Community Health Systems Completes Acquisition of Galesburg Cottage Hospital in Galesburg, Illinois.BRENTWOOD, Tenn. -- 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 ) announced today the closing of the acquisition of Galesburg Cottage Hospital The original concept of a cottage hospital was a small rural hospital having up to 25 beds. One advantage of such a hospital in villages was the familiarity the local physician might have with their patient that may affect their treatment. , a 170-bed acute care general hospital located approximately 45 miles west of Peoria, Illinois Peoria, Illinois (named after the Peoria tribe) is the largest city on the Illinois River and the county seat of Peoria County,GR6 Illinois, in the United States. As of the 2000 census, the city had a total population of 112,936. . The seller was a local not-for-profit organization. The transaction was structured as a sale of assets and included the hospital and several medical office buildings. The effective date of the transaction is July 1, 2004. "We are pleased to bring Galesburg Cottage Hospital into our system of hospitals and to continue the tradition of delivering quality healthcare services to the residents of Galesburg and Knox and Warren Counties," said Wayne T. Smith, chairman, president and chief executive officer of Community Health Systems, Inc. "We plan to improve upon the delivery system by implementing our proven operating and growth strategies and to provide much-needed capital to add to and enhance existing services. We appreciate the community's support in effecting this transaction and look forward to working together with the dedicated employees and licensed professionals in Galesburg." Located in the Nashville, Tennessee “Nashville” redirects here. For other uses, see Nashville (disambiguation). Nashville is the capital and the second most populous city of the U.S. state of Tennessee, after Memphis. , suburb of 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 73 hospitals in 22 states. Its hospitals offer a broad range of inpatient and outpatient medical and surgical 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 are 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 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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