Medical Facilities Corporation Announces Completion of the
Acquisition of a 51% Interest in Arkansas Surgical Hospital L.L.C.
TORONTO,
Nov. 30, 2012 /CNW/ - Medical
Facilities Corporation ("Medical Facilities" or the "Corporation")
(TSX: DR) announced today that it has completed the previously
announced acquisition of a 51% interest in the Arkansas Surgical
Hospital, L.L.C. ("ASH"). ASH operates the Arkansas
Surgical Hospital, a physician-owned specialty hospital located in
North Little Rock, Arkansas that
provides advanced medical and surgical treatment for patients
suffering from disorders of the spine and chronic pain. The
Arkansas Surgical Hospital is a 51-bed specialty hospital with nine
operating and two procedure rooms that generated over US$50 million in net patient revenue in 2011. The
hospital, which has 14 physician owners, has received numerous
awards from nationally recognized organizations, including
www.CareChex.com, www.HealthGrades.com,
www.hospitalcompare.hhs.gov, and www.beckershospitalreview.com.
The Corporation acquired its interest in ASH for a purchase
price of approximately US$36.2
million, subject to customary adjustments. The current
physician-owners of ASH retained a 49% interest. Five percent of
the total interests in ASH will be exchangeable by the
physician-owners for common shares of Medical Facilities.
About Medical Facilities
Medical Facilities owns controlling interests in four specialty
surgical hospitals, located in South
Dakota and Oklahoma, as
well as an ambulatory surgery center in California. The specialty hospitals perform
scheduled surgical, imaging, diagnostic and other procedures,
including primary and urgent care, and derive their revenue from
the fees charged for the use of their facilities. The ambulatory
surgery center specializes in outpatient surgical procedures, with
patient stays of less than 24 hours. Medical Facilities is
structured so that a majority of its free cash flow from operations
is distributed to the holders of its common shares in the form of a
monthly dividend. For more information, please visit
www.medicalfacilitiescorp.ca.
SOURCE Medical Facilities Corporation