Community Health Systems Signs Definitive Agreement to Acquire Pottstown Memorial Medical Center in Pennsylvania.Business Editors/Health/Medical Writers BRENTWOOD, Tenn.--(BUSINESS WIRE)--April 25, 2003 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 execution of a definitive agreement for the acquisition of Pottstown Memorial Medical Center, located 50 miles west of Philadelphia and 25 miles east of Reading, Pennsylvania Reading (IPA:/ˈrɛdɪŋ/) is the county seat of Berks County, Pennsylvania and the center of the Greater Reading Area. . The 299-bed facility is owned by a local not-for-profit 501(c)(3) organization and is the only general acute care hospital in Pottstown. The transaction is subject to state and federal regulatory approvals. "The acquisition of Pottstown Memorial Medical Center will establish a strategic position for Community Health Systems on the high-growth Route 422 corridor in Pennsylvania," said Wayne T. Smith, chairman, president and chief executive officer of Community Health Systems, Inc. "The healthcare system and services that have been established by this community-based organization will serve as an ideal platform for our proven operating and market growth strategies. We look forward to working with the dedicated employees, medical staff, and local leadership as we develop and enhance the delivery of quality healthcare for the residents of this region." Pottstown Memorial Medical Center will join Community Health Systems' portfolio of Pennsylvania hospitals -- Berwick Hospital Center, Berwick; Brandywine Hospital, Coatesville; Jennersville Regional Hospital, West Grove; Easton Hospital, Easton, and Lock Haven Lock Haven, industrial city (1990 pop. 9,230), seat of Clinton co., N central Pa., on the West Branch of the Susquehanna River at the junction of Bald Eagle Creek, in an agricultural area; settled 1769, inc. as a city 1870. A lumber center in the 19th cent. Hospital, Lock Haven. 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 70 hospitals in 22 states. Community Health Systems' hospitals offer a broad range of inpatient inpatient /in·pa·tient/ (in´pa-shent) a patient who comes to a hospital or other health care facility for diagnosis or treatment that requires an overnight stay. in·pa·tient n. 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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