Children's Comprehensive Services Extends Exclusivity Period for Negotiations Related to Proposed Sale of the Company.Business Editors NASHVILLE, Tenn.--(BUSINESS WIRE)--July 13, 2001 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 extended the previously announced period for discussions on an exclusive basis with a strategic buyer group concerning its non-binding proposal to acquire all of the outstanding shares of CCS for $6.00 per share in cash. To accommodate the ongoing negotiations and due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. related to the proposal, CCS's Board of Directors has decided to extend the period for exclusive discussions, which was due to expire today, until August 8, 2001. Mr. Ballard said, "In light of the progress that has been made in our negotiations, we believe that this extension is in the best interests of the Company and its shareholders. However, we continue to caution that the proposed transaction is complex, involving a multi-party buyer group. The transaction is subject to the obtaining of financing and the satisfactory completion of a due diligence review of CCS's operations and financial results. As a result, there can be no assurance that the parties will be able to negotiate and sign a mutually agreeable definitive agreement before the expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of the new exclusivity period, or at all. Any definitive agreement would be subject to usual and customary closing conditions, including approval by CCS's shareholders." 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 contains 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. 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 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. to approximately 3,700 youth in 14 states. More information about Children's Comprehensive Services is available on the Company's Website at http://www.ccskids.com. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion