Children's Comprehensive Services Exchanges Houston, Texas Facility for Facility in Longview, Texas.MURFREESBORO, Tenn.--(BUSINESS WIRE)--March 6, 1998--William J Ballard, Chairman and Chief Executive Officer of Children's Comprehensive Services, Inc. ("CCS (1) (Common Channel Signaling) A communications system in which one channel is used for signaling and different channels are used for voice/data transmission. Signaling System 7 (SS7) is a CCS system, also known as CCS7. See SS7. ") (Nasdaq/NM: KIDS), today announced that it has exchanged its Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , behavioral services facility for a similar facility located in Longview, Texas Longview is a city in Texas, United States, located between Dallas, TX and Shreveport, LA. The population was 73,345 at the 2000 census, but a 2005 estimate placed the city's population at 75,609. . As additional consideration for this exchange between the Company and The Brown Schools, CCS has received a cash payment of $3,000,000. Mr. Ballard said, "This exchange resulted from the fact that both CCS and The Brown Schools were operating similar facilities in close proximity to each other in the Houston, Texas, market. Through this exchange, we gain an excellent facility, which we believe will ultimately contribute more to the Company's profitable growth than expected from the Houston facility. We also benefit from a significant nonrecurring cash infusion on the exchange, strengthening the Company's financial position. The new facility has beds for up to 80 youth, compared with 140 beds in the Houston facility. However, the Houston facility was not operating at full census, and we expect the exchange will have an immaterial effect on income from operations for fiscal 1998. The Company will continue to operate its Houston-based special education school." To take advantage of the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, you are hereby cautioned that this release, and statements made by or on behalf of the Company related hereto here·to adv. To this document, matter, or proposition. hereto Adverb Formal or law to this place, matter, or document Adv. 1. , may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are based upon current expectations and involve a number of risks and uncertainties. Actual operations and results may differ materially from those expressed in the forward-looking statements made by the Company. Please refer to CCS's filings with the Securities and Exchange Commission for additional information. The Company disclaims any intent or obligation to update these forward-looking statements. Children's Comprehensive Services, Inc. provides education, treatment and juvenile justice services for at-risk and troubled youth either directly or through management contracts. It currently offers these services through the operation and management of nonresidential specialized education programs and day treatment programs and both open and secured residential treatment centers A residential treatment center, often referred to by the acronym RTC, is a live-in therapy/behavior modification facility for adolescents who suffer from a variety of emotional conditions, ranging from drug abuse to violence to sexual behavioral problems. in Alabama, Arkansas, California, Florida, Kentucky, Louisiana, Michigan, Montana, Tennessee, Texas and Utah. CONTACT: Children's Comprehensive Services Inc., Murfreesboro Donald B. Whitfield, 615/383-0376 |
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