PainCare Receives $14.4 Million in Cash From Completed Sale of South Florida Ambulatory Surgery Centers
05 Settembre 2007 - 6:10PM
PR Newswire (US)
ORLANDO, Fla., Sept. 5 /PRNewswire-FirstCall/ -- PainCare Holdings,
Inc. (AMEX:PRZ), one of the nation's leading providers of
pain-focused medical and surgical solutions and services, today
announced that it has successfully closed on the sales of both PSHS
Alpha Partners, Ltd., which owns and operates an ambulatory surgery
center (ASC) located in Lake Worth, Florida, and The Gables
Surgical Center, located in Coral Gables, Florida. The completed
sales have provided for the release of approximately $14.4 million
in cash to PainCare that was being held in escrow. On July 16,
2007, PainCare announced that it had entered a Definitive Agreement
to sell the Lake Worth ASC to Surgery Partners Holdings, LLC for
total consideration of $10 million in cash and an earn-out of up to
$2.3 million in accordance with a predetermined cash collection
schedule for the ASC. On August 6, 2007, the Company announced that
it had entered a Definitive Agreement with Surgery Partners, LLC
providing for Surgery Partners to purchase PainCare's controlling
interest in PSHS Beta Partners, Ltd., d/b/a The Gables Surgical
Center, for total consideration of $4.4 million. Randy Lubinsky,
Chief Executive Officer of PainCare, stated, "The completion of
these sales brings to conclusion a critical element of PainCare's
overall financial and operational restructuring plan. Consequently,
the collective financial impact of divesting our ASC operations in
both South Florida and Maryland has yielded enough cash to
significantly reduce our prevailing debt obligations, and in the
process, materially strengthen our financial base. We are very
pleased that this arduous, but necessary, ASC divestiture process
is now behind us." About PainCare Holdings, Inc. Headquartered in
Orlando, Florida, PainCare Holdings, Inc. is one of the nation's
leading providers of pain-focused medical and surgical solutions
and services. Through its proprietary network of acquired or
managed physician practices, and in partnership with independent
physician practices and medical institutions throughout the United
States and Canada, PainCare is committed to utilizing the most
advanced science and technologies to diagnose and treat pain
stemming from neurological and musculoskeletal conditions and
disorders. Through its wholly owned subsidiary, Caperian, Inc.,
PainCare offers medical real estate and development services.
Through Integrated Pain Solutions, the Company is engaged in
pioneering the nation's first managed services organization that
offers a multi-disciplinary healthcare network focused on the
treatment of pain. For more information on PainCare Holdings,
please visit http://www.paincareholdings.com/. This press release
contains forward-looking statements that may be subject to various
risks and uncertainties. Such forward-looking statements are made
pursuant to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995 and are made based on management's
current expectations or beliefs as well as assumptions made by, and
information currently available to, management. These
forward-looking statements, which may include statements regarding
our future financial performance or results of operations,
including expected revenue growth, cash flow growth, future
expenses, future operating margins and other future or expected
performance, are subject to the following risks: the acquisition of
businesses or the launch of new lines of business, which could
increase operating expenses and dilute operating margins; the
inability to attract new patients by our owned practices, the
managed practices and the limited management practice; increased
competition, which could lead to negative pressure on our pricing
and the need for increased marketing; the inability to maintain,
establish or renew relationships with physician practices, whether
due to competition or other factors; the inability to comply with
regulatory requirements governing our owned practices, the managed
practices and the limited management practices; that projected
operating efficiencies will not be achieved due to implementation
difficulties or contractual spending commitments that cannot be
reduced; and to the general risks associated with our businesses.
In addition to the risks and uncertainties discussed above you can
find additional information concerning risks and uncertainties that
would cause actual results to differ materially from those
projected or suggested in the forward-looking statements in the
reports that we have filed with the Securities and Exchange
Commission. The forward-looking statements contained in this press
release represent our judgment as of the date of this release and
you should not unduly rely on such statements. Unless otherwise
required by law, we undertake no obligation to publicly update or
revise any forward- looking statements, whether as a result of new
information, future events or otherwise after the date of this
press release. In light of these risks and uncertainties, the
forward-looking events and circumstances discussed in the filing
may not occur, and actual results could differ materially from
those anticipated or implied in the forward-looking statements. FOR
MORE INFORMATION, PLEASE CONTACT: Media Relations Suzanne Beranek,
APR, Beranek Communications, LLC 407-475-0763 or via email at
Investor/Shareholder Relations Elite Financial Communications
Group, LLC Dodi Handy, President and CEO, or Daniel Conway, Chief
Strategist 407-585-1080 or via email at DATASOURCE: PainCare
Holdings, Inc. CONTACT: Media Relations, Suzanne Beranek, APR of
Beranek Communications, LLC, +1-407-475-0763, , or
Investor-Shareholder Relations, Dodi Handy, President and CEO, or
Daniel Conway, Chief Strategist, +1-407-585-1080, , of Elite
Financial Communications Group, LLC Web site:
http://www.paincareholdings.com/
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