MedCath Announces the Divestiture of The Heart Hospital of Milwaukee
November 08 2004 - 8:30AM
PR Newswire (US)
MedCath Announces the Divestiture of The Heart Hospital of
Milwaukee CHARLOTTE, N.C., Nov. 8 /PRNewswire-FirstCall/ -- MedCath
Corporation (NASDAQ:MDTH) said today that The Heart Hospital of
Milwaukee, which is jointly owned by MedCath and local physicians,
has reached a definitive agreement to close the hospital and sell
its assets to Columbia St. Mary's, a Milwaukee-area hospital
system. The Heart Hospital of Milwaukee includes 32 inpatient beds,
three operating suites, three cardiac catheterization laboratories
and an emergency department. The hospital opened in October 2003.
"Over the past year, we have focused our efforts on establishing
The Heart Hospital of Milwaukee as a leading provider of
cardiovascular care in the Milwaukee area," said John Casey,
MedCath's Chairman, President and Chief Executive Officer. "At this
point, we believe that it is in the best interest for MedCath and
the hospital's physician partners for us to divest the facility."
MedCath Corporation, headquartered in Charlotte, N.C., develops,
owns and operates hospitals in partnership with physicians, most of
whom are cardiologists and cardiovascular surgeons. While each of
its hospitals is licensed as a general acute care hospital, MedCath
focuses on serving the unique needs of patients suffering from
cardiovascular disease. Together with its physician partners who
own equity interests in them, MedCath owns and operates 12 other
hospitals with a total of 727 licensed beds, located in Arizona,
Arkansas, California, Louisiana, New Mexico, Ohio, South Dakota and
Texas. In addition to its hospitals, MedCath provides
cardiovascular care services in diagnostic and therapeutic
facilities located in various states and through mobile cardiac
catheterization laboratories. MedCath also provides consulting and
management services tailored to cardiologists and cardiovascular
surgeons. DATASOURCE: MedCath Corporation CONTACT: John Casey,
Chairman, President & Chief Executive Officer, +1-704-708-6600,
or James Harris, Chief Financial Officer, +1-704-708-6600, both of
MedCath Corporation Web site: http://www.medcath.com/
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