Children's Comprehensive Services Provides Update On Previously Announced Merger Transaction.Business Editors NASHVILLE, Tenn.--(BUSINESS WIRE)--Oct. 30, 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 the senior lender that has provided a commitment to Ameris Acquisition, Inc. ("Ameris") for a majority of the financing required to close its previously announced acquisition of CCS for $6 per share in cash has extended the term of its commitment from November 9, 2001, to January 15, 2002. A substantial amount of additional financing remains to be raised. Work continues toward securing the required additional financing; however, no assurance can be given that this additional financing can be raised. The merger of CCS with Kids Holdings, Inc. and its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Ameris, is conditioned on Ameris' obtaining required financing, approval by CCS's shareholders, a lack of material adverse change in CCS's business and other usual and customary closing conditions. William J Ballard, Chairman and Chief Executive Officer of CCS, said, "We remain committed to the completion of this transaction, which we continue to believe is in the best interests of the Company'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 spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. 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 3,000 youth in 14 states. More information about Children's Comprehensive Services is available on the Company's Website at http://www.ccskids.com. |
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