Radiation Therapy Services Acquires North Carolina Facility
September 24 2007 - 3:05PM
PR Newswire (US)
- Provides Entry To Eastern North Carolina Local Market - FORT
MYERS, Fla., Sept. 24 /PRNewswire-FirstCall/ -- Radiation Therapy
Services, Inc. (NASDAQ:RTSX), a leading operator of radiation
therapy centers, announced today it has acquired a radiation
therapy treatment center in Greenville, North Carolina. The
physicians at the Greenville facility also provide professional
services at a hospital-based facility in nearby Kinston, North
Carolina. The acquisition provides the Company with entry to the
Eastern North Carolina market, its third new local market entry of
2007. The eight-county Greenville certificate of need (CON)
planning area serves a growing population of 300,000 people with
the acquired facility operating 2 of the 5 linear accelerators
licensed by the state in the eight-county area. Kinston is in a
neighboring CON planning area serving approximately 225,000 people
with the facility in Kinston operating 1 of the 2 linear
accelerators licensed by the state in the three-county area. The
freestanding facility in Greenville currently treats between 30 and
40 patients per day. The installation of a second accelerator was
recently completed and the second machine is now licensed and
operational. The facility currently has an intensity modulated
radiation therapy (IMRT) program and the Company expects to
implement an image guided radiation therapy (IGRT) program and
expand the high dose brachytherapy program. The acquisition was
financed by the Company's existing revolving credit facility and
the Company did not assume any debt in the transaction. Dr. Daniel
Dosoretz, President and Chief Executive Officer, said, "Our entry
to the Eastern North Carolina local market is particularly
strategic given the area's attractive demographics, CON
restrictions and the excellent relationship currently enjoyed with
the hospital-based facility in Kinston. The Greenville facility is
staffed by an excellent group of physicians that have already
implemented a successful practice with strong IMRT utilization. The
addition of a second linear accelerator and planned addition of
IGRT capabilities provides a significant opportunity for growth in
this high demand market. In addition, we will continue to provide
professional services to the Kinston hospital, leveraging our
infrastructure and expertise. Overall, we are very pleased with
this transaction as it is consistent with our acquisition growth
strategy." 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 83
treatment centers are clustered into 27 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: David Watson Chief Financial Officer Radiation
Therapy Services, Inc. 239-931-7281 Investors: Nick Laudico / Zack
Kubow The Ruth Group 646-536-7030 / 7020 DATASOURCE: Radiation
Therapy Services, Inc. CONTACT: David Watson, Chief Financial
Officer of Radiation Therapy Services, Inc., +1-239-931-7281, ; or
Nick Laudico, +1-646-536-7030, , or Zack Kubow, +1-646-536-7020, ,
both of The Ruth Group for Radiation Therapy Services, Inc. Web
site: http://www.rtsx.com/
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