Tri-Isthmus Group, Inc. Announces Closings on the Acquisition of 2 Ambulatory Surgery Centers
November 20 2006 - 3:00PM
PR Newswire (US)
POWAY, Calif., Nov. 20 /PRNewswire-FirstCall/ -- Tri-Isthmus Group,
Inc. (the "Company" or "TIGroup") (OTC:TISG) (BULLETIN BOARD: TISG)
completed its closings on two ambulatory surgery centers ("ASC")
located in Southern California, Point Loma Surgical Center, L.P.
("Point Loma") and Elite Surgical Centers, Del Mar L.P. ("Del
Mar"). TIGroup(TM) has acquired 51% of the two ASCs, 50.00% limited
partner interests and 1.00% general partner interests in each of
Point Loma and Del Mar, with the completion of various closing
conditions related to the transaction. This closing shall permit
the Company to consolidate the operating results of each ASC into
TIGroup(TM) for the quarter ended January 31, 2006. David
Hirschhorn, Co-CEO of TIGroup(TM) commented, "This is another
important milestone for us in building our business in the
healthcare services sector. Our closings of the Point Loma and Del
Mar ASC's acquisitions continue our forward progress with our
business plan." Mr. Hirschhorn added, "We have a number of
transactions in our pipeline under review. We see our role as
providing innovative and creative financial solutions to successful
physician entrepreneurs that seek open-minded and flexible
financial partners to help them recapitalize, invigorate and
transition their businesses to the next level with a like-minded
corporate partner. Our customers and partners are the physician
owners in our ASCs and we look forward to offering these
stakeholders unique services and financial solutions as we help
them build their businesses." Mr. Hirschhorn concluded, "We welcome
the Point Loma and Del Mar Ambulatory Surgery Centers to our
portfolio. We look forward to a successful re-syndication of each
facility creating the foundation for attractive growth into 2007
and beyond. Point Loma and Del Mar are currently managed by Health
Inventures LLC and we look forward to continuing this relationship
as we assume control of the business." TIGroup(TM) is seeking
opportunities to both invest in and acquire ambulatory surgery
centers, surgical hospitals, imaging centers and those firms that
manage these businesses domestically and internationally. About
Tri-Isthmus Group, Inc. TIGroup(TM) is a public holding company
focused on the acquisition of private businesses in the healthcare,
business and energy services sectors. The company actively seeks
out profitable or near profitable businesses that provide a
platform for accelerated growth via additional acquisitions and
attractive internal growth dynamics. The TIGroup(TM) team, board
and advisory board combine significant experience in operations,
acquisitions, financing, asset management, turnarounds and the
management of private and public companies. TIGroup(TM) makes its
investments in the healthcare services sector through its
subsidiary, Surgery Center Acquisitions Holdings, Inc. TIGroup has
offices in Poway, CA, and is listed on the OTCBB, trading symbol
TISG.OB. Forward Looking Statements This release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, Section 21E of the Securities
Exchange Act of 1934, as amended, and the Private Securities
Litigation Reform Act of 1995, including, among others (i)
prospective business opportunities and (ii) Tri-Isthmus Group's
potential strategies for redirecting and financing its business.
Forward-looking statements are statements other than historical
information or statements of current condition. These statements
involve risks and uncertainties that cannot be predicted or
quantified, and consequently, actual results may differ materially
from those expressed or implied by such forward-looking statements.
Such risks and uncertainties include the factors detailed in the
Company's Annual Report on Form 10-K filed with the Securities and
Exchange Commission. These statements speak as of the date of this
release, and the Company undertakes no obligation to update these
statements in light of future events or otherwise. For more
information contact: David Hirschhorn at (818) 887-6659.
DATASOURCE: Tri-Isthmus Group, Inc. CONTACT: David Hirschhorn of
Tri-Isthmus Group, Inc., +1-818-887-6659
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