Community Health Systems Announces Acquisiton of Hospital in Lake Wales, Florida.Business Editors & Medical Writers BRENTWOOD, Tenn.--(BUSINESS WIRE)--Dec. 9, 2002 Community Health Systems, Inc. (NYSE NYSE See: New York Stock Exchange :CYH CYH Check Your Head (youth driven organization in Canada) CYH Consider Yourself Hugged ), today announced the acquisition of 154-bed Lake Wales Wales, Welsh Cymru, western peninsula and political division (principality) of Great Britain (1991 pop. 2,798,200), 8,016 sq mi (20,761 sq km), west of England; politically united with England since 1536. The capital is Cardiff. Medical Center, located in rural, southern Polk County, Florida Polk County is a county located in the U.S. state of Florida. The county seat is Bartow, Florida. Its largest city is Lakeland, Florida. The center of population of Florida is located in the town of Lake Wales [1]. , approximately 55 miles east of Tampa. The hospital was acquired from Winter Haven Winter Haven, resort city (1990 pop. 24,725), Polk co., central Fla; settled 1883. It is a marketing, processing, and shipping center for one of the state's chief citrus-fruit regions, with fruit-canning plants and packing houses. Hospital, a local non-profit organization A non-profit organization (abbreviated "NPO", also "non-profit" or "not-for-profit") is a legally constituted organization whose primary objective is to support or to actively engage in activities of public or private interest without any commercial or monetary profit purposes. . The transaction was effective as of December 1, 2002. "We believe that this acquisition will be extremely beneficial to Lake Wales and its residents," said Wayne T. Smith, chairman, president and chief executive officer of Community Health Systems, Inc. "By implementing our proven operating model and executing our physician recruitment and service expansion strategies, we will be able to significantly improve the level of healthcare services in the Lake Wales area. We are excited about joining this community and look forward to working with the dedicated staff and local community members." Located in the Nashville, Tennessee suburb, Brentwood, Community Health Systems is a leading operator of general acute care hospitals in non-urban communities throughout the country. Through its subsidiaries, the company currently owns, leases or operates 63 hospitals in 22 states, including North Okaloosa Medical Center in Crestview, Florida. Community Health Systems' hospitals offer a broad range of inpatient and outpatient medical care and services. Shares in Community Health Systems, Inc., are traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "CYH." Statements contained in this news release regarding to-be acquired facility and other events are forward-looking statements that involve risks and uncertainties. Actual future events or results may differ materially from these statements. Readers are referred to the documents filed by Community Health Systems, Inc., with the Securities and Exchange Commission, specifically the most recent filings which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including execution of our growth, acquisition, and business strategies. These and other applicable risks are summarized under the caption "risk factors" in the Company's Securities and Exchange Commission filings. |
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