Dynacq International Inc. Acquires Piney Point Surgery Center.Business Editors & Health/Medical Writers HOUSTON--(BW HealthWire)--March 22, 2001 Dynacq International Inc. (Nasdaq:DYII) announces its acquisition of the Piney pine·y adj. Variant of piny. Point Surgery Center, an ambulatory surgery center ambulatory surgery center A free-standing center that performs various types of surgery located in Houston Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; . Final approval of the change of ownership by Texas Department of Health is anticipated within the next several days. Immediately following state approval, surgeries will be scheduled and performed, and the resulting revenues will be accretive to Dynacq's earnings. The Piney Point Center acquisition is the first of several anticipated benefits from Dynacq's Surgi+Group acquisition, which was completed in February February: see month. of this year. This transaction adds the continuing profitable operations of the Piney Point Center as an orthopedic orthopedic /or·tho·pe·dic/ (-pe´dik) pertaining to the correction of deformities of the musculoskeletal system; pertaining to orthopedics. outpatient outpatient /out·pa·tient/ (-pa-shent) a patient who comes to the hospital, clinic, or dispensary for diagnosis and/or treatment but does not occupy a bed. out·pa·tient n. facility to Dynacq's operations, while the company simultaneously completes renovations and equipment purchases at the Center designed to expand services for its utilizing physicians and their patients. Chiu M. Chan, Dynacq's chairman and chief executive officer, announced the Piney Point transaction, stating, "The addition of the Piney Point Center gives our company a second location in metropolitan Houston. This acquisition is right on target following our acquisition of Surgi+Group, and moves us forward on our strategic growth plan. Dynacq's capable management team will continue to successfully operate the Piney Point Center, while expanding its facilities and services." As previously announced, the acquisition is a cash transaction using existing funds with no debt incurred. Dynacq International Inc. specializes in creating high quality and efficient, community-based, one-stop healthcare resource centers designed to meet the needs of physicians and their patients. During the past year, Dynacq was recognized by both the Houston Chronicle chronicle, official record of events, set down in order of occurrence, important to the people of a nation, state, or city. Almanacs, The Congressional Record in the United States, and the Annual Register in England are chronicles. and Wallstreet.com as one of the fastest-growing public companies in Houston This is an incomplete list of major companies headquartered in Houston, Texas and the Houston–Sugar Land–Baytown metropolitan area. Houston is known for its oil and gas industry and it should also be noted that only New York City has more Fortune 500 companies. and the country. Certain statements in this release are forward-looking. Although Dynacq believes its expectations are based on reasonable assumptions within the bounds of knowledge of its business and operations, there can be no assurance that actual results will not differ materially from Dynacq's expectations. Please refer to the reports filed by Dynacq with the Securities and Exchange Commission for a review of factors that may cause results to differ. For additional information, please contact Philip Chan at 713/673-6432. |
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