Horizon Health Announces Agreement for New Leased Facility and Expansion of Two Existing Facilities
09 August 2006 - 10:45PM
Business Wire
Horizon Health Corporation (NASDAQ:HORC) today announced the
signing of a lease agreement with St. David's Medical Center in
Austin, Texas, for a facility that, subject to receipt of required
governmental approvals, will be operated by Horizon as a
freestanding psychiatric hospital. Horizon also announced the
commencement of an expansion project at its Poplar Springs Hospital
in Petersburg, Virginia, and the receipt of a certificate of need
to expand the licensed bed capacity at its Lighthouse Care Center
facility in Conway, South Carolina. The three projects will
increase the total licensed bed capacity of the Company by an
additional 94 beds when completed. Mr. Ken Newman, Chairman,
President and Chief Executive Officer of Horizon Health, said, "The
completion of these projects will increase our licensed bed
capacity by 6.1% to 1,643 total licensed beds. These three projects
are steps in achieving our strategic goal of adding to our licensed
bed capacity in fiscal 2007. Expansion projects in existing
facilities are a very cost-effective and relatively lower risk
manner to increase licensed bed capacity, and we will continue to
explore and take advantage of these opportunities when presented."
Horizon Health is an owner of behavioral healthcare facilities and
a leading manager of clinical services for acute care hospitals and
employers. The statements contained herein based on future
expectations rather than on historical facts are forward-looking
statements as defined under the Private Securities Litigation
Reform Act of 1995 that involve a number of risks and
uncertainties. Numerous factors as outlined in the SEC Report filed
by the Company could cause actual results to differ materially from
those in any such forward-looking statements. There can be no
assurance that statements made in this press release relating to
future events will be achieved. The Company undertakes no
obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results over time.
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