Triad and THR Announce New Hospital Joint Venture.
PLANO, Texas--(BUSINESS WIRE)--Feb. 27, 2003
Triad Hospitals, Inc. (the "Company" or "Triad") (NYSE:TRI) and Texas Health Resources ("THR") today announced that they have formed a joint venture to build a $100 million, 217-bed hospital in Denton, Texas, a rapidly growing suburb of Dallas. The hospital will initially open with 162 beds and contain shelled space for an additional 55 beds. Groundbreaking is projected to take place in late summer 2003, with opening scheduled for fall 2005.
The new hospital will be constructed on property adjacent to Triad's existing 122-bed Denton Community Hospital. The new venture will lease the existing facility, which will then be renovated and used for additional hospital and support services once the new hospital opens. The number of beds of the existing facility will be reduced to approximately 84 after renovation, resulting ultimately in a total of approximately 301 beds on the combined hospital campus. Triad and THR will share equal governance in the new venture. Triad will own 80% of the venture and will manage day-to-day hospital operations.
"We could not have selected a more respected regional partner than THR, which enthusiastically shares our vision for growth in Denton county," said James D. Shelton, Chairman and CEO of Triad. "This relationship exemplifies our strategy of partnering with leading not-for-profit organizations to provide quality health care services to local communities."
Douglas D. Hawthorne, president and CEO of THR, said, "When we began discussions with Triad, it became clear that our two organizations share a very similar mission -- the improvement of the communities' health. We look forward to working with the residents, physicians, business leaders and others in Denton to successfully achieve this mission."
Triad, through its affiliates, owns and manages hospitals and ambulatory surgery centers in small cities and selected larger urban markets. The Company has 49 hospitals (including one under construction) and 14 ambulatory surgery centers in 17 states with approximately 8,700 licensed beds. In addition, through its QHR subsidiary, the Company provides hospital management, consulting and advisory services to more than 200 independent community hospitals and health systems throughout the United States.
This press release contains forward-looking statements based on current management expectations. Numerous factors, including those related to market conditions and those detailed from time-to-time in the Company's filings with the Securities and Exchange Commission, may cause results to differ materially from those anticipated in the forward-looking statements. Many of the factors that will determine the Company's future results are beyond the ability of the Company to control or predict. These statements are subject to risks and uncertainties and, therefore, actual results may differ materially. Readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. The Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. All references to "Company", "Triad", and "Triad Hospitals, Inc." as used throughout this document refer to Triad Hospitals, Inc. and its affiliates.
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|Date:||Feb 27, 2003|
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