PainCare Inks Definitive Agreement To Sell Ambulatory Surgery Center in Lake Worth, Florida
16 Juillet 2007 - 3:04PM
PR Newswire (US)
Transaction to Net Company $10 Million in Addition to Up to $2.3
Million in Earn-Out Provision ORLANDO, Fla., July 16
/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 signed
a formal Definitive Agreement with Surgery Partners Holdings, LLC,
providing for the sale of PainCare's controlling interest in PSHS
Alpha Partners, Ltd., which owns and operates an ambulatory surgery
center (ASC) located in Lake Worth Florida. The sale, which is
subject to required regulatory approvals, will yield total cash
proceeds to PainCare of approximately $10 million. In addition,
PainCare will also be entitled to receive an earn-out of up to an
additional $2.3 million in accordance with a predetermined cash
collection schedule for the ASC. Actual terms and conditions
related to this sale transaction will be fully detailed in a Form
8-K to be filed with the U.S. Securities and Exchange Commission.
Randy Lubinsky, Chief Executive Officer of PainCare, stated, "We
continue to make strides in finalizing the numerous financial
restructuring initiatives that we've been systematically executing
since late 2006. The sale of the Lake Worth ASC is a critical step
forward in this process and generates a sizable cash infusion that
will be used to materially reduce our existing debt obligation to
our noteholder. We are very pleased with our progress and remain
committed to concluding the restructuring plan in short order so
that we are then free to fully concentrate on the future of
PainCare." 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 directing 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,
Beranek Communications, LLC, +1-407-475-0763, ; or Investor -
Shareholder Relations, Dodi Handy, President and CEO, or Daniel
Conway, Chief Strategist of Elite Financial Communications Group,
LLC, +1-407-585-1080, Web site: http://www.paincareholdings.com/
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