PSA HealthCare Announces Agreement to Divest Respiratory Therapy Equipment and Services Business
28 Agosto 2006 - 9:15AM
Business Wire
Pediatric Services of America, Inc., d/b/a PSA HealthCare
(Nasdaq:PSAI) today announced that it has entered into a definitive
agreement to divest substantially all of the assets of its
Respiratory Therapy Equipment and Services reportable segment to
Lincare, Inc. Additionally, certain liabilities related to this
business were assumed by Lincare. The purchase price is
approximately $35.2 million in cash of which $31.2 million is due
upon closing. The closing of the transaction is subject to
customary closing conditions including finalization of due
diligence. "With this agreement, we intend to focus solely on
growing our core competency, pediatric nursing," said Daniel J.
Kohl, President and CEO of PSA. "Considering the current
reimbursement climate related to our respiratory therapy equipment
and services segment, we believe that the valuation given to this
business by Lincare is superior to the valuation we could achieve
independently. We remain devoted to delivering the highest quality
patient care for our PDN and PPEC patients, and will continue to
concentrate on expanding our Pediatric PDN and PPEC segments via
start-ups and acquisitions." PSA intends to discuss further details
related to this transaction on an investor conference call
scheduled for Monday August 28, 2006 at 11:00 a.m. ET. Dial-in
instructions follow: -0- *T Event: Pediatric Services of America,
Inc. Investor Call Date and Time: Monday August 28, 2006
Instructions: The dial - in number for all participants is
800-374-1702. To join the Q&A session, press * followed by 1.
*T If you are unable to attend the live broadcast, replays of the
conference call will be available for 14 days (until September 11,
2006) by dialing 800-642-1867. To connect with the replay of the
call, please refer to Pediatric Services of America, Inc. call
Passcode: 2878473#. PSA currently provides comprehensive pediatric
home health care services through a network of over 100 branch
offices in 20 states, including satellite offices and branch office
start-ups. Through these offices, PSA provides a combination of
services, including pediatric private duty nursing (PDN), pediatric
day treatment centers (PPECs) and respiratory therapy and equipment
services (RTES). Additional information on PSA may be found on the
Company's website at http://www.psahealthcare.com. NOTE: Forward
looking statements made in this release involve a number of risks
and uncertainties, certain of which are beyond our control,
including, but not limited to changes in government regulation and
health care reforms, ability to execute the Company's strategic
programs, ability to improve accounts receivable collections,
changing economic and market conditions and other risk factors
detailed in the Company's Securities and Exchange Commission
filings. Any forward looking statement speaks only as of the date
on which such statement is made, and we undertake no obligation to
update any forward looking statement or statements to reflect
events or circumstances after the date on which such statement is
made or to reflect the occurrence of an unanticipated event.
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