Radiation Therapy Services Acquires Maryland Facility
May 30 2007 - 4:25PM
PR Newswire (US)
- Provides Growth Opportunity in Maryland Local Market - FORT
MYERS, Fla., May 30 /PRNewswire-FirstCall/ -- Radiation Therapy
Services, Inc. (NASDAQ:RTSX), a leading operator of radiation
therapy centers, announced today it has signed an agreement to
acquire a radiation therapy treatment center in Salisbury, Maryland
for approximately $18.6 million, inclusive of $2.5 million of
assumed debt. The acquisition is anticipated to be completed July
2, 2007. This freestanding facility currently treats approximately
30 patients per day with a single linear accelerator. The facility
currently has intensity modulated radiation therapy (IMRT) and
image guided radiation therapy (IGRT) programs. Total annual global
revenues at the Salisbury facility are approximately $6.5 million.
The acquisition will be financed by the Company's existing
revolving credit facility. Dr. Daniel Dosoretz, President and Chief
Executive Officer, said, "We are excited by this opportunity to
expand our presence in the Delmarva Peninsula and to convert a
hospital-based practice to a freestanding facility consistent with
our strategy for market penetration. This facility already enjoys a
successful physician practice with strong IMRT utilization,
providing the opportunity for continued growth in this important
market. Further, we have replaced the existing management agreement
with Peninsula Regional Medical Center with this acquisition which
will allow us to bill global revenue." About Radiation Therapy
Services, Inc. Radiation Therapy Services, Inc., which operates
radiation treatment centers primarily under the name 21st Century
Oncology, is a provider of radiation therapy services to cancer
patients. The Company's 80 treatment centers are clustered into 25
local markets in 16 states, including Alabama, Arizona, California,
Delaware, Florida, Kentucky, Maryland, Massachusetts, Michigan,
Nevada, New Jersey, New York, North Carolina, Pennsylvania, Rhode
Island and West Virginia. The Company is headquartered in Fort
Myers, Florida. More information about the Company can be found at
its Web site http://www.rtsx.com/. RTSXG This release may contain
forward-looking statements about the Company's future plans,
expectations and objectives, including, but not limited to, the
Company's expected financial results and estimates for 2007. Words
such as "may," "will," "expect," "intend," "anticipate," "plan,"
"believe," "seek," "could" and "estimate" and variations of these
words and similar expressions are intended to identify forward-
looking statements. These forward-looking statements are not
historical facts and are subject to risks and uncertainties that
could cause the actual results to differ materially from those
projected in these forward-looking statements including, but not
limited to the Company's actual financial results, those risk
factors described in the "Risk Factors" section and other
information in the Company's most recently filed annual report on
Form 10-K, as well as the Company's other filings with the
Securities and Exchange Commission which are available on the SEC's
website at http://www.sec.gov/. Readers of this release are
cautioned not to place undue reliance on forward-looking
statements. The Company undertakes no obligation to publicly update
or revise the forward-looking statements contained herein to
reflect changed events or circumstances after the date of this
release. Contacts: Dave Koeninger Chief Financial Officer Radiation
Therapy Services, Inc. 239-931-7282 David Watson Executive Vice
President - Finance Radiation Therapy Services, Inc. 239-931-7281
Investors Nick Laudico The Ruth Group 646-536-7030 DATASOURCE:
Radiation Therapy Services, Inc. CONTACT: Dave Koeninger, Chief
Financial Officer of Radiation Therapy Services, Inc.,
+1-239-931-7282, ; or David Watson, Executive Vice President -
Finance, of Radiation Therapy Services, Inc., +1-239-931-7281, ; or
Investors, Nick Laudico of The Ruth Group, +1-646-536-7030, , for
Radiation Therapy Services, Inc. Web site: http://www.rtsx.com/
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