Knox County Hospital Board Accepts Pacer Health Bid to Lease Knox County Hospital in Barbourville, Kentucky; Pacer Health to Continue Management of Knox County Hospital.MIAMI Miami, cities, United States Miami (mīăm`ē, –ə). 1 City (1990 pop. 358,548), seat of Dade co., SE Fla., on Biscayne Bay at the mouth of the Miami River; inc. 1896. -- Pacer Health Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :PHLH), an owner-operator of acute care hospitals, medical treatment centers and psychiatric care facilities in the Southeastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , today announced that the Knox County There are nine counties named Knox County in the United States, all apparently named after Henry Knox:
Pacer Health's bid is consistent with a binding letter of intent signed in early February to lease the facility for ten years with an option to purchase it outright after the first year of the contract period. Under the terms of the agreement, Pacer Health would capture all revenues from the operation of Knox County Hospital during the lease period and also would fund any operational losses. Pacer Health agrees to pay Knox County approximately $15,000,000, which will allow the county to satisfy bonds used to assume hospital debt when it was purchased from bankruptcy in 2004; this in turn allows the county to effectuate the lease transaction. Pacer Health completed an initial management agreement and memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. that allowed the company to assume managerial and operational control of the hospital in March. Under the terms of that agreement, Pacer Health agreed to preserve the full suite of healthcare services currently available at the hospital, including general healthcare and emergency services emergency services Emergency care '…services …necessary to prevent death or serious impairment of health and, because of the danger to life or health, require the use of the most accessible hospital available and equipped to furnish those services' for the area's indigent indigent 1) n. a person so poor and needy that he/she cannot provide the necessities of life (food, clothing, decent shelter) for himself/herself. 2) n. one without sufficient income to afford a lawyer for defense in a criminal case. population. The Hospital Board's approval of Pacer Health's bid allows the company to continue management of the facility pursuant to this earlier agreement. "Pacer Health can now turn its attention to the operation of Knox County Hospital, a facility so vital to the economy of rural Southeastern Kentucky, not to mention the physical well-being of area residents," said Rainier Gonzalez, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Pacer Health. "The Knox County Hospital Board and Pacer Health are collectively committed to keeping this facility open and preserving the broad range of quality healthcare services this area demands." Knox County Hospital offers a comprehensive suite of healthcare services, including nuclear medicine, surgical services, physical therapy, spiral C.T., mammography mammography, diagnostic procedure that uses low-dose X rays to detect abnormalities in the breasts. The early diagnosis of breast cancer made possible by the routine use of mammography for screening women increases a woman's treatment alternatives and improves her , 24-hour emergency services, and a 16-bed skilled nursing unit. The hospital employs a staff of more than 250 and receives more than 16,000 emergency room visits each year. About Pacer Health Corporation Pacer Health Corporation is an owner-operator of acute care hospitals, medical treatment centers, and psychiatric care facilities serving non-urban areas throughout the Southeast. Please visit http://www.pacerhealth.com for more information. Legal Notice Regarding Forward-Looking Statements: "Forward-looking statements" as defined in 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 may be included in this news release. These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. Pacer Health disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions, actions of our competitors, the extent to which we are able to develop new services and markets for our services, the level of demand and market acceptance of our services, and changes in our business strategies. |
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