Health & Fitness
Health and Fitness
Health and Fitness
Thu, May 27, 2010 Health Management Associates, Inc. Executes Definitive Agreements to Acquire a Controlling Interest in Three Shands HealthCare
NAPLES, Fla.--([ BUSINESS WIRE ])--Health Management Associates, Inc. (NYSE: HMA) today announced that it has executed definitive agreements to acquire a 60% interest in three Shands HealthCare hospitals: Shands Lake Shore located in Lake City, Florida, Shands Live Oak, located in Live Oak, Florida and Shands Starke, located in Starke, Florida. Shands HealthCare (aShandsa) will retain a 40% ownership interest in each hospital. The transaction is expected to be completed by July 1, 2010.
"We are very pleased to partner with Shands HealthCare to improve the quality of care, develop and enhance needed services and expand access for the residents of Bradford, Columbia and Suwannee counties"
aWe are very pleased to partner with Shands HealthCare to improve the quality of care, develop and enhance needed services and expand access for the residents of Bradford, Columbia and Suwannee counties,a said Gary D. Newsome, President and Chief Executive Officer of Health Management. aHealth Management has experience in developing successful hospital partnerships, and we are excited to join with Shands to deliver superior care to these three communities. Shands, which is affiliated with the University of Florida, has an outstanding reputation for delivering high quality health care, having been awarded numerous national and state accolades for its clinical outcomes, and we look forward to a long and mutually beneficial relationship.a
Health Management will assume operational responsibility for the hospitals, and local advisory boards comprised of representatives from the medical staff, the local community, Shands and Health Management will be established at each respective hospital. Combined, the three hospitals operate 139 beds and generate approximately $100 million of annual net revenue.
Health Management enables Americaa™s best local health care by providing the people, processes, capital and expertise necessary for its hospital and physician partners to fulfill their local missions of delivering superior health care services. Upon completion of this transaction, through its subsidiaries, Health Management will operate 58 hospitals, with approximately 8,500 licensed beds, in non-urban communities located throughout the United States. All references to aHealth Management,a aHMAa or the aCompanya used in this release refer to Health Management Associates, Inc. and its affiliates.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as aexpects,a aestimates,a aprojects,a aanticipates,a abelieves,a acoulda, aprospectsa, apromisinga and other similar words. All statements addressing operating performance, events or developments that Health Management Associates, Inc. expects or anticipates will occur in the future, including but not limited to projections of revenue, income or loss, capital expenditures, earnings per share, debt structure, bad debt expense, capital structure, repayment of indebtedness, other financial items, statements regarding the plans and objectives of management for future operations, statements regarding acquisitions, divestitures and other proposed or contemplated transactions, statements of future economic performance, statements regarding the state of the economy, statements of the assumptions underlying or relating to any of the foregoing statements, and other statements which are other than statements of historical fact, are considered to be aforward-looking statements.a
Because they are forward-looking, such statements should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Health Management Associates, Inc.a™s most recent Annual Report on Form 10-K and Quarterly Reports on Forms 10-Q under the heading entitled aRisk Factors.a Should one or more of these risks or uncertainties materialize, or should any of Health Management Associates, Inc.'s underlying assumptions prove incorrect, actual results could vary materially from those currently anticipated. In addition, undue reliance should not be placed on Health Management Associates, Inc.'s forward-looking statements. Except as required by law, Health Management Associates, Inc. disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release.
