differ materially from those anticipated or implied by the forward-looking statements. Additional risks, uncertainties and assumptions include, but are not limited to, the disclosures contained under the headings "Government Regulation and Payment Structure" in "Item 1. Business" and "Item 1A. Risk Factors" of Odyssey's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 14, 2008, and its most recent report on Form 10-Q and in its other filings with the Securities and Exchange Commission.Many of these factors are beyond the ability of the Company to control or predict.Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements, which reflect management's views only as of the date hereof.The Company undertakes no obligation to revise or update any of the forward-looking statements or publicly announce any updates or revisions to any of the forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions, circumstances or assumptions underlying such statements.
