Amedisys Expands Presence in Certificate of Need State of North Carolina and Signs Definitive Agreement to Purchase a Therapy St
November 10 2005 - 9:00AM
PR Newswire (US)
BATON ROUGE, La., Nov. 10 /PRNewswire-FirstCall/ -- Amedisys, Inc.
(Nasdaq: AMED or the "Company"), one of America's leading home
health nursing companies, today announced its acquisition of
certain assets of a single home health agency operated by the
Davidson County Health Department in Lexington, North Carolina for
$2.2 million in cash. The acquisition represents Amedisys' further
penetration into the North Carolina market, a Certificate of Need
(C.O.N.) state, by giving it the potential to add new markets to
its existing coverage area, including Charlotte. The agency
currently has minimal revenue and is not expected to contribute
materially to Amedisys' earnings in 2006. The company also
announced today that it had entered into a binding contract to
acquire certain assets of a therapy staffing company based in
Oklahoma for $2.5 million. Pursuant to this contract, the Company
paid $0.5 million immediately, with the balance to be paid at
closing on January 2, 2006 in a combination of $1.25 million in
cash and a $0.7 million promissory note. "The acquisition of a
therapy staffing company will enhance our ability to recruit
qualified therapists in key markets," said William F. Borne, Chief
Executive Officer of Amedisys, Inc. "Therapy is an integral
component of our disease management programs, and this acquisition
will eventually provide Amedisys with the opportunity to implement
therapy staffing services on a company-wide basis." Amedisys, Inc.,
a leading provider of home health nursing services, is
headquartered in Baton Rouge, Louisiana. Its common stock trades on
the Nasdaq National Market System under the symbol "AMED". This
press release includes statements that may constitute
"forward-looking" statements, usually containing the words
"believe", "estimate", "project", "expect" or similar expressions.
Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that would cause or
contribute to such differences include, but are not limited to,
continued acceptance of the Company's services in the marketplace,
competitive factors, changes in government reimbursement
procedures, dependence upon third-party vendors, and other risks
discussed in the Company's periodic filings with the Securities and
Exchange Commission. By making these forward-looking statements,
the Company undertakes no obligation to update these statements for
revisions or changes after the date of this release. Additional
information on the Company can be found on the World Wide Web at:
http://www.amedisys.com/ Contact: Amedisys, Inc. Noonan Russo Chief
Financial Officer Investors/Media Gregory H. Browne Brian Ritchie
225.292.2031 212.845.4269 DATASOURCE: Amedisys, Inc. CONTACT:
Gregory H. Browne, Chief Financial Officer of Amedisys, Inc.,
+1-225-292-2031, or ; or Brian Ritchie, Investors/Media of Noonan
Russo, +1-212-845-4269, or Web site: http://www.amedisys.com/
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