MedCath Corporation Announces Decision to Consider Strategic Options
March 01 2010 - 5:00PM
PR Newswire (US)
CHARLOTTE, N.C., March 1 /PRNewswire-FirstCall/ -- MedCath
Corporation announced today that its Board of Directors (the
"Board") has formed a Strategic Options Committee (the "Committee")
composed solely of independent directors to consider the sale
either of MedCath or the sale of its individual hospitals and other
assets. Navigant Capital Advisors ("Navigant") has been retained as
its financial advisor to assist the Committee in this process. Due
to this engagement, Dr. Edward R. Casas, a senior managing director
of Navigant Capital Advisors, resigned voluntarily from MedCath's
Board and will not stand for reelection to MedCath's Board at its
upcoming annual stockholders' meeting on March 3, 2010. There can
be no assurance that this process will result in any specific
transaction. This announcement contains forward-looking statements,
including statements relating to a possible sale of MedCath or its
assets. There are many factors that would affect MedCath's, the
Board's or the Committee's views and decisions regarding these
events and material facts and circumstances may change. The Company
does not undertake, and specifically disclaims any obligation to
update the statements in this release or provide ongoing disclosure
regarding the Committee's process. MedCath, headquartered in
Charlotte, N.C., is a health care provider focused on high acuity
services with the diagnosis and treatment of cardiovascular disease
being a primary service offering. MedCath owns an interest in and
operates ten hospitals with a total of 825 licensed beds, located
in Arizona, Arkansas, California, Louisiana, New Mexico, South
Dakota and Texas. In addition, MedCath and its subsidiary MedCath
Partners provide services in diagnostic and therapeutic facilities
in various states. DATASOURCE: MedCath Corporation CONTACT: O.
Edwin French, President & Chief Executive
Officer,+1-704-815-7700, or Art Parker, Chief Financial Officer,
+1-704-815-7700, bothof MedCath Web Site: http://www.medcath.com/
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