MedCath Completes Disposition of Heart Hospital of Lafayette
December 04 2007 - 7:30AM
PR Newswire (US)
CHARLOTTE, N.C., Dec. 4 /PRNewswire-FirstCall/ -- MedCath
Corporation (NASDAQ:MDTH) announced today the completion of the
disposition of Heart Hospital of Lafayette to the Heart Hospital of
Acadiana. MedCath had previously announced that it had entered into
a Letter of Intent to sell its interest in Heart Hospital of
Lafayette to certain of the hospital's physician partners. Heart
Hospital of Acadiana is co-owned by Our Lady of Lourdes, a
Lafayette, Louisiana community hospital and local physicians. The
aggregate purchase price and other settlement amounts related to
the transaction, which was structured as an asset sale, totaled $25
million, subject to customary post-closing adjustments. Since
September 30, 2006, MedCath has reported the operations of Heart
Hospital of Lafayette as an asset held for sale in its consolidated
financial results. The hospital opened in March 2004, and consists
of 32 inpatient beds, 2 catheterization labs and 2 operating rooms.
"We are pleased to have completed the disposition of Heart Hospital
of Lafayette, and wish the new owners much success," said O. Edwin
French, President and Chief Executive Officer of MedCath. "We know
that the owners will continue to provide quality care to people
suffering from cardiovascular disease in south-central Louisiana."
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 ten operational
hospitals with a total of 635 licensed beds, located in Arizona,
Arkansas, California, Louisiana, New Mexico, Ohio, South Dakota,
and Texas. In addition, MedCath owns an interest in an eleventh
hospital, located in Arizona, which is in development. Also,
MedCath and its subsidiary MedCath Partners manage the
cardiovascular program at various hospitals and provide services in
diagnostic and therapeutic facilities in various states.
DATASOURCE: MedCath Corporation CONTACT: O. Edwin French, President
& Chief Executive Officer, +1-704-708-6600; James E. Harris,
Chief Financial Officer, +1-704-708-6600, both of MedCath
Corporation Web site: http://www.medcath.com/
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