MedCath Corporation Announces New Relationship in Wilmington, N.C.
June 11 2007 - 9:29AM
PR Newswire (US)
CHARLOTTE, N.C., June 11 /PRNewswire-FirstCall/ -- MedCath
Corporation (NASDAQ:MDTH) announced today that its MedCath Partners
Division, formerly known as MedCath Diagnostics, has entered into a
new strategic relationship with cardiologists and a regional
medical center in Wilmington, N.C. New Hanover Regional Medical
Center, a 769-bed tertiary hospital in Wilmington, N.C., will
become an owner in a joint venture previously formed by MedCath
Partners and local physicians. The joint venture will be
significantly expanded to enhance the services provided to patients
suffering from cardiovascular disease in eastern North Carolina.
The joint venture will own and operate the existing Wilmington
Heart Center, an outpatient cardiac catheterization laboratory
facility, and will also provide management services to New
Hanover's inpatient catheterization laboratories. The majority of
the venture will be owned by New Hanover, and the balance will be
owned by MedCath Partners and local physicians. The expanded
venture will be called Coastal Carolina Heart, LLC. "We look
forward to partnering with these excellent local physicians and
MedCath, who share our commitment to improving the quality of care
in cardiovascular services to this region," said Jack Barto, New
Hanover's President and Chief Executive Officer. "For five years
Wilmington Heart Center has provided excellent care to patients
throughout this region," said Dr. Henry Patel, the center's medical
director. "Our new partnership gives us an opportunity to offer our
services to a broader group while operating more efficiently."
Coastal Carolina, through its relationships with MedCath, local
physicians, and New Hanover, will operate or manage a total of
eight cardiac catheterization laboratories, including one mobile
cath lab. MedCath will provide its quality initiatives and
operating experience. In addition, MedCath will provide marketing
initiatives to support the expansion of high quality cardiovascular
services into the rapidly expanding areas outside of Wilmington.
The joint venture is anticipated to commence operations on July 1.
MedCath anticipates that the venture will add approximately $0.03
in earnings per diluted share annually. "Through this physician and
community hospital partnership, we believe that we can have a
direct role in improving the quality of cardiovascular care
provided to people of eastern North Carolina," said Ed French,
MedCath's President and Chief Executive Officer. "We also believe
that we will be able to work together to identify and implement
specific strategies for growing cardiovascular market share in the
region. We believe that MedCath Partners, LLC is uniquely
positioned to assist community hospitals in developing cath lab
partnerships with their cardiologists." MedCath Corporation,
headquartered in Charlotte, N.C., is a healthcare provider focused
on high acuity services with the diagnosis and treatment of
cardiovascular disease being a primary service offering. MedCath
owns interests in and operates eleven hospitals with a total of 667
licensed beds, located in Arizona, Arkansas, California, Louisiana,
New Mexico, Ohio, South Dakota, and Texas. In addition, MedCath and
its subsidiary MedCath Partners manage the cardiovascular program
at various hospitals and provide services in diagnostic and
therapeutic facilities in various states. Parts of this
announcement contain forward-looking statements that involve risks
and uncertainties. Although management believes that these forward-
looking statements are based on reasonable assumptions, these
assumptions are inherently subject to significant economic,
regulatory and competitive uncertainties and contingencies that are
difficult or impossible to predict accurately and are beyond our
control. Actual results could differ materially from those
projected in these forward-looking statements. We do not assume any
obligation to update these statements in a news release or
otherwise should material facts or circumstances change in ways
that would affect their accuracy. These various risks and
uncertainties are described in detail in "Risk Factors" in
MedCath's Registration Statement on Form S-3/A filed with the
Securities and Exchange Commission on March 29, 2007. A copy of
this registration statement, including exhibits, is available on
the internet site of the Securities and Exchange Commission at
http://www.sec.gov/. DATASOURCE: MedCath Corporation CONTACT: O.
Edwin French, President & Chief Executive Officer, or Thomas K.
Hearn, CEO, MedCath Partners, +1-704-708-6600 Web site:
http://www.medcath.com/
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